TD Cowen analyst Lance Vitanza has rated three crypto stocks—Nakamoto (NAKA), Sharplink Gaming (SBET), and Strive (ASST)—as potential outperformers compared to Bitcoin ETFs. Following significant declines, Vitanza believes these companies could excel if crypto prices rebound and they expand token holdings per share. Vitanza initiated coverage on Nakamoto with a Buy rating and a $1.00 price target, projecting a nearly fivefold increase from its current $0.21. He bases this on estimated Bitcoin gains of $394 million by fiscal 2027, assuming a Bitcoin price of $140,000 by the end of 2026. Nakamoto's strategy includes direct Bitcoin accumulation and stakes in overseas treasury firms. Sharplink Gaming received a Buy rating with a $16 target, driven by expected dollar gains of $93 million for fiscal 2026 and an Ether price of $3,650 by December 2026. Vitanza highlights its potential for higher staking yields compared to spot Ether ETPs. Strive was also rated Buy with a $26 target, linked to Bitcoin gains of $142 million for fiscal 2026. Vitanza noted Strive's acquisition of Semler Scientific as a significant event, positioning it as a potential consolidator in the market.