Citizens "Ethereum-hoarding SharpLink has over 200% upside potential"

U.S. investment bank Citizens named SharpLink Gaming as a 'representative stock for strategic Ethereum(ETH) reserves (treasury)' and gave it an investment opinion of 'Market Outperform', with a price target of $50. It analyzed that there is more than 200% upside potential relative to the current share price.

On the 16th (local time), according to CoinDesk, Citizens said in a report, "SharpLink is one of the companies among listed firms that manages Ethereum most aggressively, pursuing active monetization strategies rather than simple holding." The bank forecasted that the price of Ethereum would exceed $7,000 in 2026 and $20,000 in 2030, citing long-term bullishness.

SharpLink holds Ethereum and then uses it for staking and on-chain revenue strategies to compound its net asset value (NAV). Citizens described this as "a flywheel model in which NAV accelerates with Ethereum's growth."

They also assessed that SharpLink is not a simple cryptocurrency-holding company but an 'actively financially managed company' that maximizes asset efficiency by adjusting share buybacks or new issuance according to net asset value (NAV).

Furthermore, they emphasized, "As Ethereum establishes itself as a global financial asset, SharpLink is likely to emerge as a market-leading company," adding that "through the combination of on-chain operational capabilities and off-chain financial strategies, it will receive a higher valuation premium than existing digital asset investment alternatives."