TD Cowen Adjusts Price Targets for Bitcoin and Ethereum Firms
- TD Cowen reiterated a “buy” rating for Bitcoin treasury firm Strategy, but reduced its price target to $350.
- The investment bank initiated coverage on Ethereum treasury company Sharplink with a “buy” rating and set a $16 price target.
- Sharplink’s stock traded at approximately $6.42 in after-hours trading, having fallen by about 62% over the past six months.
- Sharplink reported a quarterly staking revenue increase of over $5 million, reaching $15.3 million.
- Strategy holds more than $55 billion worth of Bitcoin, with its stock price nearing $129 recently.
TD Cowen analysts see potential in Sharplink’s ability to cover operating costs through staking rewards, even if Ethereum prices remain low, while Strategy’s price target reflects lower expectations for future Bitcoin value gains.
Despite lower price targets, both Strategy and Sharplink maintain “buy” ratings due to their strategic positions in the cryptocurrency market and potential growth through digital asset holdings and staking yields. (Source)
