TD Cowen Reaffirms Buy for Strategy, Launches Sharplink as ETH Staking Play
TD Cowen reiterated a “buy” rating on Bitcoin treasury firm Strategy, but trimmed its price target again. The firm also initiated coverage of Ethereum treasury company Sharplink with a “buy.”
For Sharplink, analysts (led by Lance Vitanza) set a $16 price target. Shares changed hands around $6.42 in after-hours trading, and the stock is down about 62% over the past six months. TD Cowen’s key thesis is that Sharplink’s Ethereum staking rewards can cover operating costs even if ETH price stays depressed. The analysts also argue Sharplink may achieve a “superior staking yield” versus U.S.-listed spot Ethereum ETFs that offer staking, due to fee and staking-liquidity dynamics.
Financial context cited: Sharplink reported staking revenue jumped 50% quarter-over-quarter to $15.3 million, rising from $10.3 million. It also generated 14,500 ETH worth $9.4 million from staking. Despite this, the company disclosed a full-year loss of $734 million, driven by a decline in the value of its Ethereum holdings during the second half of the year.
For Strategy, TD Cowen reduced its Bitcoin-focused price target to $350 while keeping the “buy” rating. The updated target reflects a lower multiple on projected “BTC $ gain” and reduced expectations for future Bitcoin prices. Strategy holds over $55 billion in Bitcoin.
Overall, TD Cowen is effectively positioning both Strategy (BTC treasury) and Sharplink (ETH staking treasury) as yield generators, while acknowledging near-term valuation pressure.
Bullish
TD Cowen同时对Strategy（BTC金库）维持“买入”并下调目标价、对Sharplink（ETH质押金库）启动“买入”，这通常会带来资金层面的正向情绪：市场会把两家公司视作“靠质押/持币获取收益”的路径，而不是单纯押注币价单边上涨。
短期来看，Strategy的目标价下调意味着分析师对BTC估值扩张和“BTC $ gain”路径更保守，因此可能限制上行斜率或引发震荡。但由于评级仍为买入，回撤往往更容易吸引逢低资金。
中长期来看，Sharplink的逻辑核心是“质押现金流覆盖运营成本”，并强调可能优于提供质押的以太坊ETF的收益结构。这类表述在过去类似的“现金流/收益率导向”交易中往往对风险偏好形成支撑：只要市场相信运营现金流的稳定性，估值通常更能抵御币价波动。
因此总体影响更偏正面（偏多），但由于目标价被下修与ETH/BTC价格仍存在不确定性，预期的利好可能更多体现在情绪与相对表现上，而不是立刻推动确定的单边上涨。