The crypto treasury trade is starting to look less uniform than it did a few months ago. TD Cowen cut its price target on Strategy to $350 from $440 while keeping a Buy rating, and at the same time initiated Buy coverage on Sharplink, Strive (NASDAQ: $SATA), Nakamoto Holdings (NASDAQ: $NAKA) and The Smarter Web Company.

The shift leaves Strategy as the category’s largest benchmark, but it also points to a market that is beginning to sort these companies by structure, yield profile and the kind of digital-asset exposure they offer.

For Strategy, the lower target appears to reflect a more conservative bitcoin price deck and a reduced multiple on projected future…