Bernstein initiated coverage of Nasdaq-listed SharpLink Gaming (SBET) with an outperform rating and a $24 target, citing roughly 75% upside.
The shares were modestly higher in early trading on Thursday, around $13.65.
The broker said SharpLink is a leading Ethereum treasury, that owns 0.7% of total ETH, and a compliant, institutional vehicle for exposure to ether's yield and growth.
SharpLink is seen benefiting from its link to Consensys and a shift toward lower interest rates, which could boost demand for ether staking yields, currently around 2.5%, analysts led by Gautam Chhugani wrote in the report on Thursday.
The analysts expect Ethereum-based assets to grow from $172 billion today to $5 trillion by 2035, projecting ETH prices above $15,000 by 2030.
SharpLink, Bernstein said, deserves a 15% premium to its ether holdings, reflecting its 3.4% projected annual yield and strategic on-chain leverage.
Earlier this week, SharpLink said it plans to deploy $200 million in ether on Consensys’ Linea over multiple years, using Anchorage custody with ether.fi and EigenCloud to seek on-chain yield.
Read more: SharpLink Plans $200M ETH Deployment on Consensys’ Linea Over Multiple Years
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