SharpLink Gaming Stock (NASDAQ:SBET) Given Aggressive Price Target

SharpLink Gaming's stock (NASDAQ: SBET) is moving higher this pre-market, up 2.97% following an “Outperform” rating from Citizens JMP, accompanied by a $50 price target. This valuation represents a potential upside exceeding 200% from current trading levels, sparking interest among investors and market analysts.

The firm's strategic shift towards building a substantial Ethereum (ETH) treasury is a key driver behind this optimistic outlook. SharpLink's stock price has fallen 11.82% in the past 5 days, as crypto markets have pulled back.

The market's positive reaction is rooted in SharpLink's bold move to make ETH its primary treasury reserve asset. This transition began in May 2025 with a $425 million private placement, spearheaded by Consensys Software Inc. and its founder, Ethereum co-founder Joseph Lubin, who subsequently became SharpLink's Chairman of the Board. This strategic alignment with Ethereum's growth potential is viewed as a differentiating factor, offering investors a unique way to gain exposure to the cryptocurrency's expanding ecosystem and yield generation opportunities.

SharpLink has aggressively expanded its ETH holdings throughout 2025. In June, the company increased its position to 188,478 ETH, acquiring an additional 12,207 ETH for approximately $30.7 million. This was followed by a July purchase of 10,000 ETH directly from the Ethereum Foundation for about $25.7 million. By August, SharpLink's ETH holdings approached 800,000 tokens after a $250 million purchase, funded through an at-the-market equity program. These acquisitions underscore the company's commitment to its Ethereum-centric strategy.

To further enhance shareholder value, SharpLink authorized a $1.5 billion stock repurchase program in August 2025. The company indicated that it would consider buybacks when its stock trades at or below the net asset value (NAV) of its ETH holdings. Demonstrating this commitment, SharpLink executed a $15 million share buyback in September 2025, deeming the stock undervalued relative to its substantial ETH assets.

Further solidifying its position in the digital asset space, SharpLink announced plans in September 2025 to tokenize its SEC-registered common stock on the Ethereum blockchain. The company appointed financial technology firm Superstate as its Digital Transfer Agent for this initiative. This move aims to modernize capital markets and potentially increase shareholder value by leveraging the benefits of blockchain technology.

Citizens JMP's “Outperform” rating and $50 price target reflect a strong belief in SharpLink's strategic direction and its ability to capitalize on the growing adoption of Ethereum. The firm's substantial Ethereum holdings, combined with shareholder-focused initiatives such as share buybacks and tokenization, are viewed as positioning SharpLink favorably within the evolving digital asset landscape.