TD Cowen has slashed its price target for Strategy (NASDAQ:MSTR) by 20.5% to $350, citing a lower expected Bitcoin price and a diminished valuation multiple for the company's projected Bitcoin gains. Analysts Lance Vitanza and Jonathan Navarrete predict that Strategy's Bitcoin gain will fall to $7.87 billion for fiscal year 2026, down from $10.17 billion in 2025. Despite this revision, TD Cowen has initiated buy ratings on four crypto treasury firms, viewing them as valuable additions to the digital asset ecosystem. Among these, Strive (NASDAQ:ASST) saw an 8% increase to $10 with a target of $26, indicating a potential upside of 165%. SharpLink (NASDAQ:SBET) and Nakamoto (NASDAQ:NAKA) also received favorable ratings with projected targets of $16 and $1, respectively. The broader thesis from TD Cowen rests on a bullish Bitcoin target of $140,000 by the end of 2026, although the prediction market indicates only an 11% chance of this occurring. Bitcoin's current trading price is around $73,000, while Ethereum (CRYPTO: ETH) is near $2,250.