TD Cowen Reiterates Buy on Sharplink, $16 Target Implies 106% Upside After Q1 Results

According to The Block, TD Cowen restated its buy rating and $16 price target on Ethereum treasury firm Sharplink (SBET) following first quarter results showing revenues exceeding $12 million, implying 106% upside from Monday's close of $7.76.

Sharplink simultaneously announced a co-managed yield fund with Galaxy Digital targeting approximately $125 million in capital, with Sharplink contributing roughly $100 million. At current prices, Sharplink holds approximately 873,000 ETH worth roughly $2 billion, implying a net asset value of about $9.68 per share. TD Cowen analysts cited the current discount to NAV and expanding Ethereum demand as a favorable setup for the stock.