SharpLink Gaming (SBET)
NASDAQ:SBET
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SharpLink Gaming
(NASDAQ:SBET)
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Rating:47Neutral
Price Target:
$6.50
▲(1.25% Upside)
Action:ReiteratedDate:04/01/26
The score is pressured primarily by weak financial performance (very large losses and ongoing cash burn) and bearish technicals (below key moving averages with negative momentum). Offsetting factors include a more constructive earnings-call outlook tied to the ETH treasury/staking strategy and low reported leverage, but valuation support is limited due to negative earnings and no dividend yield.
Positive Factors
Large ETH treasury and staking asset base
A very large ETH-equivalent balance provides a durable, asset-backed earnings engine via staking and yield strategies. Owning scaleable staking inventory supports recurring staking revenue, enables compounding ETH-per-share, and underpins strategic partnerships and product deployment over the next months.
Negative Factors
Material unrealized losses and impairments
Large GAAP unrealized losses and impairments, even if unrecognized economically, create persistent headline losses that can limit investor appetite, complicate future capital raises, and force conservative financial policies. Accounting volatility can therefore constrain strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Large ETH treasury and staking asset base
A very large ETH-equivalent balance provides a durable, asset-backed earnings engine via staking and yield strategies. Owning scaleable staking inventory supports recurring staking revenue, enables compounding ETH-per-share, and underpins strategic partnerships and product deployment over the next months.
Read all positive factors
SharpLink Gaming (SBET) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.27B
Dividend YieldN/A
Average Volume (3M)6.41M
Price to Earnings (P/E)―
Beta (1Y)4.09
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees15
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)-3.50
Shares Outstanding197,158,810
10 Day Avg. Volume6,889,874
30 Day Avg. Volume6,407,670
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.37
Price to Sales (P/S)31.78
P/FCF Ratio-51.00
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue44.10
Enterprise Value/Gross Profit47.31
Enterprise Value/Ebitda-114.80
Forecast
1Y Price Target
$17.79Price Target Upside177.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)1.42
Revenue Forecast (FY)$74.17M
SharpLink Gaming Business Overview & Revenue Model
Company Description
Sharplink, Inc. engages in the digital asset treasury business in the United States and internationally. The company operates as an institutional-grade Ethereum treasury platform. It operates in two segments, Ether (ETH) Treasury Management and Af...
How the Company Makes Money
SharpLink primarily makes money through performance marketing arrangements tied to online gambling operators. Key revenue streams typically include: (1) affiliate/acquisition revenue, where SharpLink earns fees for referring new depositing custome...
SharpLink Gaming Earnings Call Summary
Earnings Call Date:Mar 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 27, 2026
Earnings Call Sentiment Neutral
The call presented a mix of strong operational and strategic progress (large YoY revenue growth, rising staking revenues, significant ETH-equivalent holdings, institutional ownership at ~46%, $200M strategic deployment, and substantial capital raised) alongside sizable near-term accounting headwinds (a $616.2M unrealized loss, a $140.2M impairment, and a $734.6M net loss) driven by volatile ETH market pricing. Management framed the losses as GAAP accounting effects rather than realized economic losses and emphasized a disciplined, accretive ETH per share strategy, productive deployments, and institutional partnerships to capture long-term upside. Given the balance between clear operational/strategic achievements and material accounting losses that temper near-term financial results, the overall tone is cautious but constructive.Positive Updates
Substantial Revenue Growth
Revenue for the year ended Dec 31, 2025 was $28.1 million versus $3.7 million in 2024, an increase of approximately +659% year-over-year, driven primarily by the success of the ETH staking strategy.
Negative Updates
Large Unrealized Loss from ETH Market Decline
Sharplink recorded a $616.2 million unrealized loss at Dec 31, 2025 due to ETH market conditions that deteriorated in the second half of 2025; management emphasized these are accounting (GAAP) unrealized losses, not realized reductions in units of ETH held.
Read all updates
Q4-2025 Updates
Positive
Negative
Substantial Revenue Growth
Revenue for the year ended Dec 31, 2025 was $28.1 million versus $3.7 million in 2024, an increase of approximately +659% year-over-year, driven primarily by the success of the ETH staking strategy.
Read all positive updates
Company Guidance
Management's guidance emphasized a clear north star of compounding ETH per share and only accessing capital markets (or secured lending) when accretive, while continuing to push productive, custody‑backed yield above native staking rates; key disclosed metrics were: 640,026 ETH held (net fair value $1.9B) and 204,409 LsETH (cost $501M) as of 12/31/2025, revenue $28.1M (vs. $3.7M in 2024) with staking revenue $15.3M in Q4 (up ~50% q/q from $10.3M in Q3), a $55.2M net realized gain, a $616.2M unrealized loss and $140.2M impairment, SG&A $42.3M (vs. $5.7M), net loss $734.6M (vs. $10.1M net income prior year), cash $28.5M (vs. $1.4M) and $1.9M USDC; subsequent to year‑end combined holdings were 868,699 ETH (604,618 ETH + 208,893 converted LsETH + 55,188 converted WeETH as of 3/1/2026), institutional ownership ~46%, a $200M ETH deployment into Linea with ether.fi/EigenCloud, roughly $2.1B raised via ATM in 2025 (management also referenced $2.5B), a claim of nearly 100% staking of ETH, a pipeline of ~a dozen partner deployments (due diligence takes months), and a commitment to greater transparency on portfolio yields as steady state is reached.SharpLink Gaming Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
21
Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 28.05M | 3.66M | 4.95M | 3.49M | 2.64M |
| Gross Profit | 26.15M | 906.27K | 1.53M | 1.32M | -299.36K |
| EBITDA | -32.74M | -4.75M | -6.19M | -13.09M | -33.26M |
| Net Income | -734.59M | 10.10M | -14.24M | -15.23M | -55.64M |
Balance Sheet | |||||
| Total Assets | 2.43B | 2.57M | 71.28M | 65.05M | 20.56M |
| Cash, Cash Equivalents and Short-Term Investments | 30.42M | 1.44M | 2.49M | 1.38M | 6.07M |
| Total Debt | 0.00 | 0.00 | 12.81M | 2.92M | 165.52K |
| Total Liabilities | 12.75M | 488.30K | 80.68M | 62.06M | 6.37M |
| Stockholders Equity | 2.42B | 2.08M | -9.40M | 2.99M | 14.19M |
Cash Flow | |||||
| Free Cash Flow | -17.48M | -22.82M | 296.74K | -5.95M | -6.33M |
| Operating Cash Flow | -17.48M | -22.81M | 582.89K | -5.94M | -6.07M |
| Investing Cash Flow | -2.95B | -18.71M | -1.03M | 48.30M | -4.41M |
| Financing Cash Flow | 3.00B | -17.38M | 9.78M | 2.68M | 15.68M |
SharpLink Gaming Technical Analysis
Negative
6.42
Price Trends
7.25
Negative
8.69
Negative
13.11
Negative
Market Momentum
-0.36
Positive
42.23
Neutral
28.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SBET, the sentiment is Negative. The current price of 6.42 is below the 20-day moving average (MA) of 7.04, below the 50-day MA of 7.25, and below the 200-day MA of 13.11, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 42.23 is Neutral, neither overbought nor oversold. The STOCH value of 28.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SBET.
SharpLink Gaming Risk Analysis
SharpLink Gaming disclosed 55 risk factors in its most recent earnings report. SharpLink Gaming reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SharpLink Gaming Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.16B | 55.90 | 27.50% | ― | 23.15% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
56 Neutral | $383.12M | ― | 16.40% | ― | 1.79% | ― | |
52 Neutral | $129.86M | -5.88 | -24.91% | ― | 24.21% | -92.49% | |
50 Neutral | $2.05B | -2.53 | -34.58% | ― | 8.24% | -77.54% | |
47 Neutral | $1.27B | -1.21 | -49.45% | ― | ― | ― | |
47 Neutral | $549.42M | -1.43 | -116.69% | ― | 0.36% | 47.55% |
* Financial Sector Average
SBET
SharpLink Gaming
6.42
3.13
95.08%
PENN
PENN Entertainment
15.33
-0.95
-5.84%
RSI
Rush Street Interactive
22.21
10.59
91.14%
CDRO
Codere Online
8.41
1.78
26.85%
GAMB
Gambling.com
3.70
-8.77
-70.33%
BALY
Bally's Corporation
11.32
-4.48
-28.35%
SharpLink Gaming Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
SharpLink Gaming Highlights Ethereum Treasury Growth and Rebrand
Positive
Feb 19, 2026
On February 19, 2026, Sharplink reported that institutional investors held 46% of its common stock as of December 31, 2025, one of the highest levels among Ethereum-focused digital asset treasury peers. The company added about 60 new institutional...
Business Operations and StrategyRegulatory Filings and Compliance
SharpLink Gaming Rebrands as Sharplink to Reflect Evolution
Neutral
Feb 3, 2026
On February 2, 2026, the company filed an amendment to its certificate of incorporation to change its corporate name from SharpLink Gaming, Inc. to Sharplink, Inc., with the name change becoming effective on February 3, 2026, when corresponding up...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.