TD Cowen trims Strategy to $350, initiates buy on four Bitcoin treasury firms with $140K BTC thesis

Nakamoto bought BTC at a $118K average, panic-sold 284 coins at $70K in March, trades at $0.22 under Nasdaq delisting threat — and Cowen initiates with a buy. SharpLink holds 864K ETH, not BTC, but gets shoehorned into a "Bitcoin treasury" framework anyway. Every price target in this coverage depends on BTC nearly doubling to $140K by December, which is doing all the heavy lifting for companies that have yet to demonstrate they can grow BTC per share without incinerating capital.

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