BTBT 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.

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. BTBT 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 BTBT 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.

Bit Digital, Inc. (Nasdaq: BTBT) is a digital-asset and infrastructure company that has undergone a major strategic transformation. It started life as a bitcoin miner, but in 2025 it repositioned itself as what it calls a strategic-asset company centered on Ethereum. By mid-2026 it held roughly 155,000 to 160,000 ETH, making it one of the largest public corporate holders of Ethereum, and a large share of that stack is staked, either natively or through liquid-staking tokens, to generate ongoing yield. This makes the company's asset base and reported results move closely with the price of ETH and with staking economics rather than with a traditional product business.

Full BTBT 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.

• BTBT drivers: Ethereum treasury and staking yield; AI and HPC infrastructure via WhiteFiber.
• 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 crypto price volatility: with the balance sheet dominated by Ethereum, a sharp ETH drawdown can slash the company's asset value and produce large mark-to-market losses, exactly the dynamic behind the sizable Q1 2026 net loss. 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 BTBT 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 BTBT and SBET guides.

BTBT. Bit Digital is best understood as a claim on assets (its ETH stack plus its WhiteFiber stake) more than as an earnings story, so conventional P/E and revenue multiples are of limited use. Reported net income is heavily distorted by non-cash mark-to-market accounting on crypto, meaning a big loss or gain in any quarter often reflects where Ethereum traded, not operating performance. Figures here are approximate and tied to the asOf date; verify live ETH holdings, staking levels, and financials before acting, because the company's strategy and balance sheet have changed rapidly.

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, Jul 2026): BTBT shows business model Strategic-asset company: Ethereum treasury plus staking yield, plus AI/HPC infrastructure through a majority stake in WhiteFiber (WYFI), ethereum holdings Roughly 155,000 to 160,000 ETH in the first half of 2026, among the largest corporate ETH treasuries; a large share is staked, revenue Modest relative to the balance sheet (about $28 million in Q1 2026); reported results are dominated by crypto mark-to-market rather than steady operating income, profitability Reported a large net loss in Q1 2026, driven substantially by non-cash swings on crypto holdings; earnings can look very different quarter to quarter; 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.

BTBT 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 BTBT and SBET exposure against your real portfolio. It is not an investment adviser.