TD Cowen has cut its price target for SharpLink Gaming to $13 from $16 after lowering its outlook for Ether through 2029, underscoring how closely the company’s valuation remains tied to the market price of the cryptocurrency it is accumulating in its treasury.
The firm retained its Buy rating on SharpLink, even as it reduced its year-end 2026 Ether forecast to $2,371 from roughly $3,650. SharpLink shares closed at $6.41 on July 30, up 4.4% from $6.14 a day earlier. TD Cowen’s new $13 target represents implied upside of 102.8% from that closing price.
Ether traded at $1,884.77 when the report was issued, down 1.71%, according to the market data cited in the note. The gap between Ether’s spot price and TD Cowen’s revised 2026 forecast leaves the brokerage’s SharpLink thesis dependent on a material recovery in the asset as well as continued execution of the company’s treasury strategy.
Ether forecasts reduced through 2029
TD Cowen analysts Lance Vitanza and Jonnathan Navarrete also lowered their year-end Ether projections for the following three years. Their updated forecasts place Ether at $3,347 by the end of 2027, $4,554 at the end of 2028, and $5,969 at the end of 2029.
Those estimates are lower than the firm’s previous outlook and follow weaker-than-expected Ether pricing during the second quarter. The analysts retained the central structure of their SharpLink valuation model while changing the price assumptions feeding into the company’s projected treasury value.
For a company building a balance sheet around Ether, those revisions have a direct effect on estimated net asset value. A lower forecast for the token reduces the prospective dollar value of every Ether SharpLink owns or expects to acquire, while also compressing the value attributed to gains generated from treasury operations.
TD Cowen projected that SharpLink’s Ether treasury could reach about 940,000 ETH by the end of 2026. Under the firm’s updated assumptions, that treasury would support a projected net asset value of $9.13 per share.
The $13 target was based on a valuation framework that included an estimated $2.228 billion value for the company’s Ether holdings and $862 million in projected value creation from treasury operations. The difference between the $9.13 projected net asset value and the $13 price objective reflects TD Cowen’s expectation that SharpLink can create additional value through its treasury management rather than merely hold Ether passively.
Regulatory timetable weighs on the model
Vitanza and Navarrete linked the weaker long-term Ether outlook partly to slower progress toward a US federal framework for tokenized financial assets. Their note cited delays involving the CLARITY Act, legislation intended to clarify regulatory responsibilities for parts of the digital-asset market.
The regulatory assumption matters to the forecast because rules for tokenized assets could influence how financial institutions issue, trade, custody, and use blockchain-based representations of securities and other traditional instruments. Ethereum has been a major network for tokenization projects, so slower legislative progress could delay some of the activity that bullish long-term projections expect to migrate on-chain.
TD Cowen’s revised price path does not suggest the analysts have abandoned their positive view on Ether or SharpLink. The firm continues to forecast higher Ether prices from the current level through 2029 and kept its Buy rating on the stock. Yet the lower targets place more emphasis on timing: a company whose asset base is dominated by a volatile token can see its equity valuation move sharply when assumptions about that token’s future price change.
SharpLink’s market performance may therefore remain sensitive to both Ether’s spot-market fluctuations and developments in Washington that affect institutional tokenization plans.
Recent financing and eth purchases
The note also pointed to SharpLink’s capital-allocation activity during June. The company completed a $75 million registered-direct financing on June 22, providing additional capital that could support its Ether accumulation and other treasury initiatives.
SharpLink then purchased 10,000 ETH on June 30, according to TD Cowen. The company also repurchased 2.13 million common shares at an average price of $4.69 each, a level below the July 30 closing price cited in the report.
The combination of token purchases and share repurchases gives management two ways to deploy capital, though each carries different risks. Buying Ether expands the company’s exposure to potential upside in the cryptocurrency, but it also increases balance-sheet sensitivity to a market that can move rapidly. Repurchasing stock can reduce the number of shares outstanding, potentially increasing the value attributable to each remaining share, although the benefit depends on the company’s asset performance and the price paid for the shares.
SharpLink is scheduled to report its second-quarter 2026 financial results on Aug. 10, according to TD Cowen. The release should provide a closer look at how much capital the company has deployed, the size of its Ether position, and whether its treasury operations are developing in line with the assumptions used in the brokerage’s revised valuation model.
TD Cowen’s target cut leaves SharpLink with a bullish rating but a more cautious set of underlying assumptions. The stock’s route toward the new $13 objective would rely heavily on Ether recovering from its current level, SharpLink continuing to build its treasury efficiently, and regulatory progress eventually supporting the tokenization activity embedded in the firm’s longer-term Ethereum forecast.
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