Bernstein initiates coverage on Ethereum treasury firm SharpLink with 75% upside target
Bernstein initiated coverage on SharpLink Gaming with an outperform rating and a $24 price target, implying 75% upside.Summary
Bernstein research analysts initiated coverage on Ethereum treasury company SharpLink Gaming (SBET) with an outperform rating and a $24 price target for the end of 2026, suggesting about 75% upside from its recent closing price. The analysts view SharpLink as a compliant, institutional-focused vehicle for accessing ETH and earning yield through staking and on-chain strategies, valuing it at a 15% premium to its net asset value (NAV).
SharpLink holds 860,299 ETH, valued at $3.6 billion NAV, and is aligned with the Consensys ecosystem, where its Chairman, Joe Lubin, is also a founder. Bernstein highlighted the management's institutional experience and the collaboration with Consensys, particularly the $200 million ETH deployment on the Linea Layer 2 network, which is expected to generate additional yield.
Bernstein noted that SharpLink shares trade at a 19% discount to NAV, which could close via continued ETH accumulation and buybacks. The firm also projected Ethereum's price to reach $15,000 by 2030 and $25,000 by 2035, driven by the growth of tokenized assets secured on the chain.
(Source：The Block)