Ethereum (ETH) Bull Case Fuels Citizens’ “Outperform” on SharpLink Gaming (SBET) — $50 Target Implies 200% Upside

According to CoinDesk on October 16, investment bank Citizens initiated coverage of SharpLink Gaming (SBET), assigning an “Outperform” rating and a $50 price target. The report notes that this target implies potential upside of more than 200%, driven by a valuation thesis linked to a long-term bullish view on Ethereum. Citizens models scenarios in which ETH surpasses $7,000 by 2026 and could exceed $20,000 by 2030, factors that inform its assessment of SBET’s treasury exposure and cash management strategy. Investors should weigh those assumptions alongside liquidity dynamics, execution risks and broader market conditions when assessing SBET’s risk-adjusted return potential.