TD Cowen maintains a Buy rating on Sharplink, stating that Ethereum's treasury strategy valuation still has room for recovery.

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After TD Cowen published Sharplink’s Q1 2026 earnings report, it maintained its “Buy” rating and a $16 price target, implying about 106% upside versus Monday’s close of $7.76. TD Cowen said Sharplink’s current stock price is about 0.8 times its net asset value (NAV). Combined with its on-chain yield fund newly set up with Galaxy Digital, this creates favorable conditions for a revaluation. The fund is sized at approximately $125 million, with Sharplink planning to invest about $100 million mainly for DeFi liquidity and on-chain yield opportunities that are higher than basic staking returns. Sharplink currently holds about 873,000 ETH, valued at approximately $2 billion at current prices. TD Cowen believes stablecoins, RWA tokenization, DeFi, and AI-driven agentic finance are the four structural pillars forming Ethereum demand and supporting Sharplink’s ETH treasury strategy. (The Block)

ETH-2.43%
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