TD Cowen has adjusted its approach to crypto treasury companies, cutting Strategy's price target to $350 from $440 whilst maintaining a Buy rating, and initiating Buy coverage on Sharplink, Strive, Nakamoto Holdings and The Smarter Web Company. The lower target for Strategy reflects a more conservative bitcoin price outlook and reduced multiples, though the firm maintains its bullish stance on the company as the established public-market vehicle for concentrated bitcoin exposure. Sharplink received a $16 target, with analysts highlighting its ether staking capability. The company reported $15.3 million in staking revenue last month, up 50% quarter-on-quarter, generating 14,500 ETH worth approximately $9.4 million. The shift suggests the market is differentiating crypto treasury companies based on structure, yield profile and type of digital-asset exposure offered.

TD Cowen analysts initiated coverage of Sharplink with a "buy" rating and $16 price target, whilst reducing Strategy's price target to $350 from $440. Sharplink shares traded around $6.42 in after-hours trading, down 62% over six months. Unlike Bitcoin-focused firms, Sharplink grows its digital assets through Ethereum staking, earning rewards by validating transactions. TD analysts believe the company will generate superior staking yields compared to Ethereum ETFs due to lower fees and fewer liquidity constraints. Last month, Sharplink reported staking revenue jumped 50% quarter-over-quarter to $15.3 million, generating 14,500 Ethereum worth $9.4 million. Consensys CEO Joe Lubin, who chairs Sharplink, said the firm bridges traditional public markets and Ethereum. TD's revised Strategy price target reflects lower multiples and reduced Bitcoin price expectations.

Strategy's STRC has raised funds to purchase 3,029 Bitcoin, signalling continued institutional appetite for the cryptocurrency as a hedge against geopolitical instability and fiat currency risk. Despite the purchase, Bitcoin prediction markets show mixed sentiment. The probability of Bitcoin reaching $100,000 has declined to 29% from 36% a day earlier, whilst the $150,000 market holds steady at 24%. Trading volumes remain thin, with $3,490 in USDC traded across these markets in the past 24 hours. The disconnect between STRC's buy and falling market odds suggests trader scepticism about near-term price targets. Market observers are monitoring potential institutional adoption announcements from BlackRock and MicroStrategy, along with regulatory developments that could significantly impact Bitcoin's trajectory.