TD Cowen cut its split-adjusted price target for Bitcoin treasury company Nakamoto Inc. to $17 from $40, while maintaining a Buy rating. According to ChainCatcher, the downgrade reflects pressure from falling Bitcoin prices on Nakamoto’s highly leveraged capital structure.
The new target still implies about 275% upside from the stock’s $4.65 price, but TD Cowen said the shares remain highly sensitive to Bitcoin volatility. The firm expects Bitcoin to recover to $100,000 by the end of 2026, about 25% below its record high of $126,000 set in October last year, and said Nakamoto is likely to pause additional Bitcoin purchases before 2027.
Analysts said Nakamoto’s value still largely comes from its Bitcoin holdings. The company holds 4,467 BTC and ranks 22nd among publicly listed companies by Bitcoin holdings. Its debt and preferred equity financing structure, however, reduces the value available to common shareholders. Nakamoto has recently completed several financial adjustments, including repaying about $45 million of debt, extending $105 million of principal to June 2027, lowering financing costs, and approving a $25 million share buyback plan. The company has also closed its former medical clinic business and plans to focus on Bitcoin media, asset management, and advisory services. The stock is down more than 71% so far this year, compared with Bitcoin’s roughly 26% decline.
TD Cowen Cuts Nakamoto Price Target 58% But Keeps Buy Rating
2026-07-27 17:23:42
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