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Originally a sports-betting affiliate marketing company; now runs an Ethereum treasury strategy holding large ETH reserves.
Originally a sports-betting affiliate marketing company; now runs an Ethereum treasury strategy holding large ETH reserves.
Funds its ether purchases mostly by selling new shares, so the stock behaves as a way to hold ether, and per-share value depends on how much ether each share represents. Staking, which earns rewards in ether for helping run the network, adds to holdings. The older affiliate-marketing business is now secondary.
Moat: none. Value tracks Ethereum's price and the company's ETH-per-share accretion, not an operating moat.
Headquarters: Minneapolis, Minnesota, US · Founded: 2019 · Employees: 15
Size Sharplink (SBET) is a United States Communication Services company (Advertising/Marketing Services) with a market value of $1.36B, the 2059th largest of 3,117 United States companies the cockpit tracks. Shares closed at $6.24 on 6 Nov 2026.
Performance Over six months the shares fell 16.1%, against -7.3% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 1,496.7% over the last twelve months (peer median +7.1%); the operating margin is -18.6% (peer median 3.3%).
Valuation It trades at 80.5× forward earnings against a peer median of 16.0× (2nd most expensive of 13).
Capital Return on invested capital runs 20.4 points below its cost of capital (19.9% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $50.2M | $28.1M | $3.66M | $4.95M | $3.49M |
| Revenue growth | — | +666% | -26% | +42% | — |
| Gross profit | $48.7M | $26.2M | $906,273 | $1.53M | $1.32M |
| EBITDA | -$9.35M | -$32.7M | -$4.75M | -$6.32M | -$8.64M |
| Net income | -$1.71B | -$735M | -$4.57M | -$14.2M | -$15.2M |
| Free cash flow | -$34.7M | -$17.6M | -$22.8M | $570,740 | -$5.95M |
| Capital expenditure | $760,947 | $11,000 | $1,719 | $286,146 | $35,795 |
| Total debt | $202,000 | $0 | $0 | $12.8M | $2.68M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sharplink SBET | $1.36B | -16% | +1,497% | -19% | 80.5× | n/a |
| BitMine Immersion Technologies BMNR | $11.3B | -15% | +1,022% | -485% | 25.9× | n/a |
| Bit Digital BTBT | n/a | -59% | n/a | n/a | n/a | n/a |
| Strategy MSTR | $54.5B | -31% | +4% | -9% | 5.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SBET | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -29.2% | +2.6% | 2nd lowest of 21 |
| 6-month return | -16.1% | -7.3% | 7th lowest of 21 |
| Distance from 52-week high | -50.4% | -37.2% | 6th lowest of 21 |
| Revenue growth (TTM) | +1,496.7% | +7.1% | highest of 21 |
| Operating margin | -18.6% | 3.3% | 2nd lowest of 20 |
| Forward P/E | 80.5× | 16.0× | 2nd most expensive of 13 |
| ROIC minus cost of capital | -20.4 pp | -4.3 pp | 2nd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sharplink SBET | United States | $1.36B | -16% | +1,497% | -19% | 80.5× | n/a | n/a |
| New Guomai Digital Culture 600640.SS | China | $1.35B | -8% | -11% | -2% | n/a | 57.0% | -16.4% |
| InMyShow Digital Technology (Group) 600556.SS | China | $1.33B | -17% | +25% | -2% | 492.0× | n/a | n/a |
| Three's Company Future Technology 605168.SS | China | $1.32B | -12% | +11% | 6% | 35.4× | 33.3% | +5.5% |
| Hunan TV & Broadcast Intermediary 000917.SZ | China | $1.43B | -23% | -2% | 3% | n/a | 17.1% | -6.1% |
| CheilWorldwide 030000.KS | South Korea | $1.26B | -2% | -4% | 7% | 10.8× | -17.6% | +10.6% |
| ANYCOLOR 5032.T | Japan | $1.23B | +16% | +10% | 35% | 12.2× | -8.9% | +48.8% |
| Sunwave Communications 002115.SZ | China | $1.21B | -35% | +102% | 1% | n/a | 26.1% | +6.5% |
| Marketingforce Management 2556.HK | Hong Kong | $1.53B | +10% | +128% | 6% | 24.2× | 16.6% | +38.8% |
| QuinStreet QNST | United States | $1.18B | +58% | +18% | 3% | 12.3× | 9.8% | +17.5% |
| Trump Media & Technology DJT | United States | $1.11B | -55% | +22% | -4,052% | n/a | n/a | n/a |
| Guangdong Advertising 002400.SZ | China | $1.72B | -27% | +11% | 0% | n/a | n/a | n/a |
| Guangdong Guangzhou Daily Media 002181.SZ | China | $1.96B | -32% | 0% | -6% | n/a | n/a | n/a |
| Havas HAVAS.AS | Netherlands | $1.99B | +10% | +1% | 9% | 8.2× | -8.4% | +1.8% |
| China Tourism And Culture Investment 600358.SS | China | $911M | -11% | +125% | n/a | n/a | n/a | n/a |
| Inly Media 603598.SS | China | $865M | +4% | +9% | 0% | 79.8× | n/a | n/a |
| Guangdong Yowant Technology 002291.SZ | China | $786M | -15% | -22% | -15% | 40.6× | 36.3% | +9.0% |
| Hubei Century Network Technology 300494.SZ | China | $766M | -5% | -7% | -6% | n/a | n/a | n/a |
| Stroeer SE & Co. KGaA SAX.DE | Germany | $2.41B | -1% | +3% | 11% | 13.3× | 4.5% | +7.5% |
| Criteo CRTO | United States | $756M | -6% | -7% | 8% | 4.1× | -19.8% | -1.3% |
| Apg Sga APGN.SW | Switzerland | $745M | +13% | +5% | 10% | 18.7× | -2.7% | +4.5% |