The bank kept its buy rating on the stock and $74 target, citing a Microsoft GPU ramp and ample funding options.
The bank said ETH-focused DATCOs have outperformed since Nov. 20 as risk appetite improved, mNAVs ticked up and staking-led strategies gained traction.
The investment bank slashed price targets across so-called Datcos, citing sector-wide pressure and weaker accumulation trends.
After weeks of weakness, the bank flagged a potential rebound in digital asset treasury companies as macro risks cooled and short sellers retreated.
The broker sees digital asset treasuries stabilizing as U.S.-China trade progress lifts sentiment.
The bank also reaffirmed TeraWulf (WULF) as its top pick in the sector.