TL;DR
- Citizens Bank has initiated coverage on SharpLink Gaming ($SBET) with a “Market Outperform” rating and a price target of $50 per share.
- The company applies a “Flywheel” model that combines strategic ETH accumulation, on-chain yield generation, and active NAV management.
- The firm has completed a buyback of 939,000 shares, in addition to authorizing a $1.5 billion repurchase program and a 3 million share incentive plan.
Citizens Bank has initiated coverage on SharpLink Gaming ($SBET), assigning it a “Market Outperform” rating and a price target of $50 per share, implying upside potential of over 200% from its current trading price of $15.45.
The bank highlighted SharpLink as the leading institutional vehicle for leveraged exposure to Ethereum’s growth, combining asset appreciation with compounded on-chain yields.
The coverage’s valuation is based on a projected NAV of $35 per share by the end of 2026, multiplied by 1.4x, reflecting both expected ETH appreciation and SharpLink’s ability to generate value through active treasury management. According to Citizens, investing in SBET today allows shareholders to acquire Ethereum exposure essentially at cost, with significant embedded optionality for additional value creation as the project executes its strategy.
SharpLink’s “Flywheel” model centers on three pillars. First, it strategically accumulates ETH. Second, it generates yields directly on-chain through staking and other strategies, increasing cash flow. Third, it actively manages its NAV by issuing shares when the price exceeds NAV and repurchasing shares when trading below it, continuously optimizing returns for shareholders.
SharpLink: An Exceptional Vehicle to Harness Ethereum’s Growth
This approach allows on-chain yields to feed NAV expansion and attract additional capital, positioning SharpLink as an institutional treasury operator with a unique model in the industry.
Citizens projects a bullish outlook for Ethereum: surpassing $7,000 in 2026 and reaching $20,000 before 2030, driven by institutional asset tokenization, mass adoption, and the growth of liquid staking. SharpLink’s model stands to benefit exponentially from both ETH appreciation in its treasury and compounded on-chain yields, without relying on complex derivatives.
The company has also demonstrated strong financial execution. It repurchased approximately 939,000 shares at $15.98 and authorized a share repurchase program of up to $1.5 billion, optimizing capital allocation and supporting the market. Additionally, it implemented a 3 million share incentive plan for new employees, ensuring alignment of talent with corporate objectives.
The management team combines crypto-native experience with traditional financial sophistication, led by Ethereum co-founder Joseph Lubin and former BlackRock executive Joseph Chalom. SharpLink is entering a phase of institutional maturity, consolidating its position as an advanced investment vehicle
