TD Cowen maintains its "buy" rating and $16 target price after Sharpnink releases its 2026 Q1 financial report, implying approximately 106% upside from Monday's closing price of $7.76. TD Cowen stated that Sharpnink's current stock price is approximately 0.8 times its net asset value (NAV), which, combined with its newly established on chain income fund with Galaxy Digital, creates favorable revaluation conditions. The fund has a size of approximately $125 million, of which Sharpnink plans to invest approximately $100 million, mainly for DeFi liquidity and on chain revenue opportunities that exceed the underlying staking returns. Sharpnink currently holds approximately 873000 ETH, worth approximately $2 billion at current prices. TD Cowen believes that stablecoins, RWA tokenization, DeFi, and AI driven agentic finance are the four structural pillars of Ethereum's demand and support Sharpnink's ETH treasury strategy. （The Block）https://(wublock123.com)/news/td-cowen-maintains-sharplink-buy-ethereum-treasury-valuation-room-for-recovery-60960