TD Cowen cut its price target on SharpLink Gaming (NASDAQ:SBET) from $16 to $13 on Thursday, blaming the CLARITY Act delays for pushing back the tokenization timeline that underpins the bull case.
Why TD Cowen Cut The Target?
Analysts Lance Vitanza and Jonnathan Navarrete said in a note cited by The Block that the direct driver is their ETH price model, not anything company-specific.
Their year-end 2026 Ethereum (CRYPTO: ETH) forecast dropped from roughly $3,650 to $2,371, mechanically pulling the SBET price target down with it.
Multi-year forecasts were also trimmed, with 2027 cut to $3,347, 2028 to $4,554, and 2029 to $5,969.
The analysts explicitly blamed slower-than-anticipated progress on the tokenization regulatory framework, pointing to Clarity Act delays as the key factor pushing back their timeline.
TD Cowen kept its Buy rating intact, with the $13 target implying roughly 103% upside from SBET’s July 30 close of $6.41.
This Is A Sector-Wide Repricing, Not Just SBET
TD Cowen applied the same lower crypto price deck logic across its entire digital asset treasury coverage on the same day, cutting Strategy Inc. (NASDAQ:MSTR) to $350 from $440.
Two other firms have made similar moves in recent weeks.
| Firm | Stock | Old Target | New Target |
| TD Cowen | SBET | $16 | $13 |
| Citizens JMP | SBET | $40 | $30 |
| Cantor Fitzgerald | SBET | $10.50 | $8.10 |
Every cut is pointing at the same two variables: a lower ETH price expectation and CLARITY Act delays pushing back the tokenization timeline.
What Is Still Going Right For SharpLink
TD Cowen’s note was a trimmed number, not a bear call. The firm pointed to SharpLink’s June capital moves as evidence the company is executing its treasury strategy regardless of where the price deck sits.
SharpLink June 2026 Capital Activity
| Action | Detail |
| Registered-direct raise | $75 million |
| ETH purchase | 10,000 ETH |
| Share buyback | 2 million+ shares at $4.69 average |
Under the updated framework, TD Cowen projects SharpLink’s ETH treasury reaching roughly 940,000 ETH by year-end 2026, with net asset value of $9.13 per share against a stock currently trading at $6.41 — a 42% discount to NAV at current price.
Meanwhile, SharpLink reports Q2 results on August 10, the same day the Senate leaves for recess, making the earnings call a direct read on how management views the Clarity Act delay.
Where Does SBET Stand Technically?
SBET is down 8% on Friday, pulling back after failing to hold above the $6.20 to $6.30 descending trendline that has capped every rally since February.
The Supertrend flipped green at $5.23, the only constructive signal, while the 20-day and 50-day EMAs cluster together near $5.95 to $5.96 as near-term support.
A break above $6.63 completes the cup formation with a target toward $8. Failing here puts $5.23 back in play.
Key levels for SBET:
- $6.30 — descending trendline, resistance to clear
- $6.63 — 100-day EMA, breakout confirmation level
- $5.95 to $5.96 — EMA cluster support
- $5.23 — Supertrend floor
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