TD Cowen Identifies Four Crypto Treasury Firms as Attractive Buying Opportunities
Published April 10, 2026, 12:21 PM EDT
In a fresh outlook on the evolving crypto market, investment firm TD Cowen has initiated coverage on four public crypto treasury firms, highlighting them as compelling buying opportunities. These companies, which focus on accumulating and holding cryptocurrency assets to enhance shareholder value, represent a growing and increasingly significant niche within the digital asset ecosystem.
Firms Spotlighted by TD Cowen
TD Cowen’s new coverage includes Strive, Nakamoto Holdings, The Smarter Web Company—all primarily bitcoin accumulators—and SharpLink, which specializes in investments in ether. Each received a buy rating from the firm. Additionally, TD Cowen reiterated its buy rating on Strategy, often regarded as a pioneer among bitcoin accumulation-focused firms.
Analyst Lance Vitanza emphasized the importance of these companies stating, “These companies best represent a nascent industry sector, with operating activities that add meaningful value to investors as well as their respective underlying digital asset ecosystems.” He further added, “We believe the sector is likely here to stay and could command increasing investor attention over time.”
Context: The Rise of Crypto Treasury Firms
Roughly a year ago, these treasury firms emerged as a new mania in the crypto space amid a bitcoin price slump. Numerous firms entered the market, seeking to capitalize on bitcoin and a broad spectrum of crypto assets to generate returns. While skepticism initially surrounded the longevity and stability of most of these companies, TD Cowen’s analysis suggests that those who have endured could present viable long-term investment prospects.
Market Performance and Upside Potential
Despite receiving strong endorsements, stocks in this subsector have faced significant volatility, with prices falling by over 50% in the past six months amid macroeconomic pressures impacting the broader crypto market. However, institutional interest in crypto assets remains robust, illustrated recently by Morgan Stanley’s launch of its own bitcoin ETF (ticker: MSBT).
TD Cowen projects substantial upside potential for the firms covered. The firm sees more than 100% upside in Strive and SharpLink, about 200% potential gains in Smarter Web, and over 300% upside for Nakamoto Holdings.
Advantages Over Traditional Crypto Exposure
TD Cowen highlights that investing in crypto treasury companies offers benefits beyond direct spot holdings or exchange-traded products (ETPs). These firms:
- Increase the amount of crypto held per share over time.
- Utilize institutional leverage inaccessible to typical individual investors.
- Reinvest operating cash flow back into the business.
- Benefit from self-reinforcing growth cycles, known as the “flywheel effect.”
“Digital assets are transitioning from speculative instruments into foundational components of the global financial system,” Vitanza noted. He pointed to bitcoin as “digital gold” and ether as “digital picks and shovels” that could enable the tokenization of approximately $100 trillion in financial assets.
“As an alternative to viewing bitcoin and ether exposure solely through spot holdings or ETPs, we argue that well-run digital asset treasury companies may deliver superior long-term exposure,” he concluded.
Reporting contributions by CNBC’s Michael Bloom.
For More Information
Investors interested in the detailed analysis and performance outlook on these crypto treasury firms can explore TD Cowen’s recent reports and follow ongoing market updates as the digital asset landscape continues to evolve.
This article is intended for informational purposes only and does not constitute investment advice.