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TD Cowen trims Nakamoto target after bitcoin outlook reset
The firm lowered its valuation for David Bailey-led Nakamoto to reflect pressure tied to the company’s capital structure amid bitcoin’s decline.
TD Cowen cut its target price for David Bailey-led Nakamoto by 58%, citing an updated valuation framework following what it described as a reset in the bitcoin outlook, according to The Block.
The firm linked the change to pressure arising from bitcoin’s recent decline, and said the move is reflected through Nakamoto’s capital structure.
TD Cowen’s update centers on how BTC weakness feeds into its assessment of Nakamoto’s valuation, the outlet reported.
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