I noticed an interesting cryptocurrency ranking from TD Cowen analyst Lance Vitanza. The guy highlighted three companies with Bitcoin and Ethereum treasuries that, in his opinion, could outperform spot crypto ETPs if the market recovers. We're talking about Nakamoto, Sharplink, and Strive.

Vitanza gave them all buy recommendations with quite ambitious target prices. For Nakamoto, it's a dollar; for Sharplink, $16; for Strive, $26. Currently, these companies are trading well below those levels, creating an interesting potential.

What I like about his analysis is that it's not just baseless claims. Vitanza points to specific mechanisms explaining why these companies could deliver better results. For example, Nakamoto combines direct Bitcoin accumulation with minority stakes in foreign treasury firms like Metaplanet. Plus, it has a media business and digital asset management. This creates what the analyst calls a unique synergy potential.

Sharplink is led by people from major players — a former BlackRock digital assets executive and a co-founder of Ethereum. The company focuses on increasing Ethereum per share through treasury operations and staking. Vitanza emphasizes that staking yields could be higher than in spot Ethereum ETPs because fund investors pay fees. And even if Ethereum remains weak, staking income should cover operational expenses.

Strive is interesting because it's the first publicly traded company with Bitcoin reserves that acquired another such company — Semler Scientific — in January. Vitanza calls this a turning point. If the crypto rating rises and more companies with Bitcoin reserves start trading at a discount, Strive could become a consolidator in this sector. Plus, they have asset management, social media marketing, and Bitcoin educational projects.

Vitanza's target prices imply that Bitcoin will reach around $140,000, and Ethereum about $3,650 by the end of 2026. Currently, of course, prices are lower — Bitcoin trades around $71,000, Ethereum around $2,200. But the point is that these companies could deliver multiple growth if their operational businesses perform well, even if crypto doesn't soar as high as the analyst forecasts.

Although these companies have experienced serious declines of 90 percent or more, Vitanza sees this as an opportunity for investors who believe in recovery and the long-term potential of the crypto rating. An interesting perspective on how public companies can outperform passive funds.