SharpLink Viewed by Citizens as a Breakout Ether Treasury Bet With Potential for 200%+ Returns

Citizens Initiates Coverage of SharpLink Gaming With 200% Upside

Citizens has started coverage of SharpLink Gaming (SBET), giving the stock a market outperform rating and a $50 price target, signaling potential upside of more than 200%, according to a report released Wednesday. Early trading saw shares rise about 2% to $15.45.

The bank’s bullish outlook is underpinned by a long-term positive view on Ethereum (ETH), projecting ETH above $7,000 by 2026 and potentially exceeding $20,000 by 2030. SharpLink has quickly positioned itself as a leading ETH treasury operator, accumulating a significant ETH position and deploying it into staking and yield-generating strategies designed to compound value over time.

Active Ethereum Treasury Strategy

SharpLink differentiates itself from passive crypto holdings by actively managing its ETH balance sheet. The company issues equity at a premium to NAV, repurchases shares when trading below NAV, and leverages its ETH reserves to pursue on-chain yield opportunities, according to analysts led by Devin Ryan.

Citizens describes this as a “flywheel” approach, intended to grow NAV per share as Ethereum adoption rises and institutional participation expands. SharpLink’s leadership team—including Ethereum co-founder Joseph Lubin as Chairman and former BlackRock executive Joseph Chalom as Co-CEO—brings a combination of crypto-native expertise and institutional market experience.

Growth Potential and Capital Raise

Citizens believes SharpLink is well-positioned to become a market leader as ETH matures into a global financial asset. By combining on-chain operational leverage with off-chain financial discipline, the stock offers investors an attractive alternative to traditional crypto investment vehicles and may merit a valuation premium.

The company recently raised $76.5 million in a direct stock offering priced above market, further supporting its treasury strategy and long-term growth plans.