Date of Publication: April 10, 2026, 01:40h.
Last Revision: April 10, 2026, 01:40h.
- Shares of SharpLink Gaming surged after TD Cowen initiated coverage with a “buy” rating.
- The price target set at $16 indicates potential for more than a double in stock value.
- SharpLink is among the top corporate holders of Ethereum.
On Friday, SharpLink Gaming’s (NASDAQ: SBET) shares experienced an upswing following TD Cowen’s initiation of coverage with a “buy” recommendation, highlighting the company’s involvement in both cryptocurrency and sports betting sectors.
During mid-day trading, the stock rose 2.65%, though this remains a small reversal against a year-to-date loss of 28%. TD Cowen set a price target of $16 for SharpLink, suggesting a potential increase of 150% from its closing price on April 9. SharpLink is among several cryptocurrency treasury firms covered by the research firm.
Notably, SharpLink has connections to the betting industry. Based in Minnesota, the company specializes in affiliate management within the iGaming and online sports betting spaces. Recently, it has accumulated a substantial Ether stake, transitioning into a digital currency treasury organization. As of now, SharpLink ranks as one of the largest corporate holders of Ethereum, second only to Bitcoin in market cap.
The strategy of holding significant digital currencies was heavily influenced by Michael Saylor’s Strategy (NASDAQ: MSTR), recognized as the largest corporate Bitcoin holder. Some industry analysts have referred to SharpLink as “the Strategy of Ethereum.”
SharpLink’s Strategies to Mitigate Ethereum Risks
By the end of last year, SharpLink owned 864,597 Ether, making it the world’s second-largest publicly traded Ether holder as of March 6. Consequently, the company’s performance is closely linked to Ethereum’s market fluctuations.
Ether’s recent struggles, much like other cryptocurrencies, have negatively impacted the share price. However, TD Cowen points out SharpLink’s ability to offset some risks through staking revenues. In Q4, the company generated $15.3 million from staking, a 50% increase from the previous quarter.
According to TD Cowen, this staking revenue enables SharpLink to manage operational losses amidst low Ether prices, distinguishing it from other cryptocurrency treasury firms. The current stock valuation may signal a buying opportunity.
In Ether staking, digital currency holders lock up part or all of their assets to maintain network security, a principle central to the proof-of-stake mechanism underpinning Ethereum and other digital currencies. Stakeholders receive rewards, rendering staked Ether a yield-generating asset.
Additional Insights on SharpLink
TD Cowen praised SharpLink for its unique blend of sports betting involvement and its significant Ethereum holdings. However, investors seem to prioritize the latter aspect due to the company’s focus as a crypto treasury entity.
Moreover, SharpLink boasts a robust financial position with $28.5 million in cash and $1.9 million in USDC stablecoins at the end of last year.