SBET
Not a company problem, a crypto math problem
TD Cowen took a chainsaw to its SBET price target, cutting it from $16 to $13. But the real culprit wasn’t some sudden SharpLink faceplant — it was a lower Ethereum forecast and a slower tokenization timeline thanks to CLARITY Act delays.
The fine print is doing the heavy lifting
Analysts Lance Vitanza and Jonnathan Navarrete said the downgrade in their ETH model did most of the work here. Their year-end 2026 Ethereum forecast fell from about $3,650 to $2,371, and that rippled through the rest of the model like a domino chain made of code and cold sweat.
They also trimmed longer-dated ETH assumptions, which matters because crypto treasury plays live and die by the asset they’re hoarding. If the underlying token gets less shiny, the stock tied to it usually does too. That’s the whole game.
Still a buy, just with less hype
This wasn’t a bear-bait headline. TD Cowen kept its Buy rating on SBET and still sees the stock with meaningful upside from Thursday’s close around $6.41. The firm even pointed to SharpLink’s June capital activity — including a $75 million raise and a 10,000 ETH purchase — as proof the company is still executing.
Big picture: SBET is getting dragged by the crypto valuation tide, not a company-specific leak. If you own the stock, the real question is whether ETH and the tokenization story recover fast enough before the market gets bored and moves on to the next shiny thing.