TD Cowen Slashes Nakamoto Target 58% on Bitcoin Reset

Nakamoto Inc. (NAKA), led by David Bailey, is a bitcoin treasury company whose common-stock valuation is closely tied to the cryptocurrency’s price. TD Cowen said Nakamoto’s debt and preferred securities amplify that exposure because declines in bitcoin reduce the residual value available to common shareholders. The bank nevertheless retained its Buy rating, reflecting its view that bitcoin holdings remain the company’s main source of value despite pressure on its capital structure.

TD Cowen on July 27, 2026, cut its split-adjusted price target for Nasdaq-listed Nakamoto to $17 from an equivalent $40, a reduction of about 58%. The new target still implied roughly 275% upside from the stock’s Monday price of $4.65. Nakamoto held 4,467 BTC worth about $290 million, while TD Cowen projected bitcoin would recover to $100,000 by year-end. The company also repaid about $45 million of debt and extended $105 million of principal through June 2027.