Sharplink, Inc. (SBET)

Price$8.68Cached quoteAs of 2026-09-05 11:09 UTC

AI: Undervalued

Price checkThe shares trade below Ethereum-backed asset value, leaving a meaningful discount despite substantial crypto-related risks.

Using Sharplink’s latest reported basic shares and ETH holdings, the latest close, and current Ethereum market data, a rough asset-value check places the equity below the marked value of its ETH plus cash. That supports an Undervalued view. This is not a normal operating-business valuation, however: most value depends on Ethereum. The discount can persist because fund results, warrants, operating costs, protocol risks, and additional share issuance can all change per-share asset value.

Big pictureSharplink is now mostly an Ethereum treasury vehicle, so crypto cycles dominate its economics.

Sharplink, Inc. trades on the Nasdaq Capital Market under ticker SBET. Its legacy affiliate-marketing operation is now small beside treasury activity: staking produced 96% of first-half revenue. Second-quarter revenue rose sharply, but the company reported a large net loss mainly from unrealized Ethereum mark-to-market losses and impairment charges. Those are largely non-cash accounting effects, yet they demonstrate how strongly reported earnings, balance-sheet value, and investor sentiment can swing with Ethereum prices.

Business strengthLiquidity is solid and debt looks light, but cash generation still depends heavily on staking.

At June quarter-end, Sharplink held about $56.2 million of cash, had roughly $51.9 million of working capital, and reported only about $5.6 million of total liabilities. First-half operating cash use was about $17.8 million, so near-term cash durability appears reasonable. The company also said its Ethereum holdings were unencumbered and that much of staked ETH could become cash within roughly 30 days, with the full staking portfolio around 90 days, subject to network and market conditions.

What could change the storyEthereum direction, staking returns, and disciplined share issuance will decide whether today’s discount closes.

A bull case assumes Ethereum stays roughly stable or rises, staking and onchain strategies add meaningful ETH after costs, and new equity is issued only above asset value while repurchases occur below it. A bear case assumes an Ethereum drawdown of roughly 30%, protocol or liquidity losses, or issuance below asset value that reduces ETH per share. Sharplink retains a very large at-the-market equity authorization, so capital-allocation discipline, warrants, and other potential dilution remain central risks.

AI: News

Institutional ownership risesSharplink said institutional ownership reached roughly 60%, broadening professional investor participation in the stock.

On August 18, Sharplink said institutional ownership had increased by about 12 percentage points based on the latest 13F filings, reaching roughly 60%. The company cited more than 50 new institutional holders versus March quarter-end and named Fidelity, BlackRock, Highbridge, Renaissance Technologies, Geode, and UBS Asset Management among larger holders. The development supports market credibility and potential liquidity, although institutional ownership does not guarantee continuing demand.

Lido staking allocationSharplink committed a large Ethereum allocation to Lido to pursue additional staking and DeFi yield.

On August 13, Sharplink announced plans to stake $200 million of ETH through Lido and receive wrapped staked ETH, or wstETH. The structure allows the underlying ETH to continue earning staking rewards while wstETH can be used across decentralized-finance markets. The move could increase treasury productivity and diversify staking methods, but it also introduces smart-contract, protocol, custody, and liquidity risks beyond simply holding native ETH.

Second-quarter resultsTreasury revenue expanded sharply, while Ethereum valuation losses drove a very large reported quarterly loss.

On August 10, Sharplink reported second-quarter revenue of $11.5 million, versus $0.7 million a year earlier, mainly from its Ethereum treasury strategy. Net loss was $394.3 million, driven largely by a $321.0 million unrealized loss on fair-valued crypto assets and a $76.1 million impairment charge. As of August 3, the company reported total ETH holdings of 888,938, highlighting both its treasury scale and sensitivity to Ethereum prices.

Galaxy yield fund launchesSharplink and Galaxy launched an onchain fund designed to earn incremental returns from Ethereum-based strategies.

On August 7, Sharplink and Galaxy Digital launched the Galaxy Sharplink Onchain Yield Fund with $125 million of committed capital. Sharplink backed $100 million of the commitment using its staked ETH treasury, while Galaxy committed $25 million and manages the fund. The strategy seeks additional risk-managed returns from decentralized-finance and other onchain opportunities, creating upside if returns exceed basic staking yields but adding execution, liquidity, and protocol exposure.

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Revenue

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2023

2024

2025

Net income

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2023

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Free cash flow

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Total cash / debt

CashTotal debt

2021

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2023

2024

2025

Financial statements

	2025	2024	2023	2022
Revenue	$28.1M	$3.7M	$5.0M	$3.5M
Gross profit	$26.2M	$906,273	$1.5M	$1.3M
Gross margin	93.22%	24.75%	30.95%	37.71%
Operating expenses	$201.0M	$8.4M	$10.4M	$15.6M
Operating income	−$733.9M	−$4.8M	−$8.9M	−$14.3M
Operating margin	−2,615.99%	−130.07%	−179.56%	−409.26%
EBITDA	−$733.9M	−$4.8M	−$8.8M	−$13.4M
EBITDA margin	−2,615.96%	−129.74%	−177.39%	−383.12%
Net income	−$734.6M	$10.1M	−$14.2M	−$15.2M
Net profit margin	−2,618.38%	275.78%	−287.58%	−436.49%
Basic EPSper basic share	-$7.37	$35.20	-$62.04	-$735.60
Diluted EPSper diluted share	-$7.37	$27.62	-$62.04	-$735.60

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

7.44%of listed shares

BlackRock, Inc.16.14M shares · Jun 30, 2026

View holders

Top 20 reported holders of SBET
Holder	% owned
BlackRock, Inc.	7.44%16.14M shares
HIGHBRIDGE CAPITAL MANAGEMENT LLC	6.62%14.36M shares
Lubin Joseph Michael	≈6.03%13.09M shares
FMR LLC	4.31%9.35M shares
RENAISSANCE TECHNOLOGIES LLC	2.69%5.84M shares
GEODE CAPITAL MANAGEMENT, LLC	2.52%5.47M shares
UBS Group AG	2.17%4.7M shares
Invesco Ltd.	2.04%4.43M shares
CITADEL ADVISORS LLC	1.91%4.15M shares
STATE STREET CORP	1.68%3.65M shares
MORGAN STANLEY	1.43%3.11M shares
Weiss Asset Management LP	1.07%2.31M shares
VANGUARD CAPITAL MANAGEMENT LLC	1.04%2.26M shares
Tidal Investments LLC	1.04%2.25M shares
MILLENNIUM MANAGEMENT LLC	0.90%1.95M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	0.84%1.83M shares
Philosophy Capital Management LLC	0.75%1.63M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.75%1.63M shares
NORTHERN TRUST CORP	0.74%1.6M shares
BANK OF AMERICA CORP /DE/	0.71%1.54M shares

Percentages use 216.98M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$350.0K disclosed value

Sells (SEC code S)7$1.36M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 12, 2026Form 4	MCKENZIE OBIEDirector	SellCommon Stock	12.9K	$7.41	$95.5K	25.0K
May 12, 2026Form 4	Bernhard LeslieDirector	SellCommon Stock	12.9K	$7.41	$95.5K	25.0K
May 12, 2026Form 4	GUTKOWSKI ROBERT MDirector	SellCommon Stock	12.9K	$7.41	$95.5K	25.0K
Mar 31, 2026Form 4	DeLucia Robert MichaelChief Financial Officer	SellCommon Stock	2.8K	$6.21	$17.7K	93.1K
Aug 18, 2025Form 4	MCKENZIE OBIEDirector	SellCommon Stock	18.3K	$19.17	$351.5K	25.0K

Review ownership filings at SEC.gov ↗

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Sharplink, Inc. (SBET)

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