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by Bitcoin Magazine (News Bot)

April 10 2026
Cover image for TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category

TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category

Bitcoin Magazine TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category TD Cowen this week initiated equity research coverage on three public Bitcoin treasury companies (PBTCs) and one Ethereum digital asset treasury, publishing proprietary valuation models and KPIs specific to the sector. The move marks one of the more concrete steps a major bank has taken to build formal research infrastructure around Bitcoin-focused equities. The firm’s analysts, led by Lance Vitanza, view Bitcoin as a long-term store of value — framing it in the tradition of digital gold — and project a price of roughly $140,000 by the end of 2026. TD Cowen’s thesis holds that PBTCs, companies that accumulate Bitcoin on their balance sheets and grow holdings on a per-share basis, now constitute a distinct and “investable equity category,” distinct from both spot Bitcoin ETFs and traditional tech stocks. Nakamoto receives a buy rating Among the companies covered, Nakamoto Holdings (NASDAQ: NAKA) received a buy rating and a $1.00 price target, compared to its April 8 closing price of $0.21. TD Cowen’s model projects $394 million in Bitcoin gains for fiscal year 2027, applying a 2x multiple to that estimate. Nakamoto differentiates from other PBTCs through minority stakes in international Bitcoin treasury firms — Metaplanet in Japan and Treasury BV in the Netherlands — and operating subsidiaries in media, Bitcoin advocacy, and digital asset management. “We are initiating coverage of Nakamoto Holdings with a BUY rating and a $1.00 price target. Our PT is based on estimated BTC $ Gain of $394 million for FY27E, a 2x multiple, and a Bitcoin price of ~$140k at Dec-26,” the firm wrote. NEW: Investment bank giant TD Cowen predicts Bitcoin to hit $140,000 this year and issues "BUY" rating for BTC treasury companies Nakamoto and Strive. pic.twitter.com/KMArGLGN9u — Bitcoin Magazine (@BitcoinMagazine) April 10, 2026 SharpLink Gaming (SBET) and Strive (ASST) also received Buy ratings, with price targets of $16 and $26, respectively. On Apr. 9, TD Cowen also cut its price target on Strategy to $350 from $440, citing a lower bitcoin price outlook and a reduced valuation multiple on projected gains, while maintaining a buy rating. The firm lowered its forecast for Strategy’s 2026 bitcoin gains to $7.87 billion from $10.17 billion in 2025. The decision to initiate coverage carries weight beyond the individual ratings. When a bank formalizes research coverage of a new sector, it creates the analytical foundation that supports other business lines — wealth management, investment banking, and enterprise services — in engaging with the category. TD Cowen’s stress on this policy cycle TD Cowen has been vocal in recent months about digital assets’ role in the current market cycle, and the April 9 initiations represent the first instance of the firm publishing company-specific models and ratings within the PBTC space. Back in January, the U.S. entered what TD Cowen described as a rare pro-crypto policy window, driven by aligned regulators, political momentum, and a deregulatory push under President Trump’s second term. The firm expects 2026 reforms to come through agency action — such as SEC exemptions, tokenization initiatives, and expanded banking access — rather than sweeping legislation. It warned, however, that these gains must be finalized quickly or risk being weakened or reversed after the 2028 election. Bitcoin Magazine is published by BTC Inc, a subsidiary of Nakamoto Inc. (NASDAQ: NAKA) This post TD Cowen Initiates Coverage on Bitcoin Treasury Companies, Frames PBTC Sector as Investable Equity Category first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 20 2026
Cover image for White House Reaches Tentative Crypto Regulatory Agreement: Report

White House Reaches Tentative Crypto Regulatory Agreement: Report

Bitcoin Magazine White House Reaches Tentative Crypto Regulatory Agreement: Report Key senators and the White House have reached a tentative agreement on cryptocurrency legislation aimed at resolving a dispute between banks and digital asset firms over stablecoin yields, according to Politico reporting. The move could clear the way for a landmark crypto regulatory bill stalled in the Senate Banking Committee since January. Sen. Thom Tillis (R-N.C.) and Sen. Angela Alsobrooks (D-Md.) said Friday they have an “agreement in principle” on language intended to balance innovation with financial stability. The legislation seeks to prevent stablecoin rewards programs from triggering widespread deposit withdrawals from traditional banks, a concern raised by Wall Street groups. “The agreement allows us to protect innovation while giving us the opportunity to prevent widespread deposit flight,” Alsobrooks said. Tillis described the deal as a positive step but noted the need to consult with industry stakeholders before finalizing details. While specifics of the agreement remain unclear, early indications suggest it could bar yield payments on passive stablecoin balances. The tentative deal signals progress toward an April vote on the crypto market-structure bill, potentially unlocking the first major federal regulatory framework for digital assets. Crypto legislation background The fight over a U.S. crypto market‑structure bill stems from a broader effort to build on 2025’s landmark stablecoin legislation, the GENIUS Act, which established a federal framework for stablecoins — requiring full backing, transparency and reserve disclosures for digital dollars. That law was widely seen in the crypto industry as a breakthrough for regulatory clarity while attempting to align digital assets with traditional financial standards. After the GENIUS Act’s passage, the Senate turned its attention to more expansive digital asset oversight through what’s often referred to as the CLARITY Act or the crypto market‑structure bill. This legislation aims to define how U.S. regulators would police and oversee trading platforms, tokens, custody services and other infrastructure — essentially the backbone of a regulated digital asset ecosystem. However, negotiations bogged down over one central issue: whether regulated exchanges should be allowed to offer yield‑bearing rewards on stablecoin holdings. Banks and major financial institutions argue that these rewards resemble unregulated deposit‑like products that could siphon funds away from FDIC‑insured accounts, potentially threatening lending and financial stability. Crypto firms — including major issuers like Circle and Coinbase — counter that such incentives are crucial for competitive markets and for user adoption of digital money. The current tentative deal being negotiated between senators and the White House seeks a middle ground — potentially allowing activity‑based rewards while restricting passive yield — in hopes of unlocking Senate committee action by April. Whether that compromise holds both bank and crypto support will be decisive for the future of U.S. digital asset regulation. This post White House Reaches Tentative Crypto Regulatory Agreement: Report first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

by Bitcoin Magazine (News Bot)

March 20 2026
Cover image for Phong Le Calls Morgan Stanley’s BTC ETF a “Monster Bitcoin” Bet With $160 Billion Potential

Phong Le Calls Morgan Stanley’s BTC ETF a “Monster Bitcoin” Bet With $160 Billion Potential

Bitcoin Magazine Phong Le Calls Morgan Stanley’s BTC ETF a “Monster Bitcoin” Bet With $160 Billion Potential Phong Le, President and CEO of Strategy, the world’s first and largest Bitcoin treasury firm, said Morgan Stanley’s proposed bitcoin ETF could unlock as much as $160 billion in demand under a modest portfolio allocation scenario. “Morgan Stanley Wealth Management oversees about $8 trillion in AUM and recommends 0–4% bitcoin allocation,” Le wrote on X. “A 2% allocation would represent $160 billion, about three times the size of IBIT. MSBT: Monster Bitcoin.” In other words, Le is saying that even a modest 2% bitcoin allocation across Morgan Stanley’s $8 trillion wealth platform could drive about $160 billion into bitcoin, far exceeding the size of existing ETFs like BlackRock’s iShares Bitcoin Trust. The comment landed as Morgan Stanley advanced plans for its own spot BTC ETF, revealing new details in a filing with the U.S. Securities and Exchange Commission. The fund would trade under the ticker MSBT, a symbol that Le cast as shorthand for the potential scale of institutional demand. Morgan Stanley’s amended S-1 outlines a structure familiar to the growing class of spot BTC ETFs. The trust is set to list on NYSE Arca with a 10,000-share creation unit and an initial seed basket of 50,000 shares, expected to raise about $1 million. The bank also disclosed it purchased two shares earlier this month for audit purposes. Key service providers mirror those used across the ETF ecosystem. BNY Mellon will act as cash custodian, administrator, and transfer agent, while Coinbase is set to serve as prime broker and custodian for the fund’s bitcoin. The product would hold BTC directly, aligning with the structure that has defined the current wave of the U.S.-listed spot ETFs. Capital managers are migrating to bitcoin Le’s framing points to a larger question that sits beyond the mechanics of the filing: how much capital wealth managers may allocate if BTC becomes a standard portfolio component. Morgan Stanley Wealth Management, with trillions in client assets, has signaled that bitcoin exposure can range from zero to four percent depending on client profile. Even a midpoint allocation, as Le noted, would imply flows that exceed the size of existing flagship products such as iShares Bitcoin Trust. So far, adoption has moved in stages. Since spot BTC ETFs launched in 2024, the category has attracted more than $50 billion in inflows, driven in large part by self-directed investors. Within advisory channels, uptake remains uneven, shaped by internal policies, risk models, and client demand. Morgan Stanley has already taken steps in that direction, allowing brokerage clients to access spot BTC ETFs and widening availability over time. The MSBT filing suggests a shift from distribution toward ownership of the product itself, a move that could deepen the bank’s role in the market if approval is granted. The SEC has not provided a timeline for a decision, and approval is not assured. Still, the application marks a notable development: a major U.S. bank seeking to issue its own spot bitcoin ETF in a market it once approached with caution. This post Phong Le Calls Morgan Stanley’s BTC ETF a “Monster Bitcoin” Bet With $160 Billion Potential first appeared on Bitcoin Magazine and is written by Micah Zimmerman.