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TD Cowen cuts Nakamoto price target to $17 from $40

TD Cowen cuts Nakamoto price target to $17 from $40

The target cut reflects pressure from Bitcoin price declines on Nakamoto’s leveraged capital structure, even as TD Cowen kept a buy rating and expects Bitcoin to reach $100,000 by end-2026.

BTC

Fact Check
The Block, the originating primary source, confirms every element of the claim: TD Cowen cut the target 58% to $17 from $40, kept a Buy rating, cited pressure from bitcoin price declines on Nakamoto's leveraged/debt-heavy capital structure, and expects Bitcoin to reach $100,000 by end-2026. BlockBeats and CoinNess independently corroborate the same figures and reasoning.
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Summary

TD Cowen lowered its split-adjusted price target for Bitcoin treasury company Nakamoto to $17 from $40 while maintaining a buy rating, citing pressure from Bitcoin price declines on the company’s highly leveraged capital structure. The firm said Nakamoto, which holds 4,467 BTC worth about $290 million, is likely to pause additional Bitcoin purchases until 2027. TD Cowen still expects Bitcoin to recover to $100,000 by the end of 2026, underscoring how analysts can remain constructive on the token over the longer term while turning more cautious on balance-sheet-heavy companies exposed to its volatility.

Terms & Concepts
  • leveraged capital structure: A company funding itself with significant debt, which can amplify gains and losses.
  • Bitcoin treasury company: A company that holds Bitcoin as a core balance-sheet or reserve asset.
  • buy rating: An analyst recommendation indicating the stock is expected to outperform or rise in value.