Bernstein Initiates Outperform on SharpLink With 75% Upside on Ethereum Treasury Strategy

Bernstein has initiated coverage on Ethereum treasury firm SharpLink Gaming with an outperform rating and a $24 price target, suggesting approximately 75-80% upside potential from current stock prices around $13.65. SharpLink holds about 860,000 Ethereum tokens valued at over $12 billion and plans to deploy $200 million into Consensys' Layer 2 network Linea to generate enhanced yield through staking and liquidity programs. Analysts highlight SharpLink's strategy of long-term ETH accumulation and staking to generate sustainable yields of around 2.5-3.4% annually, which may become more attractive amid declining interest rates. The company is led by Ethereum co-founder Joe Lubin, who also founded Consensys, underscoring strong management alignment with the Ethereum ecosystem. Bernstein projects significant growth in Ethereum-based assets, potentially driving ETH prices to $15,000 by 2030, benefiting firms like SharpLink that hold substantial ETH treasuries. This coverage signals growing institutional adoption of Ethereum as a treasury asset, potentially influencing both SharpLink's stock performance and broader ETH market sentiment.