SharpLink, Inc. (SBET) Stock Price & How to Invest

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.

The financial picture reflects that structure rather than a normal growth story. Trailing revenue is roughly $28 million and almost all of it is staking yield, against a market capitalization near $2.0 billion. GAAP earnings are dominated by the mark on the coins: the June 2026 quarter carried a net loss of about $394 million, of which roughly $321 million was an unrealized fair-value decline and about $76 million an impairment charge, even as revenue grew from about $0.7 million to about $11.5 million. Ether trades near $2,600 in mid-September 2026, well off its August 2025 peak around $4,946, and SBET sits near $9.30 after a roughly 45% run from about $6.27 in mid-August, still well below its 52-week high near $19.54 and far below the mid-2025 spike above $40. The stock has recently traded at roughly 0.8x to 0.9x the market value of its own ether, which flips the playbook: issuing shares to buy coins is dilutive at a discount, so management has leaned on a $1.5 billion repurchase authorization instead and has bought back roughly 4.1 million shares for about $41.7 million at an average near $4.70. The company joined the Russell 2000 and 3000 indexes at the end of June 2026, carries about $56 million of cash and no meaningful borrowings, and reports an ether-per-share concentration metric of roughly 0.0041 ETH.

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. Fair-value accounting means reported earnings swing hundreds of millions of dollars a quarter on price alone, so GAAP results carry very little information about how the business is being run. Staking introduces risks a passive holder does not take, including validator slashing, smart contract failure in the liquid-staking and restaking layers, and custody concentration, and the yield enhancement strategy adds counterparty exposure to protocols outside the company's control. Dilution history is real: the share count now sits near 217 million after the capital raises that funded the treasury, and a persistent discount to net asset value limits how the company can grow the stack from here without selling coins. The broader treasury-company category is crowded, its discounts have widened, and there is no operating cash flow of consequence to cushion a prolonged crypto drawdown.

7 analysts publish price targets on SBET, averaging $16.86 against a $9.35 price as of September 2026, or +80.3%. The published targets run from $8.00 to $30.00, a wide spread, and the ratings split 7 buy, 0 hold, 0 sell. Over the last six months there has been 1 raise and 4 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full SBET forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on SharpLink, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. The ether price does most of the work. With roughly 0.0041 ETH behind each share and almost no operating cash flow, the stock is close to a geared claim on one asset. The most optimistic published target, $30.00, assumes this works close to its best case.

The case against. 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. The most pessimistic target, $8.00, is roughly what SBET is worth if this bites instead.

Read the full bull and bear case on SBET, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see SharpLink, Inc.'s investor relations page or your broker.

• 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
• Market cap: ~$2.0B, roughly 0.8x to 0.9x treasury value
• Cash and debt: ~$56M cash, no meaningful borrowings

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.

Other names that sit close to SBET: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get SBET exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so SBET sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where SBET fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

SBET is best read as a staked-ether holding company that has lately changed hands for less than the coins it holds, and its price will keep following ETH and that discount far more than anything in its small marketing segment.

Whether SBET is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SBET a buy or a sell?, and where the stock could go from here in the SBET stock forecast.

For income investors, whether SBET pays a dividend and how the payout looks is covered in does SBET pay a dividend? And to weigh SBET against a peer, read the full side-by-side comparisons: SBET vs BMNR and SBET vs BTBT.