TD Cowen Cuts Nakamoto Price Target by 58% Amid Bitcoin Decline

TD Cowen has cut its valuation for Nakamoto Inc., a company led by David Bailey that holds Bitcoin, due to pressure from the cryptocurrency's decline on its debt-heavy capital structure.

The bank's analysts lowered their split-adjusted price target for Nakamoto Inc. (NAKA) to $17, implying nearly 275% upside from its current price of $4.65.

This represents a 58% cut to the firm's previous price target of $40, which was equivalent to $1 before Nakamoto went through a 1-for-40 reverse split in May.

The analysts expect Bitcoin (BTC) to climb back to $100,000 by the end of 2026, roughly 25% off its all-time high recorded last October. They also anticipate that Nakamoto will suspend additional BTC purchases until 2027.