| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 50 | — | 17.8x | Around median | |
Growth | 96 | — | 7.1% | Top tier | |
Quality | 2 | — | — | Bottom tier | |
Safety | 99 | — | — | Top tier | |
Capital Return | 54 | — | 2.12% | Around median | |
Momentum | 40 | -67.3% | 2.9% | Around median | |
Sentiment | 64 | 3 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Sharplink, Inc. (SBET) is a NASDAQ-listed company whose strategy centers on building and actively operating a large Ether treasury rather than merely holding it passively. The company generates revenue from ETH staking and yield-generation strategies and aims to increase ETH per share and net ETH earned through capital allocation, share repurchases when it determines that the shares are trading below intrinsic value, and the deployment of a portion of the treasury into selected institutional on-chain opportunities. As of August 3, 2026, its total holdings amounted to 888,938 ETH, comprising 634,255 native ETH, 181,748 LsETH on a redemption basis, and 72,935 weETH on a redemption basis.
Revenue for Q2 fiscal 2026 was approximately $11.5 million, compared with $0.7 million in the corresponding period, and management said the increase came from staking and ETH yield-generation strategies. In contrast, the company recorded a net loss of $394.3 million, or $1.88 per share, due to an unrealized loss of $321 million and an impairment charge of $76.1 million, partially offset by a realized gain of $1.4 million. The net loss was more than 34 times quarterly revenue, illustrating that movements in crypto asset valuations are the dominant factor in reported results.
Revenue declined sequentially from $15.8 million in Q4 fiscal 2025 to $12.1 million in Q1 fiscal 2026 and then $11.5 million in Q2 fiscal 2026, despite strong year-over-year growth in the latest quarter. General and administrative expenses increased to $9.1 million from $2.4 million in the corresponding period due to employee, custody, insurance, legal, accounting, and public-company infrastructure costs. As of June 30, 2026, Sharplink held $56.2 million in cash, compared with $28.5 million as of December 31, 2025, alongside unencumbered ETH holdings.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $11.5 and a wide range of $8 to $15; the average target is approximately 41% below the 52-week range high of $19.54, while the range low is $4.46. The price-to-earnings ratio does not provide a valid valuation anchor because of the losses and negative earnings per share, while the market capitalization of $1.6 billion is equivalent to approximately 32 times trailing twelve-month revenue of $50.2 million. Therefore, the valuation is primarily tied to the value of the ETH treasury and its ability to generate returns relative to volatility and dilution risks.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Revenue was $11.5 million, compared with $0.7 million in the corresponding period, driven by staking and ETH yield-generation strategies. However, the company recorded an unrealized loss of $321 million and an impairment charge of $76.1 million, partially offset by a realized gain of $1.4 million. This resulted in a net loss of $394.3 million and negative earnings per share of $1.88 in Q2 fiscal 2026. Management explained that these accounting items did not reduce the number of ETH units held, but they reveal the high sensitivity of reported earnings to crypto prices.
As of August 3, 2026, total holdings amounted to 888,938 ETH, including 634,255 native ETH, 181,748 LsETH on a redemption basis, and 72,935 weETH on a redemption basis. The company uses the holdings in staking and yield-generation strategies and aims to increase ETH per share and net ETH earned. It also allocated $100 million of ETH or liquid staked ETH to the Galaxy Sharplink On-Chain Yield Fund. The fund measures its success by the additional ETH-denominated return above the native staking rate, without a publicly announced numerical return target.
On August 7, 2026, the two companies announced a fund with committed capital of $125 million, including $100 million from Sharplink and $25 million from Galaxy Digital. Sharplink's investment will be funded through ETH or liquid staked ETH, with borrowing against the assets used to execute highly collateralized on-chain opportunities. Management said Galaxy would provide extensive capabilities in opportunity sourcing, due diligence, and risk management, while actual deployments depend on the completion of opportunities that meet risk and return criteria. There is no numerical return guidance, so the fund's success remains tied to generating additional ETH above CESR after accounting for risk, liquidity, and costs.
Q2 fiscal 2026 revenue jumped to $11.5 million from $0.7 million in the corresponding period, and the company said staking and ETH yield strategies drove the increase. However, revenue declined sequentially from $15.8 million in Q4 fiscal 2025 to $12.1 million in Q1 fiscal 2026 and then $11.5 million in Q2 fiscal 2026. General and administrative expenses also increased to $9.1 million from $2.4 million in the corresponding period. Therefore, the figures combine substantial year-over-year expansion with sequential deceleration and a higher cost base.
On June 23, 2026, Sharplink raised approximately $75 million by issuing nearly 10 million shares with warrants at a combined price of $7.49 per share and warrant. It used part of the capital to purchase approximately 10,000 ETH at an average price of approximately $1,611 per unit, consistent with the goal of increasing ETH per share when issuance terms are favorable. In Q2 fiscal 2026, the company repurchased 2.1 million shares at an average of approximately $4.70 and a cost of approximately $10 million. This policy combines the dilution risk from issuances with the potential to offset it through ETH purchases and share repurchases, and the ultimate impact depends on the amount of value added per share.
The analyst consensus is “Buy,” and the average price target is $11.5 within a range of $8 to $15. The average target is approximately 41% below the 52-week range high of $19.54, while the range low is $4.46, reflecting the stock's wide volatility. There is no useful price-to-earnings ratio because earnings per share for the trailing twelve-month period of fiscal 2026 were approximately negative $8.15. With a market capitalization of $1.6 billion and trailing twelve-month revenue of $50.2 million, the valuation depends heavily on the value of the ETH treasury and the returns the company can generate from it.
