olivLaw · US equity research
Sharplink, Inc. SBET
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Sharplink, Inc. (SBET) is a Miami-based public company that since June 2025 has adopted Ether as its primary treasury asset while keeping an affiliate marketing business for sportsbook and online casino operators. The strategy matters because its ETH holdings are large and its reported revenue and losses now depend heavily on ETH price moves,.
At the close of 04 Nov 2026, Sharplink, Inc. (SBET) stock was 7.15 USD (+8.50% on the day), with market capitalisation 1.6 bn USD, beta 3.58, 52-week range 4.56–12.13 USD. Latest reported quarter (Q2 2026): revenue of 11.5 m USD (+1,553.9% YoY), net income of -394.3 m USD, diluted EPS -1.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.2
- weak (30–45)
- Bollinger (20, 2)
- 6.36 – 8.97
- in the lower half of the band · %B 0.30 · band width 34.1%
- SMA 50 / 200
- 8.48 / 7.17
- mixed trend
- MACD (12, 26, 9)
- -0.49 / -0.40
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −25.4% | −1.1% | −24.3 pp | — |
| 3 months | +12.4% | −0.5% | +12.9 pp | — |
| 6 months | −7.5% | +4.4% | −11.9 pp | — |
| Year to date | −20.0% | +12.3% | −32.3 pp | — |
| 1 year | −38.8% | +13.5% | −52.3 pp | −52.3% |
| 3 years | −62.3% | +76.4% | −138.7 pp | −64.5% |
| 5 years | −98.5% | +63.7% | −162.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 881.7 k | 823.1 k | 742.0 k | 697.0 k | 10.8 m | 15.8 m | 12.1 m | 11.5 m |
| Cost of revenue | 709.0 k | 657.2 k | 609.9 k | 488.2 k | — | — | — | — |
| Gross profit | 172.6 k | 166.3 k | 131.8 k | 209.1 k | — | — | — | — |
| SG&A | 970.1 k | 1.2 m | 1.1 m | 2.4 m | 12.0 m | 27.0 m | 9.9 m | 9.1 m |
| Operating income | -797.4 k | -1.1 m | -926.0 k | -103.4 m | 104.9 m | -734.5 m | -684.6 m | -393.5 m |
| Depreciation & amortisation | 2.8 k ≈ | 2.4 k | 2.0 k | 2.0 k ≈ | 2.2 k ≈ | 2.8 k | 1.0 k | — |
| Interest expense | 0 | 482 | — | — | — | — | — | — |
| Pre-tax income | -781.3 k | -1.1 m | -914.0 k | -103.4 m | 105.0 m | -734.3 m | -684.4 m | -393.3 m |
| Income tax | 6.7 k | -55.7 k | 3.0 k | 27.0 k | 792.3 k | 223.6 k | 1.2 m | 999.0 k |
| Net income | -885.1 k | -903.3 k | -975.0 k | -103.4 m | 104.3 m | -734.5 m | -685.6 m | -394.3 m |
| Diluted EPS | -3.02 | -2.71 ≈ | -1.84 | -4.27 | 0.62 | -4.76 ≈ | -3.25 | -1.88 |
| Operating cash flow | -591.2 k ≈ | -1.3 m | -514.0 k | -1.6 m ≈ | -6.3 m ≈ | -9.1 m | -10.6 m | -7.2 m ≈ |
| Capex | 0 ≈ | 281 | — | — | 4.8 k ≈ | 3.7 k | — | — |
| Share repurchases | — | — | — | — | — | -488 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 3.5 m | 5.0 m | 3.7 m | 28.1 m |
| Revenue YoY | unavailable | +41.9% | −26.1% | +666.1% |
| Net income | -15.2 m | -14.2 m | 10.1 m | -734.6 m |
| Net income YoY | unavailable | unavailable | unavailable | −7,373.9% |
| Diluted EPS | -6.13 | -5.17 | 27.62 | -7.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −126.7% |
| net % | -436.5% | -287.6% | 275.8% | -2,618.4% |
| Free cash flow | -6.0 m | 570.7 k | -22.8 m | -17.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 28.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.4 bn USD
- Total assets
- 2.4 bn USD
- Debt / equity
- unavailable
- Current ratio
- 2.44x
- ROE
- -60.7%
- ROA
- -60.4%
- FCF margin
- -62.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 3.5 m | 5.0 m | 3.7 m | 28.1 m | SEC (XBRL)· 09 Mar 2026verified |
| Cost of revenue | 2.2 m | 3.4 m | 2.8 m | — | SEC (XBRL)· 14 Mar 2025verified |
| Gross profit | 1.3 m | 1.5 m | 906.3 k | — | SEC (XBRL)· 14 Mar 2025verified |
| SG&A | 10.9 m | 8.0 m | 5.7 m | 42.4 m | SEC (XBRL)· 09 Mar 2026verified |
| Operating income | -14.3 m | -8.9 m | -4.8 m | -733.9 m | SEC (XBRL)· 09 Mar 2026verified |
| Depreciation & amortisation | 912.2 k | 107.4 k | 12.0 k | 9.0 k | SEC (XBRL)· 09 Mar 2026verified |
| EBITDA | -13.4 m ≈ | -8.8 m ≈ | -4.8 m ≈ | -733.9 m ≈ | SEC (XBRL)· 09 Mar 2026derived |
| Interest expense | 109.2 k | 1.2 m | 325.0 k | — | SEC (XBRL)· 09 Mar 2026verified |
| Pre-tax income | -14.1 m | -11.2 m | -4.5 m | -733.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Income tax | -13.0 k | 15.7 k | -232 | 1.0 m | SEC (XBRL)· 09 Mar 2026verified |
| Net income | -15.2 m | -14.2 m | 10.1 m | -734.6 m | SEC (XBRL)· 09 Mar 2026verified |
| Diluted EPS | -6.13 | -5.17 | 27.62 | -7.37 | SEC (XBRL)· 09 Mar 2026verified |
| Weighted average diluted shares | 2.5 m | 2.8 m | 337.3 k | 99.7 m | SEC (XBRL)· 09 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 1.4 m | 2.5 m | 1.5 m | 28.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Receivables | 440.9 k | 415.1 k | 265.0 k | 221.0 k | SEC (XBRL)· 09 Mar 2026verified |
| Current assets | 53.9 m | 71.1 m | 2.6 m | 31.2 m | SEC (XBRL)· 09 Mar 2026verified |
| Property, plant & equipment, net | 21.9 k | 8.8 k | 3.0 k | 10.0 k | SEC (XBRL)· 09 Mar 2026verified |
| Goodwill | 1.6 m | — | — | — | SEC (XBRL)· 29 Mar 2024verified |
| Intangibles (excl. goodwill) | 838.5 k | 168.1 k | 13.0 k | 8.0 k | SEC (XBRL)· 09 Mar 2026verified |
| Total assets | 65.0 m | 71.3 m | 2.6 m | 2.4 bn | SEC (XBRL)· 09 Mar 2026verified |
| Accounts payable | 689.2 k | 834.1 k | 281.4 k | 12.7 m | SEC (XBRL)· 07 Aug 2026verified |
| Short-term debt | — | 645.6 k | — | — | SEC (XBRL)· 29 Mar 2024verified |
| Long-term debt | 2.1 m | 1.4 m | 0 | — | SEC (XBRL)· 14 Mar 2025verified |
| Current liabilities | 58.9 m | 79.2 m | 489.0 k | 12.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Total liabilities | 62.1 m | 80.7 m | 489.0 k | 12.7 m | SEC (XBRL)· 09 Mar 2026verified |
| Equity | 3.0 m † | -9.4 m † | 2.1 m † | 2.4 bn † | SEC (XBRL)· 09 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -5.9 m | 582.9 k | -22.8 m | -17.5 m | SEC (XBRL)· 09 Mar 2026verified |
| Capex | 13.0 k | 12.1 k | 2.0 k | 11.0 k | SEC (XBRL)· 09 Mar 2026verified |
| Free cash flow | -6.0 m ≈ | 570.7 k ≈ | -22.8 m ≈ | -17.6 m ≈ | SEC (XBRL)· 09 Mar 2026derived |
| Investing cash flow | 48.3 m | -1.0 m | -18.7 m | -3.0 bn | SEC (XBRL)· 09 Mar 2026verified |
| Financing cash flow | 2.7 m | 9.8 m | -17.4 m | 3.0 bn | SEC (XBRL)· 09 Mar 2026verified |
| Share repurchases | — | — | — | 31.7 m | SEC (XBRL)· 09 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.6 bn USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3,406.3% | 14 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 100.3% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 10.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.1% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | 2.0% | 29 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial14/100 · 1/3 factors with a value
- Returns· partial29/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SHARPLINK, INC. (SBET). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 28.1 m USD in 2025; YoY growth 666.1%; net margin -3,406.3%; ROE -183.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 100.3%
- Current ratio: 10.5x
What contradicts it
- Net margin: -3,406.3%
- FCF yield: -2.1%
- Shareholder yield (distributions): 2.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| BMNPBitmine Immersion Technologies, Inc. | 59.2 bn | — | -150.9% | -14,306.6% | +84.1% | unavailable / unavailable |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| RIOTRiot Platforms, Inc. | 5.8 bn | — | -50.5% | -210.8% | +71.9% | −5% / +22% |
| SBETSharplink, Inc. | 1.6 bn | — | -183.6% | -3,406.3% | +666.1% | −39% / −62% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| QFINQfin Holdings, Inc. | 1.3 bn | 1.7 | 25.3% | 31.1% | +16.8% | −72% / −65% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| HIVEHive Digital Technologies Ltd. | 499.2 m | — | -66.4% | -98.5% | +158.3% | −46% / −41% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| SLNHSoluna Holdings, Inc. | 136.7 m | — | -114.6% | -185.9% | −21.8% | −67% / −82% |
| SUIGSui Group Holdings Limited | 81.4 m | — | -683.9% | -11,373.7% | +18.1% | −47% / −60% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
| EXODExodus Movement, Inc. | 43.5 m | — | -36.4% | -79.9% | +4.5% | −72% / −6% |
1- and 3-year price returns: for SBET from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sharplink, Inc. (SBET) is a Miami-based public company that since June 2025 has adopted Ether as its primary treasury asset while keeping an affiliate marketing business for sportsbook and online casino operators. The strategy matters because its ETH holdings are large and its reported revenue and losses now depend heavily on ETH price moves, 13.
SWOT
Strengths
- The company holds a sizeable ETH treasury, with an in-house management process and access to institutional staking through qualified custodians, 13.
- Sharplink has raised significant capital through direct offerings and at-the-market programmes, which gives it financing flexibility, 1.
- The affiliate marketing segment brings revenue from an existing business that does not depend on the ETH price, 12.
Weaknesses
- Assets are concentrated in a single digital asset, which makes results very sensitive to the ETH price, 13.
- Reported net losses are dominated by unrealised adjustments and impairments, which makes operating performance hard to read, 3.
- The company describes the LsETH market as new, with limited liquidity and potentially inconsistent prices, 1.
Opportunities
- Growing institutional adoption of Ethereum and wider on-chain activity could raise the utility and returns of the treasury, 13.
- The partnership with Galaxy on an onchain yield fund could diversify income sources, 3.
- Inclusion in indices such as the Russell 2000 could widen the institutional investor base, 3.
Threats
Risks
- ETH classified as a securityhigh
If a regulator or court considered ETH a security, the company could become subject to additional obligations and sanctions, 1.
- Investment company statushigh
If Sharplink were deemed an investment company, restrictions could make the current business model impractical to continue, 1.
- ETH price volatilityhigh
Unrealised losses and impairments could repeatedly affect reported results and the value of assets, 13.
- Liquidity of LsETHmedium
Redeeming LsETH depends on the validator exit queue, so the market price may not be realisable immediately, 1.
- CFTC and digital asset regulationmedium
New laws on digital assets could require registration and additional obligations, affecting costs and the ETH price, 1.
Investment thesis
What would need to be true (bull case)
- If Ethereum adoption keeps growing, the large ETH treasury and staking yields could create long-term value for shareholders, 13.
- The share repurchase programme and issuances made above net asset value could support ETH per share, 13.
- The affiliate marketing business brings its own revenue and could partly offset the effects of ETH volatility, 12.
What would break the thesis
- If the ETH price falls, unrealised losses and impairments could reduce the value of the shares and increase capital pressure, 13.
- Regulatory risk could force the company into large compliance costs or a change of strategy, 1.
- Dependence on a single asset and on external staking protocols could expose the company to technical and counterparty risks, 1.
What to watch
- Development of ETH holdings and ETH per shareQ3 2026
- Effect of the Galaxy Sharplink Onchain Yield Fund on revenue2026
- Unrealised losses and impairments on LsETH and weETHQ3 2026
- Progress of digital asset legislation including the CLARITY Actnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sharplink changed its business model in June 2025 by adopting Ether as its primary treasury asset and aligning its capital allocation with financial infrastructure built on the Ethereum blockchain, 1. It organises its activity into two reportable segments, ETH treasury management and affiliate marketing, 12. Management focuses on growing ETH held per share, which it calls a 'north star' metric, 1.
The financial profile changed sharply with the ETH strategy. In Q2 2026 total revenue rose to 11.5 million USD from 0.7 million USD a year earlier, but the net loss was 394.3 million USD, mostly from non-cash unrealised losses and impairments, 3. The company holds ETH directly as well as through liquid staking (LsETH) and weETH, which makes asset valuation more complex, 13.
The headquarters are in Miami, Florida, and the company runs its treasury with an in-house team rather than relying only on external managers, 23. Sharplink has also announced anchor funding for Ethereum ecosystem organisations such as EthLabs, Ethereum Institutional and EthSystems, which extends its role beyond holding assets, 3.
Segments
ETH treasury management
This segment earns returns from native staking and from liquid staking and restaking protocols, while the value gain depends on the ETH price, 12. The company began recognising native staking revenue in June 2025, and rewards can grow with the size of the treasury, 1. A Linea deployment brings additional non-cash revenue calculated on total value locked, 2.
Affiliate marketing
The segment provides performance-based customer acquisition for sportsbook and online casino operators through the PAS.net network and a set of U.S. state-specific websites, 12. Management said this business remains operational but that strategic attention has shifted toward the treasury, 1.
Market context
Sharplink operates at the intersection of public markets and digital asset infrastructure and responds to demand for transparent, regulated exposure to digital assets through a public company structure, 1. The company argues that Ethereum is a programmable, yield-generating asset, which distinguishes its strategy from exchange-traded funds that give only passive price exposure, 1.
The market backdrop is dominated by ETH price volatility, which feeds directly into reported results, including the large unrealised losses in Q2 2026, 3. The affiliate business instead depends on online gambling regulation in the U.S. and other jurisdictions, 23.
Trends
- Corporate accumulation of ETH as treasury assettailwind
Public companies holding ETH as a treasury asset have attracted capital, and Sharplink believes ETH exposure can be productive through staking, 1. If institutional interest keeps growing, the company could benefit from wider demand and a broader investor base, 3.
- Volatility of the ETH priceheadwind
Asset values, revenue and net results depend on the ETH price, and declines can produce large accounting losses, 13. The company reported a significant unrealised loss in the second quarter of 2026 because of market conditions, 3.
- Regulation of digital assetsmixed
Whether ETH is classed as a security or a commodity remains uncertain and could bring additional obligations, including from the CFTC, 1. Legislative proposals such as the CLARITY Act could raise compliance burdens, 1.
- Growing demand for staking and Ethereum infrastructuretailwind
Rising institutional adoption and on-chain activity could support staking yields and demand for Layer 2 solutions, 13. Management cites these developments as positive signals, 3.
Competitive position
In the field of corporate ETH treasuries, Sharplink compares itself with other public companies that have adopted similar strategies, and it notes that it was the second-largest public holder of ETH at the date of its annual report, 1. Exchange-traded vehicles offer passive exposure without participation in network yields, 1.
In affiliate marketing the company competes with other customer acquisition providers for online gambling operators, and its stated edge rests on the PAS.net network and its state-specific websites, 12.
- Other public companies with ETH treasuries
The company describes several public companies holding ETH as a treasury asset without naming them in the analysed sources, 1.
- Exchange-traded funds on digital assets
The company mentions them as a passive alternative that does not participate in network economics, 1.
- Customer acquisition providers for online gambling
The affiliate segment competes with other providers selling customers to betting and casino operators, 12.
- Liquid staking and restaking platforms
The company uses such protocols for yield, so they are both partners and indirect competitors for capital, 12.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Is Sharplink’s (SBET) Staking Strategy Enough to Offset Its Volatility?Yahoo Finance — News · 23 Sept 2026 · EN
- Bitmine Climbs 6% as Ethereum Extends Rally After SEC Tokenization Order; Sharplink Rises 5%, Coinbase Jumps 6%Yahoo Finance — News · 21 Sept 2026 · EN
- Bitmine Surges 8% on Ethereum Strength After Cantor Fitzgerald Doubles Its Target, SharpLink Advances 9%, Strategy Gains 4%Yahoo Finance — News · 11 Sept 2026 · EN
- SharpLink’s Ethereum Treasury Draws 60% Institutional OwnershipYahoo Finance — News · 24 Aug 2026 · EN
SEC filings
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report30 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report23 Jun 2026Material agreement · Other events · Financial statements and exhibits
- Current report11 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report08 May 2026
- Current report14 Apr 2026Shareholder vote
- Current report03 Apr 2026Termination of a material agreement
- Proxy statement17 Mar 2026
- Current report09 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sharplink, Inc. · 09 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sharplink, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Sharplink, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.