Citizens Sees SharpLink as Gateway to Ether-Treasury Upside

Citizens Bank has launched coverage of SharpLink Gaming, assigning it a “market outperform” rating and a price target of $50, implying upside in excess of 200 percent from current levels.

The bank’s analysis hinges on SharpLink’s positioning as a publicly traded entity that actively manages an Ether treasury, combining yield-bearing deployment strategies with equity-market mechanisms to enhance value. Citizens projects that ETH’s long-term price trajectory, together with SharpLink’s operational model, could underpin substantial growth.

Citizens expects SharpLink’s net asset value to rise as the company compounds returns from staking, liquid restaking, and other on-chain yield strategies. The bank cites management’s capacity to issue equity above NAV or repurchase shares when trading below NAV as a leverage point for shareholder value.

SharpLink is led by Ethereum co-founder Joseph Lubin, who serves as Chairman, and Joseph Chalom, formerly of BlackRock, as Co-CEO. The bank underscores this combination of crypto ecosystem pedigree and traditional capital markets acumen as a competitive advantage.

In its report, Citizens forecasts ETH could exceed $7,000 by 2026, potentially pushing beyond $20,000 by 2030, and argues that SharpLink offers one of the few pure-play equity vehicles tied to Ether exposure. The bank describes SharpLink’s operating model as a “flywheel” in which yield-generated returns accelerate NAV per share, further facilitating growth capital.

Citizens’ valuation assigns a premium multiple to SharpLink’s NAV, justified by management execution and the structural optionality inherent in an actively managed ETH treasury. The report points to the possibility that investor recognition of this optionality could drive valuation multiple expansion.

SharpLink has also taken steps consistent with the thesis. It has initiated a share buyback programme, repurchasing approximately 939,000 shares at an average price of $15.98, and the board has authorised up to $1.5 billion in share repurchases for capital allocation flexibility. In tandem, SharpLink disclosed it holds around $3.6 billion in ETH, nearly all staked to produce yield.

Meanwhile, B. Riley has initiated coverage of SharpLink with a “Buy” rating and a $32 target, casting some contrast in outlook. B. Riley emphasises that the company’s discount to modified NAV is attractive — currently trading at 0.8× mNAV — and expects upward re-rating to 1.5× mNAV within 12 months, contingent on ETH accumulation and damping equity issuance dilution.