BlockBeats News, July 28th - Wall Street investment bank TD Cowen has lowered its price target for Bitcoin treasury company Nakamoto Inc. (NASDAQ: NAKA) after the stock split, reducing the target price from $40 to $17, a 58% decrease, but still maintaining a "Buy" rating.

TD Cowen analysts stated that this adjustment is mainly due to the pressure on Nakamoto's high-leverage capital structure caused by the decline in Bitcoin's price. Although the new target price of $17 implies a potential upside of about 275% from the current price of $4.65, the company's stock remains highly sensitive to Bitcoin price fluctuations.

TD Cowen expects Bitcoin to recover to $100,000 by the end of 2026, approximately 25% lower than the all-time high of $126,000 set in October last year. At the same time, the institution predicts that Nakamoto will pause further Bitcoin purchases before 2027.

The analyst pointed out that Nakamoto's core value still comes from its holdings of Bitcoin assets. The company currently holds 4,467 BTC, worth about $290 million, ranking 22nd among global publicly traded companies in terms of Bitcoin holdings. However, the company's debt and preferred stock financing structure have also reduced the asset value available to common stockholders.

Recently, Nakamoto has completed several financial adjustments, including repaying approximately $45 million in debt, extending $105 million in principal to June 2027, reducing financing costs, and approving a $25 million stock buyback plan.

In addition, the company has closed its previously operated medical clinic business and will now focus on Bitcoin media, asset management, and advisory services.

Data shows that NAKA's stock price has fallen by over 71% since the beginning of the year, while Bitcoin has dropped by about 26% over the same period. Market attention is shifting from "continuing to buy BTC" to the asset-liability structure and financing capabilities of Bitcoin treasury companies.