Bernstein sees 75% upside for ether (ETH) Treasury firm Sharplink, initiates Outperform
Bernstein began coverage of Nasdaq-listed Sharplink Gaming (SBET) with an outperform rating and a $24 target, citing nearly 75% upside.
Shares were modestly higher in early trading on Thursday, around $13.65.
The broker said Sharplink is a leading Ethereum Treasury, owning 0.7% of total ETH, and a compliant, institutional vehicle for exposure to Ether’s yield and growth.
Sharplink is seen benefiting from its link to consensys and a move towards lower interest rates, which could boost demand for ether staking yield, which is currently around 2.5%, analysts led by Gautam Chhugani wrote in a report on Thursday.
Analysts expect Ethereum-based assets to grow from $172 billion today to $5 trillion by 2035, projecting ETH prices above $15,000 by 2030.
Sharplink, Bernstein said, deserves a 15% premium on its ether holdings, reflecting its 3.4% expected annual yield and strategic on-chain leverage.
Earlier this week, Sharplink said it plans to deploy $200 million in ether on the Consensys line over several years, using Anchorage custody with ether.fi and EigenCloud to seek on-chain yield.
Read more: Sharplink plans $200m ETH deployment on Consensys line for years
