‘Favorable setup’: TD Cowen sees 106% upside in Sharplink as Galaxy yield fund, broadening Ethereum demand shift risk-reward

TD Cowen has reaffirmed its "buy" rating and $16 price target for Sharplink, an Ethereum treasury firm, following strong Q1 results featuring over $12 million in revenue. The upgrade comes as Sharplink announces a new co-managed yield fund with Galaxy Digital, aiming to target $125 million in capital to pursue DeFi and liquidity opportunities that exceed basic staking yields.

Analysts note that Sharplink currently trades at a significant discount to its Net Asset Value (NAV), holding approximately 873,000 ETH. TD Cowen identifies four pillars driving Ethereum demand: stablecoins, asset tokenization, DeFi, and AI-driven agentic finance. The firm's staking-driven model provides strong downside protection, with a breakeven ETH price of $883, well below current market levels.

Formerly SharpLink Gaming, the company pivoted to an Ethereum treasury strategy in mid-2025 with support from ConsenSys and Ethereum co-founder Joe Lubin. The $16 price target represents an estimated 106% upside from recent trading levels.

(Source：The Block)