TD Cowen Forecasts 106% Upside for Sharplink

TD Cowen projects a 106% upside for Sharplink in a research note, identifying the launch of a Galaxy yield fund and rising institutional demand for Ethereum-linked products as the main drivers.

The firm expects the Galaxy yield fund to direct capital into yield-bearing crypto products, which would increase demand for staking, custody and liquidity services tied to Ethereum. TD Cowen named Sharplink among firms positioned to receive those flows.

The research says investors are seeking Ethereum exposure for staking returns, decentralized finance liquidity and other on-chain revenue in addition to price appreciation. TD Cowen modeled scenarios in which higher inflows to yield products and greater institutional use of Ethereum services raise Sharplink’s revenue and market value.

Analysts identified channels through which Sharplink could gain: increased use of staking services, higher transaction volumes on Ethereum ecosystems that require infrastructure, and demand from funds that prefer yield-bearing allocations. The note estimates current valuation may not reflect potential future cash flows linked to Ethereum-focused demand.

TD Cowen outlined risks that could limit upside, including crypto price volatility, competition from other infrastructure and service providers, and regulatory uncertainty that could affect institutional allocations to yield products. The firm said outcomes will depend on the pace of capital inflows to funds like Galaxy’s and on broader adoption of Ethereum-based services.

The note framed the 106% projection as scenario-based and left the timing and scale of potential gains open.