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ETH TD Cowen lowered SharpLink Gaming's target price to US$13, but still maintained its buy rating
TD Cowen lowered SharpLink Gaming's target price from US$16 to US$13 after lowering its 2026 Ethereum forecast, while maintaining its buy rating on the stock. Analysts Lance Vitanza and Jonathan Navarrete adjusted their views after Ethereum prices were weaker than expected in the second quarter. The agency lowered its Ethereum forecast for the end of 2026 from approximately $3650 to $2371.
Analysts also lowered their Ethereum forecasts for subsequent years in the updated model. TD Cowen currently expects Ethereum to reach $3347 in 2027,$4554 in 2028, and $5969 in 2029.
SharpLink shares closed at US$6.41 on July 30, up 4.4% from the previous closing price of US$6.14. The revised target price of US$13 still means there is approximately 102.8% room for upside from the closing price. As of this update, Ethereum was trading at $1,884.77, down 1.71%. SharpLink's stock outlook remains closely tied to Ethereum prices as the company has shifted to an Ethereum treasury strategy.
TD Cowen pointed out that progress on rules for tokenized financial assets at the federal level has been slow, and mentioned delays in the CLARITY Act and greater uncertainty about the path of on-chain financial supervision.
SharpLink Ethereum Treasury Plan remains the focus of attention
Despite lowering its target price, TD Cowen said its long-term investment view on SharpLink remains unchanged. The agency pointed to the company's capital allocation strategy and the growing Ethereum capital pool as positive factors. SharpLink completed a $75 million registered direct financing on June 22. The company also purchased 10,000 ETH units on June 30 and repurchased 2.13 million ordinary shares at an average price of US$4.69.
TD Cowen predicts that SharpLink's Ethereum pool may reach approximately 940,000 ETH by the end of 2026. The agency also expects net asset value per share to reach $9.13 under the revised model. The target price of $13 is based on the expected Ethereum value of $2.228 billion and the operating value creation of $862 million for the pool. The model relies on Ethereum accumulation, pledge gains and balance sheet growth.
SharpLink has transformed from an early sports-betting technology company and is now operating into one of the largest publicly traded Ethereum money bank companies. The strategy focuses on holding ETH, generating pledge income, and increasing ETH holdings per share over time. Investors are paying close attention to financing activities, ETH purchases and pledge performance.
Background for Ethereum institutionalization promotion
SharpLink, which recently purchased ETH, was also listed as one of the early supporters of the Ethereum institutionalization initial ecosystem financing round. The group said it has the support of more than 100 ecosystem participants. Ethereum Institutionalization said its work will focus on evaluating Ethereum's banks, asset management companies, custodians, fintech companies, market infrastructure companies and sovereign institutions.
The group also plans to advance work on tokenization, stablecoins, market infrastructure, and on-chain settlement on Ethereum and second-layer networks. This institutional push is in line with SharpLink's Ethereum treasury strategy. However, TD Cowen lowered its target price suggests that short-term Ethereum prices and regulatory delays will still affect valuation models.
SharpLink plans to announce its second quarter 2026 results on August 10. Investors will pay attention to the latest situation of ETH positions, pledge income, fund pool value, stock repurchase and management's next capital allocation.
