TD Cowen has lowered its SharpLink Gaming price target to $13 from $16 after reducing its 2026 Ethereum forecast while keeping a Buy rating on the stock.
TD Cowen Lowers Target but Keeps Buy Rating
TD Cowen analysts Lance Vitanza and Jonathan Navarrete revised their view after weaker-than-expected second-quarter ether pricing. The firm lowered its year-end 2026 Ethereum forecast to $2,371 from about $3,650.
The analysts also reduced later Ethereum forecasts under their updated model. TD Cowen now expects ether to reach $3,347 in 2027, $4,554 in 2028, and $5,969 in 2029.
Source: X
SharpLink shares closed at $6.41 on July 30, up 4.4% from the prior close of $6.14. The revised $13 target still implies about 102.8% upside from that closing price.
Ether traded at $1,884.77, down 1.71% at the time of the update. SharpLink’s stock outlook remains closely tied to ether prices because the company has shifted toward an Ethereum treasury strategy.
TD Cowen cited slower progress on federal rules for tokenized financial assets. The firm pointed to delays around the CLARITY Act and broader uncertainty over the regulatory path for onchain finance.
SharpLink Ethereum Treasury Plan Remains in Focus
Despite the lower price target, TD Cowen said its long-term investment view on SharpLink remains unchanged. The firm pointed to the company’s capital allocation and growing ether treasury.
SharpLink completed a $75 million registered-direct financing on June 22. The company also bought 10,000 ETH on June 30 and repurchased 2.13 million common shares at an average price of $4.69.
TD Cowen projects SharpLink’s ether treasury could reach about 940,000 ETH by the end of 2026. The firm also expects net asset value to reach $9.13 per share under its revised model.
The $13 price target is based on $2.228 billion in projected ether value and $862 million in treasury-operation value creation. That model depends on ether accumulation, staking yield, and balance sheet growth.
SharpLink has moved away from its earlier sports betting technology profile. The company now operates as one of the largest publicly traded Ethereum treasury companies.
The strategy focuses on holding ETH, generating staking yield, and increasing ETH per share over time. Investors are watching financing activity, ETH purchases, and staking performance.
Ethereum Institutional Push Adds Context
SharpLink, which bought ETH recently, was also named among early supporters of Ethereum Institutional’s initial ecosystem funding round. The group said it received backing from more than 100 ecosystem participants.
Ethereum Institutional said its work will focus on banks, asset managers, custodians, fintechs, market infrastructure firms, and sovereign institutions evaluating Ethereum.
The group also plans to advance work around tokenization, stablecoins, market infrastructure, and onchain settlement across Ethereum and layer-2 networks.
That institutional push aligns with SharpLink’s Ethereum treasury angle. However, TD Cowen’s reduced target shows that near-term ether pricing and regulatory delays still affect valuation models.
SharpLink is scheduled to report second-quarter 2026 results on August 10. Investors will watch ETH holdings, staking yield, treasury value, share repurchases, and management’s next capital allocation update.
