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Sharplink Gaming Inc. posted a $686 million net loss in Q1, but TD Cowen reiterated its buy rating and set a $16 price target, implying 106% upside from Monday’s close at $7.76.
Sharplink reported Q1 2026 revenue of $12.1 million, up from $742,000 in the same period last year. The company said staking income from its treasury strategy was the main driver.
The net loss of nearly $686 million was driven mostly by unrealized losses tied to Ethereum price declines. Ethereum traded around $3,000 at the beginning of 2026, fell roughly 40% to $1,800, and closed the quarter near $2,000.
Sharplink held 872,984 ETH as of May 4, a position worth nearly $2.4 billion at current prices. The company’s ETH treasury makes it the world’s second-largest public ETH treasury holder, behind Bitmine Immersion Technologies.
Sharplink also announced plans to launch the Galaxy Sharplink Onchain Yield Fund with Galaxy Digital, a $125 million initiative to deploy capital into DeFi and liquidity opportunities.
Sharplink will contribute approximately $100 million, with a stated focus on generating returns above basic staking yields. CEO Joseph Chalom described the approach as aiming for “singles and doubles,” rather than VC-like returns, and said “operational rigor is non-negotiable.”
TD Cowen analysts led by Lance Vitanza described the current share price as a “favorable setup,” citing a discount to NAV and expanding Ethereum demand.
Sharplink’s holdings of approximately 873,000 ETH were valued at roughly $2 billion at current prices, implying a NAV of about $9.68 per share. With the stock closing Monday at $7.76, TD Cowen said it trades at approximately 0.8 times NAV.
TD Cowen identified four pillars for Ethereum demand: stablecoins as a scaled global payments layer; tokenization as real-world assets move on-chain; DeFi as core infrastructure for lending and liquidity; and agentic finance or AI-driven autonomous economic activity.
The firm also pointed to the staking-driven operating model for downside support. Its analysis estimates staking yield generating approximately $59 million annually against $22.3 million in fixed charges, with a model breakeven ETH price of $883, below current market levels.
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