Sharplink (SBET)
Manages an Ethereum treasury while running a gaming-affiliate marketing operation.
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Operates an ETH treasury strategy alongside an affiliate-marketing business. It manages ETH holdings through financing, spot purchases and staking, while PAS.net and state-specific sites route prospective customers to licensed gaming operators.
Manages Ethereum holdings as its primary treasury asset, using public-market financing, spot purchases and proof-of-stake activity. The ETH Treasury Management segment is designed around ETH-denominated returns and native rewards.
PAS.net and state-specific affiliate sites direct prospective customers to licensed sportsbook and online-casino operators. The Affiliate Marketing segment earns through customer acquisition, retention and conversion activity, rather than by providing gaming services directly.
Based in Miami, the Nasdaq-listed company operates two reportable segments: ETH Treasury Management and Affiliate Marketing. Its treasury strategy depends on access to ETH, staking arrangements, custody controls and financing; the affiliate operation depends on regulated partners and qualified traffic.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 10, 2026 | Cantor Fitzgerald | Reiterate | Rating: —Target: $15 | Target: $17 |
| Aug 18, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: $16 | Target: $8 |
| May 11, 2026 | Industrial Alliance Securities | Target | Target: $20 | Target: $15 |
| Jan 29, 2026 | Canaccord Genuity | Target | Target: — | Target: $16 |
| Jan 7, 2026 | Industrial Alliance Securities | Target | Target: — | Target: $20 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $56.2M · Total debt $0 · Total assets $1.42B · Shareholders' equity $1.41B
- Revenue
- $11.5M
- Operating income
- $2.2M
- Net income
- −$394.3M
No dividends on record.
| Institutions | 55.80% | 110.01M shares | |
|---|---|---|---|
| 188 holders · as of Jun 30, 2026 | |||
| Insiders | 9.91% | 19.55M shares | |
| 10 holders · as of Sep 10, 2026 | |||
| Other | 34.29% | 67.61M shares | |
| remainder | |||
197.16M company shares as of Sep 17, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (217.22M in the company's Sep 22, 2026 report, 197.16M elsewhere); stakes use the report.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Joseph Michael Lubin1Insiderdirector | 8.39% | 16.54M | filed Apr 16, 2026 |
BlackRock, Inc.Institution | 8.19% | 16.14M | as of Jun 30, 2026 |
Highbridge Capital Management LLCInstitution | 7.28% | 14.36M | as of Jun 30, 2026 |
FMR LLCInstitution | 4.74% | 9.35M | as of Jun 30, 2026 |
Renaissance Technologies LLCInstitution | 2.96% | 5.84M | as of Jun 30, 2026 |
- Joseph Michael Lubin's transaction reports restate only vehicles that traded; the 2026 ownership statement (16.54M) is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 12, 2026 | Robert M. Gutkowski | director | −12,892 | $7.41 |
| May 12, 2026 | Leslie Bernhard | director | −12,892 | $7.41 |
| May 12, 2026 | Obie Mckenzie | director | −12,892 | $7.41 |
| Mar 31, 2026 | Robert Michael DeLucia | officer: Chief Financial Officer | −2,848 | $6.21 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Sharplink | $10.10 | +1.15% | $1.97B | — | 90.4 | 39.2 | +1,553.3% |
| BitMine Immersion Technologies | $28.10 | −0.55% | $16.09B | — | 38.8 | 262.9 | +2,964.4% |
| Bit Digital | $1.84 | +1.10% | $635.5M | — | — | 5.2 | +25.1% |
| BTCS | $1.66 | +1.22% | $81.4M | — | — | 4.9 | −11.8% |
| FG Nexus | $7.90 | −0.63% | $62.9M | — | — | — | −98.7% |
| Grandstand | $1.63 | +2.39% | $55.8M | — | 3.5 | 0.3 | −4.6% |
| Median | — | 21.1 | 5.0 | −4.6% |