Sharplink, Inc. is a US-listed company in the interactive media & services industry. Its financial year ends in December.
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~$4.8
Reported crypto treasury NAV
Base case. Range ~$4.8–$4.8. Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share.
No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.
Sharplink, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $50m, up 1496.9% on a year earlier, faster than the 1048.5% growth a quarter earlier. That growth ranks 2 of 34 among the interactive media & services companies we cover. The diluted share count is up 57000.9% on a year earlier, which dilutes existing holders.
Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Sharplink, Inc.'s trailing-twelve-month revenue grew 1496.9% year on year, with a free-cash-flow margin of -66.1%. Where it stands out: revenue growth of 1496.9% ranks 2 of 63 interactive media & services companies we cover. Where it lags: change in share count of 16665.0% ranks 55 of 55 interactive media & services companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 1496.9% (+448.4pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
Reported holdings, with the date attached
Balance date: 2026-06-30
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
Source filing ↗We value Sharplink, Inc. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.22 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | ~$4.8 | Primary model, counts double |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | ~$4.8 | 1 model |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sharplink, Inc. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 6, 2026, after the close. Analysts expect revenue of $11m and EPS of −$0.02 (range −$0.02 to −$0.02) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$5.08 | +31% | $47m | +68% |
| Next | −$0.06 | — | $74m | +58% |
The consensus EPS forecast for the current fiscal year is +60.6% on 90 days ago. In the last 30 days, 0 analysts raised Sharplink, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year |
|---|---|
| 90 days ago | −$3.16 |
| 60 days ago | −$3.16 |
| 30 days ago | −$5.05 |
| 7 days ago | −$5.08 |
| Now | −$5.08 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.01 | −$1.88 | −14203.5% |
| Mar 2026 | −$0.62 | −$3.25 | −424.2% |
| Sept 2025 | $1.30 | $0.67 | −48.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| SBET | −15% | −88% | −52% | −57% | +16% | −27% |
| Industry peers (median) | −26% | −54% | −2% | −19% | −16% | −22% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| SBET | 33% | 25% | 25% | 50% | 17% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| SBET | −81% | −91% | −85% | −75% | −89% | −59% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 3, 2015: 100% from July 19, 2021 to April 22, 2025. Getting back needed a 54091% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 10, 2026 | −3.1% | −0.3% | +1.2% | +32.8% |
| May 11, 2026 | −3.6% | +0.1% | −15.2% | −30.6% |
| March 9, 2026 | +0.4% | +0.7% | +11.4% | −12.8% |
| November 12, 2025 | −4.9% | −1.6% | −14.6% | −9.1% |
| August 15, 2025 | −14.3% | −0.3% | −11.2% | −27.8% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $5M |
| FY24 Q1 | $4.7M |
| FY24 Q2 | $4.3M |
| FY24 Q3 | $3.9M |
| FY24 Q4 | $3.7M |
| FY25 Q1 | $3.4M |
| FY25 Q2 | $3.1M |
| FY25 Q3 | $13.1M |
| FY25 Q4 | $28.1M |
| FY26 Q1 | $39.4M |
| FY26 Q2 | $50.2M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q4 | -26.1% |
| FY25 Q1 | -27.0% |
| FY25 Q2 | -27.5% |
| FY25 Q3 | 239.0% |
| FY25 Q4 | 666.1% |
| FY26 Q1 | 1048.5% |
| FY26 Q2 | 1496.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q4 | -179.6% |
| FY24 Q1 | -190.0% |
| FY24 Q2 | -193.6% |
| FY24 Q3 | -201.4% |
| FY24 Q4 | -130.1% |
| FY25 Q1 | -116.8% |
| FY25 Q2 | -3379.1% |
| FY25 Q3 | -3.9% |
| FY25 Q4 | -2616.2% |
| FY26 Q1 | -3600.7% |
| FY26 Q2 | -3401.5% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 11.5% |
| FY24 Q1 | -80.0% |
| FY24 Q2 | -192.2% |
| FY24 Q3 | -703.0% |
| FY24 Q4 | -623.0% |
| FY25 Q1 | -117.6% |
| FY25 Q2 | -127.1% |
| FY25 Q3 | -73.8% |
| FY25 Q4 | -62.5% |
| FY26 Q1 | -70.3% |
| FY26 Q2 | -66.1% |
| Fiscal year | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|
| Income | |||||
| Revenue | 3 | 5 | 4 | 28 | 50 |
| Gross profit | 1 | 2 | 1 | — | — |
| EBITDA | −13 | −9 | −5 | −734 | — |
| Operating income | −14 | −9 | −5 | −734 | −1,708 |
| Net income | −15 | −14 | 10 | −735 | −1,710 |
| Diluted EPS | −$73.56 | −$5.17 | $27.62 | −$7.37 | — |
| Growth (year on year) | |||||
| Revenue | — | +41.9% | −26.1% | +666.1% | +>999% |
| Net income | — | — | — | <−999% | — |
| Diluted EPS | — | — | — | −126.7% | — |
| Margins | |||||
| Gross margin | 37.7% | 30.9% | 24.7% | — | — |
| EBITDA margin | −383.1% | −177.4% | −129.7% | <−999% | — |
| Operating margin | −409.3% | −179.6% | −130.1% | <−999% | <−999% |
| Net margin | −436.5% | −287.6% | 275.8% | <−999% | <−999% |
| Free-cash-flow margin | −170.5% | 11.5% | −623.0% | −62.6% | −66.1% |
| Cash flow | |||||
| Cash from operations | −6 | 1 | −23 | −18 | −33 |
| Capital spending | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −6 | 1 | −23 | −18 | −33 |
| Stock-based pay | 2 | 0 | 0 | 14 | 19 |
| Free cash flow after stock pay | −8 | 0 | −23 | −31 | −53 |
| Balance sheet | |||||
| Cash | 1 | 2 | 2 | 29 | 56 |
| Total debt | 2 | 12 | 0 | 0 | 0 |
| Net debt (negative = net cash) | 1 | 10 | −2 | −29 | −56 |
| Diluted shares | — | — | — | 100m | — |
| Returned to shareholders | |||||
| Buybacks | — | — | — | 32 | — |
| Total returned | — | — | — | 32 | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 1 | 1 | 1 | 1 | 11 | 16 | 12 | 12 |
| Gross profit | 0 | 0 | 0 | 0 | — | — | — | — |
| EBITDA | −1 | −1 | −1 | −103 | 105 | −735 | −685 | — |
| Operating income | −1 | −1 | −1 | −103 | 105 | −735 | −685 | −393 |
| Net income | −1 | −1 | −1 | −103 | 104 | −734 | −686 | −394 |
| Diluted EPS | −$3.02 | −$2.50 | −$1.84 | −$4.27 | $0.62 | — | −$3.25 | −$1.88 |
| Growth (year on year) | ||||||||
| Revenue | −34.7% | −19.9% | −24.0% | −29.0% | +>999% | +>999% | +>999% | +>999% |
| Net income | — | — | −107.9% | — | — | — | — | — |
| Diluted EPS | — | — | −104.6% | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | 19.6% | 20.2% | 17.8% | 30.0% | — | — | — | — |
| EBITDA margin | −90.3% | −130.5% | −124.5% | <−999% | 967.6% | <−999% | <−999% | — |
| Operating margin | −90.4% | −130.7% | −124.8% | <−999% | 967.6% | <−999% | <−999% | <−999% |
| Net margin | −100.4% | −109.7% | −131.4% | <−999% | 961.6% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | −67.1% | −154.1% | — | — | −57.9% | −57.9% | — | −62.0% |
| Cash flow | ||||||||
| Cash from operations | −1 | −1 | −1 | −2 | −6 | −9 | −11 | −7 |
| Capital spending | 0 | 0 | — | — | 0 | 0 | — | 0 |
| Free cash flow | −1 | −1 | — | — | −6 | −9 | — | −7 |
| Stock-based pay | 0 | 0 | 0 | 16 | 3 | 10 | 3 | 3 |
| Free cash flow after stock pay | −1 | −1 | — | — | −10 | −19 | — | −10 |
| Last 12 months unless stated | SBET | NAMI | PODC | MNY | FENG | RUM | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $50m | $57m | $63m | $73m | $107m | $118m | $615m |
| Revenue growth, last 12 months | >999% | 1.7% | 16.4% | −7.7% | 8.9% | 13.0% | 2.4% |
| Revenue growth, 3-year average | — | — | 19.8% | — | −22.8% | 17.0% | 5.0% |
| Revenue growth, latest quarter | >999% | — | 7.5% | — | — | 60.9% | 2.4% |
| Gross margin | 21.6% | 11.0% | 12.8% | 49.2% | 48.9% | 27.6% | 60.4% |
| Operating margin | <−999% | −25.2% | −5.0% | −8.2% | −4.5% | −147.5% | 0.3% |
| Operating margin, 3-year average | <−999% | — | −10.2% | — | −12.1% | −151.8% | −0.4% |
| Net margin | <−999% | −22.8% | −5.0% | 7.1% | 0.0% | −134.6% | 3.8% |
| Cash from operations / revenue | −66.1% | −6.0% | 1.8% | −14.0% | −0.3% | −90.3% | 11.4% |
| Free-cash-flow margin | −66.1% | −6.1% | 1.9% | −14.1% | −2.1% | −130.1% | 7.5% |
| Free-cash-flow margin, 3-year average | −128.5% | — | 2.3% | — | −2.8% | −115.6% | 7.2% |
| Stock pay / revenue | 38.8% | 10.2% | 6.8% | 0.6% | 0.0% | 18.8% | 3.7% |
| Change in share count | >999% | 142.7% | 13.6% | 6.0% | 58.8% | 17.5% | 2.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 1496.9% | 2.4% | 2 of 63 |
| Change in growth rate Growth | +448.4pp | -0.2pp | 2 of 63 |
| Operating margin Profitability | -3401.5% | 0.3% | 61 of 63 |
| Net margin Profitability | -3406.3% | 3.8% | 61 of 63 |
| Stock pay as % of revenue Cash generation | 38.8% | 3.9% | 58 of 61 |
| Change in share count Balance sheet | 16665.0% | 1.7% | 55 of 55 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| ETH Staking Segmet | $25.6M | 91.2% | ▲ 598.9% |
| Affiliate Marketing Services | $2.5M | 8.8% | ▼ 32.8% |
From Sharplink, Inc.'s 10-K filed March 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $77.5M | 16.1M | 14.5% | ▲ 350.6% |
| Highbridge Capital Management LLC | $68.9M | 14.4M | 12.9% | ▲ 1984.0% |
| FMR LLC | $44.9M | 9.3M | 8.4% | ▼ 49.6% |
| Geode Capital Management, LLC | $37.7M | 5.5M | 7.1% | ▲ 135.1% |
| Renaissance Technologies LLC | $28M | 5.8M | 5.3% | ▲ 222.0% |
| UBS Group AG | $22.6M | 4.7M | 4.2% | ▼ 2.7% |
| Invesco Ltd. | $21.3M | 4.4M | 4.0% | ▲ 36.6% |
| Citadel Advisors LLC | $19.9M | 4.2M | 3.7% | ▲ 28.1% |
| State Street Corp | $17.5M | 3.7M | 3.3% | ▲ 277.0% |
| Morgan Stanley | $14.9M | 3.1M | 2.8% | ▲ 79.1% |
| Weiss Asset Management LP | $11.1M | 2.3M | 2.1% | ▼ 24.0% |
| Vanguard Capital Management LLC | $10.9M | 2.3M | 2.0% | ▲ 2.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sharplink, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Lubin Joseph Michael Director | October 8, 2026 | Sell | 5,676,952 | $8.39 | $47.6M |
| Gutkowski Robert M Director | May 12, 2026 | Sell | 12,892 | $7.41 | $95,530 |
| Bernhard Leslie Director | May 12, 2026 | Sell | 12,892 | $7.41 | $95,530 |
| Mckenzie Obie Director | May 12, 2026 | Sell | 12,892 | $7.41 | $95,530 |
| Delucia Robert Michael Chief Financial Officer | March 31, 2026 | Sell | 2,848 | $6.21 | $17,686 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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