The crypto treasury trade is starting to look less uniform than it did a few months ago. TD Cowen cut its price target on Strategy to $350 from $440 while keeping a Buy rating, and at the same time initiated Buy coverage on Sharplink, Strive (NASDAQ: $SATA), Nakamoto Holdings (NASDAQ: $NAKA) and The Smarter Web Company.
The shift leaves Strategy as the category's largest benchmark, but it also points to a market that is beginning to sort these companies by structure, yield profile and the kind of digital-asset exposure they offer.
For Strategy, the lower target appears to reflect a more conservative bitcoin price deck and a reduced multiple on projected future bitcoin-related dollar gains. Even so, the firm kept its bullish stance, which says a lot about how Strategy is still being viewed: not as a broken trade, but as the established public-market vehicle for investors who want concentrated bitcoin exposure.
More From Cryptoprowl:
-
Eightco Secures $125 Million Investment From Bitmine And ARK Invest, Shares Surge
-
Stanley Druckenmiller Says Stablecoins Could Reshape Global Finance
Sharplink picked up a $16 target and a Buy rating, with the thesis tied not just to ether exposure but to the company's ability to grow holdings through staking. Analysts argued that staking income could help cover operating costs even if ETH (CRYPTO: $ETH) stays weak, giving Sharplink a different profile from spot ether products that do not compound in the same way.
Last month, the company reported staking revenue of $15.3 million, up 50% from the prior quarter, and said it had generated 14,500 ETH worth about $9.4 million from staking.
That framing also lines up with how Sharplink's leadership has been describing the business. Consensys CEO and Ethereum co-founder Joe Lubin, who serves as Sharplink's chairman, said the company is positioned to act as a bridge between traditional public markets and Ethereum.
That gives the broader analyst note a little more shape: Strategy still stands as the benchmark bitcoin (CRYPTO: $BTC) treasury vehicle, but the next wave of crypto treasury names is starting to get judged on what kind of exposure they can build around the assets, not simply the assets they hold.
Strategy Inc. (NASDAQ: $MSTR) stock is currently trading at $127.95 U.S. per share, while Sharplink Inc. (NASDAQ: $SBET) stock is sittting at $6.55 U.S. per share.
