These 3 Crypto Stocks Are Said to Beat Bitcoin ETFs, Targeting Up to 376%!

Jakarta, Pintu News – Three crypto-based stocks have again attracted market attention after TD Cowen analysts said these issuers have the potential to outperform Bitcoin (BTC) ETFs if digital asset prices recover in 2026. In a report quoted by CoinDesk, the companies discussed are Nakamoto, SharpLink Gaming, and Strive, which are considered to have a different strategy from ordinary ETFs because they not only hold cryptocurrency assets, but also run operational businesses, accumulate treasuries, and in some cases generate additional income from staking.

For those of you who are still beginners, this news is important because it shows that exposure to crypto now comes not only from buying coins directly, but also from stocks of companies that are closely related to the digital asset ecosystem.

1. TD Cowen Says Crypto Stocks Can Outperform Bitcoin ETFs

According to the report, analyst Lance Vitanza started the coverage with a buy recommendation for three crypto stocks: Nakamoto (NAKA), SharpLink Gaming (SBET), and Strive (ASST). The main argument is that these companies can increase token holdings per share, so their upside potential can be greater than spot ETFs that generally only follow the price of the underlying asset. In other words, when the cryptocurrency market recovers, stocks like these could provide additional leverage for investors.

That view is certainly not without risk, as performance is highly dependent on management strategy, access to funding, and the price of Bitcoin and Ethereum (ETH). However, conceptually, this model is interesting because the company is not just a “passive container” like an ETF, but also actively executes treasury strategies. For those of you who want to understand the crypto market more deeply, this shows that digital asset-related stocks are starting to develop into their own exposure class.

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2. Nakamoto Rated to Have the Biggest Upside

Nakamoto has a target price of US$1, while the previous closing price was US$0.21. At an exchange rate of 1 US dollar = IDR 17,089, the target is equivalent to around IDR 17,089 from a position of around IDR 3,589 per share, which means the potential increase is close to 376%. TD Cowen attributes this valuation to an estimated increase in Bitcoin value of US$394 million, or around Rp6.73 trillion, in fiscal year 2027.

What makes Nakamoto interesting is that its model doesn’t just rest on direct Bitcoin (BTC) accumulation. It also has exposure to offshore Bitcoin treasury companies as well as media, Bitcoin advocacy, and digital asset management businesses. That combination is thought to create synergies that could make its shares move more aggressively than a typical Bitcoin ETF when market sentiment improves.

3. SharpLink Relies on Ethereum Treasuries and Staking

SharpLink Gaming earned a buy rating with a target price of US$16, or about Rp273,424, from a closing price of US$6.42, or about Rp109,711. This projection is based on an estimated increase in the value of Ethereum of US$93 million, equivalent to around Rp1.59 trillion, and an assumed Ethereum price of US$3,650 by the end of 2026. This shows that the crypto narrative in the stock market is not only centered on Bitcoin, but also on Ethereum as a corporate treasury asset.

The most interesting point of SharpLink is its focus on growing ETH per share through treasury and staking operations. TD Cowen thinks the company has the potential to generate better staking yields than Ether ETFs, as ETF investors are still burdened with product fees and not all funds can be staked to their full potential. For first-time investors, this illustrates that returns in the cryptocurrency ecosystem can come not only from price increases, but also from network revenue mechanisms.

4. Strive Has a Consolidation and Expansion Narrative

Strive obtained a price target of 26 US dollars, or around Rp444,314, from a closing price of 9.64 US dollars, or around Rp164,738. The projection is driven by an estimated increase in Bitcoin value of USD 142 million, equivalent to around USD 2.43 trillion, assuming the BTC price reaches USD 140,000 or around USD 2.39 billion by the end of 2026. Simply put, TD Cowen sees Strive as a candidate that can grow not only from the price of Bitcoin, but also from its corporate expansion strategy.

Analysts highlight that Strive became the first public Bitcoin treasury company to acquire a peer company, Semler Scientific in January 2026. This move is seen as an important signal that crypto treasury companies can thrive through consolidation, especially when many issuers are trading below the value of their Bitcoin assets. So, for those of you following the crypto sector, stocks like Strive present a combination of digital asset narrative, operational business, and merger strategy.

5. What Does It Mean for Beginner Investors?

The gist of the report is that crypto stocks can offer potentially higher returns than Bitcoin ETFs, but with greater risk. ETFs are usually simpler as they only track asset prices, whereas crypto treasury stocks depend on the business execution, management decisions, and funding structure of the company. As such, the potential for high returns should be read in conjunction with greater volatility and uncertainty.

For those of you who are new to the cryptocurrency world, this news can serve as a reminder that there are many ways to gain exposure to crypto besides buying coins directly. However, each instrument has a different risk profile, from ETFs to treasury stocks to digital assets themselves. The healthiest approach remains neutral and research-based, understanding the company’s business model first before assessing whether crypto-related stocks are actually worthy of being on the investment radar.

Also Read: 5 Phases of BTC Cycle Towards $215,000: Target Bitcoin IDR3.65 Billion?

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Helene Braun/CoinDesk. These 3 crypto stocks could actually beat bitcoin ETFs, says TD Cowen. Accessed April 10, 2026.