BMNR vs SBET: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: BMNR is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. BMNR and SBET share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined BMNR and SBET exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

BitMine Immersion Technologies (NYSE: BMNR) began as an immersion-cooling Bitcoin miner operating sites in Pecos, Texas and Trinidad, then executed a sweeping strategic pivot in mid-2025 under new chairman Tom Lee of Fundstrat. The company reoriented around an Ethereum-first treasury strategy, accumulating roughly 5.7 million ETH (worth on the order of $10 billion as of July 2026) and targeting ownership of about 5% of the total ETH supply. It stakes the bulk of that ETH through its proprietary MAVAN (Made in America Validator Network) platform to earn a staking yield of roughly 3%, and it has layered in DeFi strategies and venture-style equity stakes. BitMine has been added to the Russell 1000 and named to the Fortune Crypto 100.

Full BMNR guide

Sharplink started life as SharpLink Gaming, a Minneapolis affiliate marketing business that sent sports bettors to licensed operators and collected referral fees. In mid-2025 the board named ether its primary treasury reserve asset, and the company has raised more than $3.3 billion since to buy it. Today it holds roughly 868,700 ETH, about 0.72% of all ether in existence, which makes it one of the two largest corporate holders of the asset. Joseph Lubin, a co-founder of Ethereum and the CEO of Consensys, chairs the board; Joseph Chalom, who spent two decades at BlackRock and helped launch the iShares Ethereum Trust, became sole CEO in December 2025. Substantially all of the ether is staked or held in liquid-staking form, including about $170 million deployed in January 2026 into a Linea strategy that layers restaking rewards from ether.fi on top of base staking yield under a qualified custodian. The old affiliate marketing operation still reports as a segment, but at this point it is a rounding error against the treasury.

Full SBET guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• BMNR drivers: Scale of the ETH treasury; Staking yield via MAVAN.
• SBET drivers: The ether price does most of the work; Staking yield is the only recurring revenue line.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: The dominant risk is Ethereum price itself: a sharp ETH drawdown would slash the value of the treasury and, because the equity carries a premium or discount, the stock can fall faster than ETH. For SBET, the dominant risk is simply ether, which fell about 68% from its 2025 peak to roughly $1,562 in March 2026 before recovering, and the equity amplified that move on the way down.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick BMNR if you believe its drivers more; SBET if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the BMNR and SBET guides.

BMNR. BMNR is valued primarily off its crypto holdings rather than a conventional earnings multiple, and shares trade at a shifting premium or discount (mNAV) to the ETH and cash they represent. As of July 2026 the market cap (~$8.85 billion) sits near or below the stated crypto-plus-cash holdings, reflecting how much of the story is the underlying ETH. Reported net income swings with mark-to-market crypto values, so it is not comparable to recurring operating profit at a normal company.

SBET. Conventional multiples do not describe this company well: at about 70x trailing revenue it looks absurd, and at roughly 0.85x the market value of its own coins it looks cheap, and both numbers are true at once. The metric management reports against is ether per share, currently near 0.0041 ETH, because the whole strategy is judged on whether that figure rises over time. The practical valuation anchor most analysts use is the treasury value per share, discounted for operating costs and the absence of any redemption right, which is how estimates near $9 per share of net asset value have been derived.

Headline figures (approximate, JULY 2026): BMNR shows share price ~$15.55, market cap ~$8.85 billion, eth held ~5.7 million ETH (~4.8% of supply), total crypto + cash holdings ~$9.8 billion to ~$11 billion; SBET shows revenue (ttm) ~$28M, nearly all staking yield, revenue (q2 2026) ~$11.5M vs ~$0.7M a year earlier, net loss (q2 2026) ~$394M, incl. ~$321M unrealized ETH loss and ~$76M impairment, ether held ~868,700 ETH (~0.72% of supply), ~$2.3B at ~$2,600 ETH.

BMNR and SBET are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined BMNR and SBET exposure against your real portfolio. It is not an investment adviser.