Citizens see Sharplink (SBET) as a breakout ether (ETH) Treasury play with over 200% upside
Citizens initiated coverage on Sharplink Gaming (SBET) with a market outperform rating and a price target of $50, indicating a potential upside of more than 200%, the bank said in a Wednesday report.
The distributors was 2% higher in early tradingaround $15.45.
The bank’s bullish stance rests on a positive long-term view of Ether’s price trajectory, forecasting ETH above $7,000 in 2026 and potentially above $20,000 in 2030.
The report argued that Sharplink quickly emerged as one of the most ambitious ethers Treasury operators in public markets. After accumulating a large position in ETH, the company began staking those holdings and other yield-generating strategies designed to compound value over time.
The stock is a novel entry point for investors looking for leveraged exposure to Ethereum’s growth, analysts led by Devin Ryan wrote.
Instead of functioning as a passive vehicle holding bitcoin Or else, Sharplink aims to actively manage the ETH balance sheet, issuing equity at a premium to the net asset value or buying it back when trading below NAV, and using its ETH reserves to capture the chain’s yield opportunities, the analysts wrote.
Citizens described this approach as a “flywheel” that could drive NAV per share higher as the Ethereum ecosystem expands and accelerates institutional adoption.
The bank’s analysts also assigned a premium valuation to Sharplink based on the company’s leadership and strategy. It includes Joseph Lubin, a co-founder of Ethereum, as chairman and Joseph Chalom, a former BlackRock executive, as co-CEO, describing the team as ideally positioned to scale a Treasury model that blends indigenous expertise with institutional market experience.
Sharplink’s strategy to become a market leader as ether matures into a global financial asset, according to Citizens. By combining on-chain operation with financial chain discipline, distributors can offer a compelling alternative to traditional digital asset investment vehicles, and one that investors can reward with a premium valuation.
Sharplink Raised $76.5 million in a direct stock offering That’s priced above the market, the company said Thursday.
