Bernstein Sees 75% Upside for Ether Treasury Firm SharpLink, Initiates at Outperform

Group 1 - Bernstein initiated coverage of Nasdaq-listed SharpLink Gaming (SBET) with an outperform rating and a $24 target, indicating a potential upside of approximately 75% from the current share price of around $13.65 [1] - SharpLink is recognized as a leading Ethereum treasury, owning 0.7% of the total ETH supply, and serves as a compliant institutional vehicle for exposure to ether's yield and growth [1][2] - Analysts project Ethereum-based assets to increase from $172 billion today to $5 trillion by 2035, with ETH prices expected to exceed $15,000 by 2030 [2] Group 2 - SharpLink is anticipated to benefit from its association with Consensys and a potential shift towards lower interest rates, which may enhance demand for ether staking yields currently at around 2.5% [2] - Bernstein assigns a 15% premium to SharpLink's ether holdings, reflecting a projected annual yield of 3.4% and strategic on-chain leverage [3] - SharpLink plans to deploy $200 million in ether on Consensys' Linea over multiple years, utilizing Anchorage custody with ether.fi and EigenCloud to pursue on-chain yield [3][4]