{"id":8278,"date":"2026-04-10T09:57:55","date_gmt":"2026-04-10T09:57:55","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=8278"},"modified":"2026-04-10T09:57:55","modified_gmt":"2026-04-10T09:57:55","slug":"td-cowen-backs-sharplinks-ethereum-strategy-while-trimming-outlook-for-bitcoin-buyer-strategy","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=8278","title":{"rendered":"TD Cowen Backs Sharplink\u2019s Ethereum Strategy While Trimming Outlook for Bitcoin Buyer Strategy"},"content":{"rendered":"

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  • TD Cowen analyst Lance Vitanza initiated coverage of Sharplink with a buy rating and US$16 price target, projecting its Ethereum staking revenue can fully cover operating costs even if ETH stays depressed.<\/span><\/li>\n
  • Sharplink\u2019s staking revenue jumped 50% quarter-over-quarter to US$15.3 million last quarter, generating 14,500 ETH worth US$9.4 million and positioning the firm as a yield-focused crypto treasury play.<\/span><\/li>\n
  • TD Cowen simultaneously trimmed Strategy\u2019s price target to US$350 from US$440, the second cut this year, citing lower multiples on projected Bitcoin gains.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\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-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<\/strong><\/p>\n

    A Full-Year Loss<\/h2>\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 (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 move Vitanza attributed partly to broader weakness across crypto-linked equities rather than company-specific deterioration.<\/p>\n

    Read more: FDIC Moves to Rein in Stablecoins with New Rule Proposal Under GENIUS Act<\/strong><\/p>\n<\/p><\/div>\n

    Ethereum,Sharplink#Cowen #Backs #Sharplinks #Ethereum #Strategy #Trimming #Outlook #Bitcoin #Buyer #Strategy1775815075<\/p>\n","protected":false},"excerpt":{"rendered":"

    TD Cowen analyst Lance Vitanza initiated coverage of Sharplink with a buy rating and US$16 price target, projecting its Ethereum staking revenue can fully cover operating costs even if ETH stays depressed. Sharplink\u2019s staking revenue jumped 50% quarter-over-quarter to US$15.3 million last quarter, generating 14,500 ETH worth US$9.4 million and positioning the firm as a<\/p>\n","protected":false},"author":1,"featured_media":8279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[181,91,868,886,31,3417,3932,107,3933],"class_list":{"0":"post-8278","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"tag-backs","9":"tag-bitcoin","10":"tag-buyer","11":"tag-cowen","12":"tag-ethereum","13":"tag-outlook","14":"tag-sharplinks","15":"tag-strategy","16":"tag-trimming"},"yoast_head":"\nTD Cowen Backs Sharplink\u2019s Ethereum Strategy While Trimming Outlook for Bitcoin Buyer Strategy - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=8278\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TD Cowen Backs Sharplink\u2019s Ethereum Strategy While Trimming Outlook for Bitcoin Buyer Strategy\" \/>\n<meta property=\"og:description\" content=\"TD Cowen analyst Lance Vitanza initiated coverage of Sharplink with a buy rating and US$16 price target, projecting its Ethereum staking revenue can fully cover operating costs even if ETH stays depressed. 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