Investment Bank Citizens has initiated analytical coverage of SharpLink Gaming, identifying it as one of the most promising players in the Ethereum treasury market. The bank has estimated the potential share price of the company at $50 each, implying an increase of more than 200% from its current value.
This is reported by Finway
Citizens Sees SharpLink as a Leader Among Ethereum Treasurers
According to Citizens, the optimistic forecast for SharpLink is based on the expectation that the price of Ethereum (ETH) will rise to $7,000 by 2026 and exceed $20,000 by 2030. During morning trading, SharpLink shares rose by 2% to reach $15.45, while at the time of this report, they were trading at $14.57.
The bank’s analysts note that SharpLink has quickly transformed into one of the most active operators in the Ethereum treasury among public companies. Instead of traditional storage of crypto assets, the company actively manages its accumulated Ethereum—implementing staking and other income-generating strategies aimed at increasing net asset value (NAV).
The “Flywheel” Model and SharpLink’s Unique Team
Citizens emphasizes that SharpLink stands out with its innovative asset management model. By combining the flexibility of the crypto market with financial discipline, the company can grow NAV per share as the Ethereum ecosystem develops and institutional interest in the asset increases.
“SharpLink is not a passive vehicle for storing Bitcoin or Ethereum. The company aims to issue shares at a premium to NAV or buy them back when the price is lower, using its ETH reserves to generate on-chain yield,” the report states.
Citizens analysts highlighted SharpLink’s strong leadership team, which combines expertise in cryptocurrencies with experience in traditional finance. Among the company’s leaders is Ethereum co-founder Joseph Lubin, who chairs the board, as well as co-CEO Joseph Chalom, who previously worked at BlackRock.
According to Citizens, SharpLink’s main advantage is its ability to scale the Ethereum treasury model by integrating crypto-native flexibility with institutional capital management discipline.
The bank’s specialists predict that SharpLink’s strategy will allow it to take a leading position in the market as Ethereum becomes an increasingly sought-after global financial asset. The company’s shares could become an attractive instrument for investors looking to gain enhanced exposure to Ethereum dynamics through on-chain operational leverage and off-chain financial discipline.
Recently, SharpLink raised $76.5 million in a direct stock placement at a price above market value. Citizens described this move as a confirmation of institutional confidence in the company’s business model and Ethereum management strategy.
It is worth noting that in June 2025, SharpLink launched its own Ethereum treasury strategy, and as of October 6, it held over 839,000 ETH.