The treasury company holds approximately 839,000 Ethereum tokens on its balance sheet following a strategic pivot from online gaming in June.
Ethereum News
Citizens JMP Securities has set a $50 price target for SharpLink Gaming, suggesting potential gains exceeding 200% from current levels. The Minneapolis-based firm received a market outperform rating from the bank in its initial coverage report released Wednesday.
The treasury company holds approximately 839,000 Ethereum tokens on its balance sheet following a strategic pivot from online gaming in June. SharpLink shares traded around $15.45 in early trading, gaining 2% after the analyst report.
Citizens projects Ethereum could surpass $7,000 by 2026 and potentially exceed $20,000 by 2030. The bank's analysts view this bullish Ethereum price trajectory as a key driver behind their positive outlook on SharpLink's stock performance.
SharpLink closed a $76.5 million equity offering on Thursday, selling 4.5 million shares at $17 each. The pricing represented a 12% premium to the previous day's closing price of $15.15, with investors also receiving a 90-day option to purchase an additional 4.5 million shares at $17.50.
The company operates differently from passive cryptocurrency holding vehicles by actively managing its Ethereum balance sheet. SharpLink deploys assets into staking and yield-bearing strategies designed to compound value, while issuing equity at premiums to net asset value or buying back shares when trading below NAV.
Leadership comprises Joseph Lubin, an Ethereum co-founder serving as Chairman, and Joseph Chalom, a former BlackRock executive acting as Co-CEO. Citizens analysts describe this team as positioned to scale a treasury model blending crypto-native expertise with institutional capital market experience.
Citizens expects SharpLink's net asset value per share to climb from under $20 to approximately $35 by the end of 2026. The bank characterizes the stock as a differentiated vehicle for gaining exposure to Ethereum's growth and on-chain yield generation opportunities.
BitMine Immersion Technologies, chaired by Tom Lee, currently leads public Ethereum treasuries with over 3 million Ethereum. This represents more than 2.5% of Ethereum's total supply, according to Arkham data, while BitMine's recent addition of 104,000 Ethereum worth $417 million widened the gap with SharpLink.
SharpLink holds a market capitalization just shy of $3 billion despite shares declining roughly 13% over the past month to trade around $14.82 at midday Thursday.
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