US investment bank "'Ethereum reserves' Sharplink undervalued… stock could surge"

An analysis said the stock of US Nasdaq-listed Sharplink Gaming, which holds Ethereum (ETH), could rise more than 75%.

According to CoinDesk on the 30th (local time), US investment bank (IB) Bernstein set a price target for Sharplink at $24. Sharplink's stock was trading around $13.6 on that day.

Bernstein pointed to institutional demand. "Sharplink is a leading Ethereum reserve company holding about 0.7% of the total supply of Ethereum," and "(Sharplink) is an institutional investment vehicle that can be exposed to Ethereum yields while complying with regulations," it analyzed. It added, "Sharplink would benefit from a shift toward rate cuts," and "demand for the Ethereum staking yield, currently about 2.5%, may increase."

Bernstein emphasized, "Sharplink's stock deserves a 15% premium relative to its Ethereum holdings." Bernstein said, "This figure reflects Sharplink's annual yield of 3.4% and strategic on-chain leverage."

It also mentioned the Ethereum price outlook. Bernstein forecasted, "Ethereum-based assets will grow from the current $172 billion to $5 trillion by 2035," and "Ethereum's price could surpass $15,000 by 2030."