Catenaa, Tuesday, November 04, 2025- Bernstein has launched coverage on Ethereum treasury firm SharpLink Gaming (ticker SBET), assigning an outperform rating and a $24 price target by the end of 2026, signaling roughly 75% upside from its current share price of $13.61.
SharpLink, modeled after bitcoin treasury pioneer Strategy, focuses on long-term ETH accumulation and staking to generate sustainable yield. The firm holds 860,299 ETH, about 0.7% of the total supply, with a net asset value of $3.6 billion.
Analysts noted SharpLink’s alignment with Consensys and its planned $200 million ETH deployment on the Ethereum Layer 2 network, which is expected to generate additional yield through staking, restaking, and liquidity programs.
Bernstein values SharpLink at a 15% premium to its Ethereum treasury net asset value, forecasting a 3.4% compound annual growth rate in yield over the next decade.
Shares currently trade at a 19% discount to treasury value, but analysts expect ETH accumulation, share buybacks, and debt scaling to narrow the gap. SBET shares were down 3.6% in early trading Thursday at $13.13 but remain up 71% year-to-date.
The research firm reiterated its long-term Ethereum price forecast, projecting ETH will rise from under $4,000 today to $15,000 by 2030 and $25,000 by 2035.
Bernstein anticipates tokenized Ethereum assets, including stablecoins across Layer 1 and Layer 2 networks, to grow from $172 billion today to $5 trillion by 2035, highlighting Ethereum’s role as a reserve asset in the tokenized economy.
Bernstein’s coverage positions SharpLink as a key institutional vehicle for accessing ETH yield amid expected declines in global interest rates and increasing demand for onchain Ethereum exposure.
