TD Cowen sees 106% upside in Sharplink, calls Galaxy yield fund partnership a 'favorable setup'!

TD Cowen reiterated a buy rating and $16 price target on Sharplink after the company's Q1 2026 earnings, citing a 0.8x discount to NAV and a newly launched Galaxy Digital co-managed yield fund as the catalyst for a potential re-rating. The firm's analysts called the current configuration a "favorable setup" — the discount alone represents a structural entry point before any operational upside is priced in.

The more durable thesis, however, is TD Cowen's four-pillar framework for Ethereum demand: stablecoins, tokenization, DeFi, and what the firm labels "agentic finance" — AI-driven on-chain activity that is still in its early innings. Together, these pillars underpin Sharplink's treasury strategy and shift the risk-reward materially in bulls' favor.

With Galaxy Digital co-managing the yield fund, Sharplink gains institutional-grade execution on its ETH holdings while the broader…