Bitcoins <\/p>\n
TD Cowen analyst Lance Vitanza initiated coverage of Sharplink with a buy rating on April 9, setting a price target of US$16 (AU$23.20) and positioning the company\u2019s Ethereum-focused treasury strategy as an alternative to Bitcoin<\/a>-heavy corporate accumulation models.<\/p>\n The firm\u2019s latest quarterly results showed staking revenue rising 50% quarter-on-quarter to US$15.3 million (AU$22.19 million), up from US$10.3 million (AU$14.94 million). Sharplink generated 14,500 ETH, valued at approximately US$9.4 million (AU$13.63 million), through staking during the period.\u00a0<\/p>\n Vitanza argued this income stream could cover operating costs even in a weaker price environment, providing a self-funding mechanism absent in Bitcoin-only treasury strategies. TD Cowen\u2019s model assumes Ethereum reaches US$3,650 (AU$5,292.50) by December 2026.<\/p>\n Read more: Bitcoin Bullish Shift Gains Momentum as Iran Ceasefire Eases Market Tensions<\/a><\/strong><\/p>\n Sharplink reported a full-year loss of US$734 million (AU$1.06 billion), largely reflecting a decline in Ethereum\u2019s market value in the second half of the year. This was characterised as a non-operational, mark-to-market loss rather than a deterioration in underlying business performance.\u00a0<\/p>\n Vitanza described firms like Sharplink as leveraged exposure to crypto assets but noted that active treasury management, including staking and minority investments, may generate higher returns than passive holdings.<\/p>\n In the same note, TD Cowen maintained a buy rating on Strategy<\/a> (formerly MicroStrategy) but reduced its price target to US$350 (AU$507.50) from US$440 (AU$638), following an earlier cut from US$550 (AU$797.50) earlier in 2026.\u00a0<\/p>\n Basically, the revisions reflect lower valuation multiples tied to projected Bitcoin gains and more conservative price assumptions.<\/p>\n All in all, Strategy holds more than US$55 billion (AU$79.75 billion) in Bitcoin (BTC), making it the largest corporate holder. The repeated target reductions are just a mere cautious outlook on the sustainability of pure accumulation strategies.\u00a0<\/p>\n Anyway, TD Cowen\u2019s analysis points to a shift across institutions and the sentiment toward yield-generating treasury models.<\/p>\n Also, Sharplink shares traded around US$6.42 (AU$9.31) in after-hours activity, implying roughly 150% upside to the target. The stock has declined 62% over the past six months, as per Yahoo Finance data<\/a>, a move Vitanza attributed partly to broader weakness across crypto-linked equities rather than company-specific deterioration.<\/p>\nA Full-Year Loss<\/h2>\n