TD Cowen Reiterates Sharplink "Buy" Rating: Maintains $16 Price Target, Sees 106% Upside

Odaily Investment bank TD Cowen reiterated its "Buy" rating on Sharplink following its Q1 earnings release, maintaining a $16 price target, which implies approximately 106% upside from the current share price of $7.76.

Sharplink's Q1 revenue exceeded $12 million. The company also announced the establishment of an approximately $125 million income fund in partnership with Galaxy Digital, with Sharplink contributing around $100 million. The fund will focus on DeFi and liquidity yield opportunities, targeting returns higher than basic staking yields.

The analyst team believes the current share price represents a "favorable entry window," driven primarily by a persistent NAV discount and expanding Ethereum demand. Sharplink currently holds approximately 873,000 ETH (worth about $2 billion), translating to a net asset value (NAV) of approximately $9.68 per share, while the stock trades at roughly a 20% discount to NAV. TD Cowen noted that the partnership with Galaxy strengthens Sharplink's yield strategy, allowing it to maintain its ETH exposure while enhancing capital efficiency through institutional-grade DeFi opportunities. (The Block)