Bernstein Sees 75% Upside for Ether (ETH) Treasury Firm SharpLink, Initiates at Outperform

Bernstein initiated coverage of Nasdaq-listed SharpLink Gaming (SBET) with an Outperform rating and a $24 price target, suggesting approximately 75% potential upside from its trading price around $13.65. The brokerage views SharpLink as a leading, compliant, institutional gateway to Ethereum, currently holding 0.7% of total ETH, allowing exposure to ether's yield and growth. Analysts, led by Gautam Chhugani, expect SharpLink to benefit from its association with Consensys and a potential shift to lower interest rates, which could increase demand for ether staking yields. Bernstein projects Ethereum-based assets to grow significantly to $5 trillion by 2035, with ETH prices potentially exceeding $15,000 by 2030. The firm believes SharpLink warrants a 15% premium over its ether holdings due to its projected 3.4% annual yield and strategic on-chain leverage. This analysis follows SharpLink's announcement that it plans to deploy $200 million in ether on Consensys’ Linea over several years, utilizing Anchorage custody with ether.fi and EigenCloud to pursue on-chain yield.

(Source：CoinDesk)