Sharplink (SBET)
Market Price (3/28/2026): $6.14 | Market Cap: $1.2 BilSector: Financials | Industry: Diversified Capital Markets
Sharplink (SBET)
Market Price (3/28/2026): $6.14Market Cap: $1.2 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 666% | Weak multi-year price returns2Y Excs Rtn is -87%, 3Y Excs Rtn is -147% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -33 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -117% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -78% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Expensive valuation multiplesP/SPrice/Sales ratio is 42x |
| Megatrend and thematic driversMegatrends include Markets & Betting, Digital Content & Streaming, and Digital Advertising. Themes include Prediction Markets, Show more. | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 126% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -66% | ||
| High stock price volatilityVol 12M is 500% | ||
| Key risksSBET key risks include [1] a valuation heavily dependent on volatile Ethereum prices, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 666% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -78% |
| Megatrend and thematic driversMegatrends include Markets & Betting, Digital Content & Streaming, and Digital Advertising. Themes include Prediction Markets, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -87%, 3Y Excs Rtn is -147% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -33 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -117% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 42x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 126% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -63%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -63% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -66% |
| High stock price volatilityVol 12M is 500% |
| Key risksSBET key risks include [1] a valuation heavily dependent on volatile Ethereum prices, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Sharplink (SBET) stock has lost about 45% since 11/30/2025 because of the following key factors:
1. Substantial Net Loss in Fiscal Year 2025 Driven by Ethereum-Related Accounting Charges. Sharplink reported a net loss of $734.6 million for the full fiscal year 2025, a significant decline from a net income of $10.1 million in 2024. This loss was primarily attributed to a $616.2 million unrealized loss on Ethereum (ETH) holdings due to market conditions in the latter half of 2025, and a $140.2 million impairment charge related to Liquid Staked ETH (LsETH), as detailed in their full-year results released on March 9, 2026.
2. Missed Q4 2025 Revenue Expectations Coupled with Increased Operating Expenses. Despite a substantial increase in total revenue for FY 2025 to $28.1 million from $3.7 million in 2024, the company's Q4 2025 revenue of $15.772 million fell short of Wall Street's expectations of $17.348 million. Concurrently, Selling, General, and Administrative (SG&A) expenses rose significantly to $42.3 million for the year ended 2025, up from $5.7 million in 2024, partly due to the implementation of their ETH treasury strategy, which contributed to the overall net loss.
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1. Substantial Net Loss in Fiscal Year 2025 Driven by Ethereum-Related Accounting Charges. Sharplink reported a net loss of $734.6 million for the full fiscal year 2025, a significant decline from a net income of $10.1 million in 2024. This loss was primarily attributed to a $616.2 million unrealized loss on Ethereum (ETH) holdings due to market conditions in the latter half of 2025, and a $140.2 million impairment charge related to Liquid Staked ETH (LsETH), as detailed in their full-year results released on March 9, 2026.
2. Missed Q4 2025 Revenue Expectations Coupled with Increased Operating Expenses. Despite a substantial increase in total revenue for FY 2025 to $28.1 million from $3.7 million in 2024, the company's Q4 2025 revenue of $15.772 million fell short of Wall Street's expectations of $17.348 million. Concurrently, Selling, General, and Administrative (SG&A) expenses rose significantly to $42.3 million for the year ended 2025, up from $5.7 million in 2024, partly due to the implementation of their ETH treasury strategy, which contributed to the overall net loss.
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Stock Movement Drivers
Fundamental Drivers
The -43.1% change in SBET stock from 11/30/2025 to 3/27/2026 was primarily driven by a -64.9% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.62 | 6.04 | -43.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 13 | 28 | 114.1% |
| P/S Multiple | 120.8 | 42.3 | -64.9% |
| Shares Outstanding (Mil) | 149 | 197 | -24.2% |
| Cumulative Contribution | -43.1% |
Market Drivers
11/30/2025 to 3/27/2026| Return | Correlation | |
|---|---|---|
| SBET | -43.1% | |
| Market (SPY) | -5.3% | 55.9% |
| Sector (XLF) | -10.0% | 31.2% |
Fundamental Drivers
The -66.1% change in SBET stock from 8/31/2025 to 3/27/2026 was primarily driven by a -87.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.82 | 6.04 | -66.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 28 | 792.4% |
| P/S Multiple | 137.2 | 42.3 | -69.1% |
| Shares Outstanding (Mil) | 24 | 197 | -87.7% |
| Cumulative Contribution | -66.1% |
Market Drivers
8/31/2025 to 3/27/2026| Return | Correlation | |
|---|---|---|
| SBET | -66.1% | |
| Market (SPY) | 0.6% | 52.9% |
| Sector (XLF) | -10.8% | 32.8% |
Fundamental Drivers
The 36.0% change in SBET stock from 2/28/2025 to 3/27/2026 was primarily driven by a 12504.9% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.44 | 6.04 | 36.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 28 | 625.7% |
| P/S Multiple | 0.3 | 42.3 | 12504.9% |
| Shares Outstanding (Mil) | 0 | 197 | -99.9% |
| Cumulative Contribution | 36.0% |
Market Drivers
2/28/2025 to 3/27/2026| Return | Correlation | |
|---|---|---|
| SBET | 36.0% | |
| Market (SPY) | 9.8% | 14.9% |
| Sector (XLF) | -7.1% | 13.3% |
Fundamental Drivers
The -87.7% change in SBET stock from 2/28/2023 to 3/27/2026 was primarily driven by a -99.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282023 | 3272026 | Change |
|---|---|---|---|
| Stock Price ($) | 49.20 | 6.04 | -87.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 28 | 0.0% |
| P/S Multiple | � | 42.3 | 0.0% |
| Shares Outstanding (Mil) | 0 | 197 | -99.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2023 to 3/27/2026| Return | Correlation | |
|---|---|---|
| SBET | -87.7% | |
| Market (SPY) | 69.4% | 12.5% |
| Sector (XLF) | 40.5% | 10.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SBET Return | -15% | -88% | -52% | -57% | 16% | -27% | -98% |
| Peers Return | 36% | 0% | 13% | 84% | -10% | -11% | 128% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| SBET Win Rate | 33% | 25% | 25% | 50% | 17% | 0% | |
| Peers Win Rate | 61% | 36% | 50% | 61% | 46% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| SBET Max Drawdown | -29% | -91% | -62% | -69% | -67% | -32% | |
| Peers Max Drawdown | -11% | -19% | -30% | -25% | -31% | -28% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BTGO, CD, TW, LPLA, CRCL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | SBET | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -90.9% | -25.4% |
| % Gain to Breakeven | 1000.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -29.6% | -33.9% |
| % Gain to Breakeven | 42.0% | 51.3% |
| Time to Breakeven | 79 days | 148 days |
| 2018 Correction | ||
| % Loss | -22.7% | -19.8% |
| % Gain to Breakeven | 29.3% | 24.7% |
| Time to Breakeven | 7 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -55.6% | -56.8% |
| % Gain to Breakeven | 125.3% | 131.3% |
| Time to Breakeven | 81 days | 1,480 days |
Compare to BTGO, CD, TW, LPLA, CRCL
In The Past
Sharplink's stock fell -90.9% during the 2022 Inflation Shock from a high on 1/3/2022. A -90.9% loss requires a 1000.0% gain to breakeven.
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About Sharplink (SBET)
SharpLink Gaming, Inc. operates as an online technology company that connects sports fans, leagues, and sports websites to sports betting and iGaming content. The company operates through four segments: Affiliate Marketing Services United States, Affiliate Marketing Services International, Sports Gaming Client Services, and SportsHub Games Network. It operates a performance marketing platform, which owns and operates state-specific web domains to attract, acquire, and drive local sports betting and casino traffic directly to the company's sportsbook and casino partners, which are licensed to operate in each respective state; and offers sports betting data to sports media publishers. It also provides iGaming and affiliate marketing network, which focuses on delivering quality traffic and player acquisitions, and retention and conversions to global iGaming operator partners worldwide; and development, hosting, operations, maintenance, and service of free-to-play games and contests. In addition, the company owns and operates various real-money fantasy sports and sports simulation games and mobile apps on its platform; and is licensed or authorized to operate in every state in the United States, where fantasy sports play is legal and in which SportsHub has elected to operate based on the financial viability. SharpLink Gaming, Inc. was founded in 2019 and is headquartered in Minneapolis, Minnesota.
AI Analysis | Feedback
Here are 1-3 brief analogies for SharpLink (SBET):
- Expedia for sports betting and iGaming: SharpLink helps connect sports fans and potential gamblers to licensed online sportsbooks and casinos, earning a commission for referrals, much like Expedia connects travelers to airlines and hotels.
- Google Ads for the sports betting and iGaming industry: For online sportsbooks and casinos, SharpLink acts as a specialized marketing and customer acquisition engine, driving traffic and conversions to their platforms, similar to how Google Ads helps businesses find customers online.
- A smaller 'DraftKings' that also helps other sportsbooks find customers: SharpLink operates its own fantasy sports games and free-to-play contests (like a smaller version of DraftKings or FanDuel), while also serving as a key referral partner for other major sports betting and casino operators.
AI Analysis | Feedback
Here are the major products and services provided by SharpLink Gaming, Inc. (SBET):
- Affiliate Marketing Platform: A performance marketing platform that drives sports betting and iGaming traffic to partner sportsbooks and casinos in the US and internationally.
- Sports Betting Data Services: Offers sports betting data specifically to sports media publishers.
- Free-to-Play Game Services: Provides development, hosting, operations, maintenance, and service for free-to-play games and contests for clients.
- Real-Money Fantasy Sports & Simulation Games: Owns and operates various real-money fantasy sports and sports simulation games and mobile applications.
AI Analysis | Feedback
SharpLink Gaming, Inc. (SBET) sells primarily to individuals through its SportsHub Games Network segment, which owns and operates various real-money fantasy sports and sports simulation games and mobile apps. Its major customers fall into the following categories:- Real-Money Fantasy Sports Players: Individuals who participate in SharpLink's owned and operated real-money fantasy sports and sports simulation games and mobile apps on its platform. These players directly engage with SharpLink's offerings and pay to participate.
- Free-to-Play Game Participants: Individuals who engage with SharpLink's free-to-play games and contests, which are developed, hosted, and operated by the company. These participants may generate revenue for SharpLink through advertising, data, or eventual conversion to other services.
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- Amazon.com, Inc. (AMZN)
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nullAI Analysis | Feedback
SharpLink Gaming, Inc. (SBET) has undergone a significant business model transformation, shifting from primarily an online gaming technology and affiliate marketing company to an institutional-grade Ethereum (ETH) treasury manager. Consequently, its key business risks are now largely tied to its substantial cryptocurrency holdings and related activities. The key risks to SharpLink Gaming, Inc.'s business include:- Extreme Volatility of Ethereum (ETH) Holdings: The company's financial health, including its reported net income, is highly susceptible to fluctuations in the market price of Ethereum, which it holds as a primary treasury asset. Due to U.S. accounting rules, SharpLink must mark its ETH holdings to market each quarter, resulting in significant unrealized gains or losses that can dramatically impact its financial statements, often overshadowing its operational performance. For instance, the company reported a substantial net loss of $734 million for the full fiscal year 2025, primarily driven by unrealized declines on its Ether holdings. A sharp and sustained downturn in the price of ETH could lead to a significant reduction in asset value, impacting liquidity and working capital.
- Regulatory and Legal Risks Related to Cryptocurrencies: The cryptocurrency and digital asset industry is subject to stringent and evolving regulatory frameworks. Changes in laws, regulations, or unfavorable interpretations of existing ones could adversely affect SharpLink's operations, the market price of ETH, and its securities. There is also a risk that SharpLink could be classified as an investment company, which would impose additional regulatory burdens and potentially make its current business segments impractical. Furthermore, regulatory actions concerning practices like Maximal Extractable Value (MEV) or the potential classification of ETH as a "digital commodity" by bodies like the Commodity Futures Trading Commission (CFTC) could negatively impact the company.
- Operational and Technological Risks Associated with Managing a Crypto Treasury and Staking: Managing a large and actively deployed cryptocurrency treasury, including staking activities and investments in decentralized finance (DeFi), exposes SharpLink to various operational and technological risks. These risks include potential security breaches, errors in managing its holdings, and vulnerabilities inherent in decentralized protocols. Specifically, the use of liquid staking tokens (LSTs) carries risks such as "peg stability issues" (where their value might drop below the underlying asset), smart contract risks, and liquidity challenges. While staking is a strategy to generate yield, it introduces complexities and potential for losses beyond direct ETH price movements.
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The increasing market dominance and sophisticated direct-to-consumer marketing strategies of major sports betting and iGaming operators pose a clear emerging threat to SharpLink's business model. As these highly capitalized industry giants continue to consolidate market share, invest heavily in their own advertising, sponsorships, and integrated digital platforms, they may reduce their reliance on third-party affiliate marketing services. This trend could diminish SharpLink's value proposition in traffic acquisition and reduce its negotiating leverage. Concurrently, these dominant operators often leverage their extensive resources to offer comprehensive in-house fantasy sports and free-to-play gaming ecosystems, creating a significant competitive challenge for smaller, independent platforms like SharpLink's SportsHub Games Network in vying for user engagement and market share.
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```htmlSharplink (SBET) operates in several growing addressable markets globally and within the United States.
Affiliate Marketing Services (United States and International)
-
Sports Betting Affiliate Marketing:
- The global sports betting market, which underpins affiliate marketing opportunities, was valued at approximately USD 100.91 billion in 2024 and is projected to reach USD 187.39 billion by 2030. Another estimate places the global market at USD 98.67 billion in 2024.
- In the U.S., the total sports betting market was estimated at USD 17.94 billion in 2024 and is expected to grow to USD 33.18 billion by 2030. Americans legally wagered an estimated USD 166.94 billion on sports in 2025.
-
iGaming Affiliate Marketing:
- The global iGaming market is projected to reach USD 107.3 billion by the end of 2025 and could reach approximately USD 123.5 billion by 2026. Other forecasts suggest the global market was valued at USD 63.53 billion in 2022 and is expected to reach USD 153.57 billion by 2030.
- In the U.S., iGaming revenue reached USD 10.74 billion in 2025. The U.S. iGaming market size recorded USD 6.19 billion in revenue for Q1 2025.
- More broadly, U.S. affiliate marketing spending (across all sectors) is estimated to reach approximately USD 11.99 billion in 2025.
Sports Gaming Client Services (Sports Betting Data)
Specific market size data for providing sports betting data to sports media publishers is not readily available as a standalone market. However, this service operates within the broader sports betting market detailed above, indicating a substantial addressable market for data services driven by the growth in sports betting platforms and media engagement.
SportsHub Games Network (Free-to-Play Games and Real-Money Fantasy Sports)
-
Free-to-Play (F2P) Games:
- Globally, F2P games generated around USD 111.37 billion in 2023, with an expected increase to approximately USD 117.72 billion in 2024. Another source indicates the F2P market was valued at USD 54.52 billion in 2024 and is projected to grow to USD 62.32 billion in 2025, reaching USD 127.42 billion by 2030. The global games market is projected to generate USD 188.8 billion in 2025, with mobile gaming accounting for USD 103.0 billion.
- In the U.S., the mobile gaming market (which largely includes free-to-play games) is projected to grow from USD 22.49 billion in 2024 to USD 54.88 billion by 2035. Free-to-play and microtransaction formats accounted for 49.87% of the North America gaming market revenue in 2025.
-
Real-Money Fantasy Sports:
- The global fantasy sports market size was valued at USD 30.5 billion in 2023 and is projected to reach USD 114.7 billion by 2033. Other estimates include USD 39.34 billion in 2025, reaching USD 108 billion by 2032.
- The U.S. fantasy sports market was valued at USD 34.08 billion in 2024 and is poised to grow to USD 95.27 billion by 2033. The U.S. accounted for over 86% of the North American fantasy sports industry in 2024.
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SharpLink Gaming, Inc. (SBET) is expected to drive future revenue growth over the next two to three years primarily through its evolving strategy as an institutional-grade Ethereum (ETH) treasury platform, moving away from its traditional affiliate marketing and sports gaming client services. The key drivers include:
- Growth in Revenue from ETH Staking: SharpLink's revenue in 2025 significantly increased due to its ETH staking strategy. Staking revenues grew from $10.3 million in Q3 2025 to $15.3 million in Q4 2025, demonstrating this as a primary and growing revenue stream. The company actively stakes nearly all of its ETH holdings to generate yield.
- Continued Accumulation and Management of ETH Holdings: A core objective for SharpLink is to accumulate Ethereum through accretive means. The company's ETH holdings have substantially grown, reaching 868,699 ETH by March 1, 2026. This ongoing accumulation, coupled with disciplined treasury management, forms a significant basis for future revenue generation.
- Expansion of Productive ETH Deployment Strategies and Institutional Partnerships: Management has indicated a focus on prioritizing the expansion of productive ETH deployment strategies and deepening institutional partnerships. This suggests that SharpLink will actively seek out and implement more advanced or diversified strategies for its ETH holdings beyond basic staking to generate higher yields and explore new avenues within the Ethereum ecosystem.
- Benefiting from Accelerating Institutional Adoption and Regulatory Clarity in the Ethereum Ecosystem: The company identifies accelerating institutional adoption of Ethereum and greater regulatory clarity as crucial growth catalysts. A more favorable regulatory environment and increased mainstream institutional engagement with Ethereum are anticipated to enhance SharpLink's market position and attract further capital, thereby driving revenue.
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Share Repurchases
- SharpLink Gaming initiated a 2025 Share Repurchase Program on September 9, 2025, with board approval to repurchase up to $1.5 billion of its common stock.
- As of September 9, 2025, the company had repurchased approximately 939,000 shares for an estimated $15 million, at an average price of $15.98 per share.
- By September 16, 2025, a total of 1,938,450 shares had been repurchased, including 1,000,000 shares bought at an average price of $16.67 per share on September 15, 2025.
Share Issuance
- SharpLink Gaming, Inc. filed a Follow-on Equity Offering for $76.5 million on October 16, 2025.
- The number of shares outstanding increased by 34,652.86% in the year prior to March 2026.
- The company executed a 1-for-12 reverse stock split on May 6, 2025.
Inbound Investments
- SharpLink has transitioned to holding Ethereum (ETH) as its primary treasury reserve asset, with holdings reaching an estimated $3.6 billion (approximately 837,000 ETH) as of September 9, 2025.
- As of March 1, 2026, the company held approximately 868,699 ETH, establishing itself as the second-largest publicly traded Ethereum holder.
- Institutional ownership increased to a record 46% by December 31, 2025, with around 60 new institutional investors entering in Q4.
Capital Expenditures
- Capital expenditures were $0.29 million in 2023, $0.16 million in 2022, and $0.26 million in 2021.
- In the 12 months leading up to March 12, 2026, capital expenditures were -$11,000.
- SharpLink Inc invested $4,000 in capital expenditures in Q4 2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| SharpLink Gaming Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 | |
| SharpLink Gaming (SBET) Operating Cash Flow Comparison | 08/25/2025 | |
| SharpLink Gaming (SBET) Revenue Comparison | 08/25/2025 | |
| SharpLink Gaming (SBET) EBITDA Comparison | 08/25/2025 | |
| SharpLink Gaming (SBET) Net Income Comparison | 08/25/2025 | |
| SharpLink Gaming (SBET) Operating Income Comparison | 08/25/2025 | |
| SharpLink Gaming (SBET) Tax Expense Comparison | 08/25/2025 | |
| SharpLink Gaming (SBET) Debt Comparison | 08/25/2025 | |
| ARTICLES | ||
| Analyzing SharpLink Gaming’s Price Catalysts And Key Risks | 08/25/2025 | |
| Why Sharplink Gaming Stock Surged 50% Last Week | 07/17/2025 |
Trade Ideas
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| 02282026 | NDAQ | Nasdaq | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | JEF | Jefferies Financial | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | ALAB | Astera Labs | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | PAYO | Payoneer Global | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 02272026 | FOUR | Shift4 Payments | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 50.66 |
| Mkt Cap | 22.2 |
| Rev LTM | 2,400 |
| Op Inc LTM | 0 |
| FCF LTM | 19 |
| FCF 3Y Avg | 111 |
| CFO LTM | 62 |
| CFO 3Y Avg | 199 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 37.2% |
| Rev Chg 3Y Avg | 25.8% |
| Rev Chg Q | 76.9% |
| QoQ Delta Rev Chg LTM | 13.9% |
| Op Mgn LTM | -1.6% |
| Op Mgn 3Y Avg | -5.6% |
| QoQ Delta Op Mgn LTM | 2.9% |
| CFO/Rev LTM | 0.4% |
| CFO/Rev 3Y Avg | 0.9% |
| FCF/Rev LTM | 0.1% |
| FCF/Rev 3Y Avg | -3.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 22.2 |
| P/S | 12.1 |
| P/EBIT | -1.6 |
| P/E | -1.6 |
| P/CFO | -18.3 |
| Total Yield | -0.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -1.3% |
| D/E | 0.0 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.1% |
| 3M Rtn | -23.9% |
| 6M Rtn | -42.4% |
| 12M Rtn | -15.3% |
| 3Y Rtn | 31.6% |
| 1M Excs Rtn | 2.1% |
| 3M Excs Rtn | -17.8% |
| 6M Excs Rtn | -38.1% |
| 12M Excs Rtn | -27.3% |
| 3Y Excs Rtn | -32.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Affiliate Marketing | 4 | 5 | |||
| ETH Treasury Management | 0 | ||||
| Affiliate Marketing Services - International | 3 | ||||
| Affiliate Marketing Services - United States | 0 | 0 | |||
| Sports Gaming Client Services | 2 | 2 | |||
| Total | 4 | 5 | 3 | 3 | 2 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Affiliate Marketing | 0 | ||||
| ETH Treasury Management | 0 | ||||
| Affiliate Marketing Services - International | -14 | ||||
| Affiliate Marketing Services - United States | -0 | -33 | -1 | ||
| Sports Gaming Client Services | -1 | 0 | |||
| Total | 0 | -14 | -33 | -1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Affiliate Marketing | 3 | ||||
| ETH Treasury Management | 0 | ||||
| Total | 3 |
Price Behavior
Price Behavior
| Market Price | $6.04 | |
| Market Cap ($ Bil) | 0.9 | |
| First Trading Date | 02/14/2024 | |
| Distance from 52W High | -92.4% | |
| 50 Days | 200 Days | |
| DMA Price | $7.78 | $13.51 |
| DMA Trend | down | down |
| Distance from DMA | -22.3% | -55.3% |
| 3M | 1YR | |
| Volatility | 90.9% | 500.6% |
| Downside Capture | 2.84 | 3.31 |
| Upside Capture | 403.68 | 457.29 |
| Correlation (SPY) | 58.8% | 15.7% |
SBET Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.42 | 4.27 | 4.28 | 3.58 | 3.70 | 2.42 |
| Up Beta | 9.95 | 6.35 | 5.36 | 2.73 | 4.11 | 3.38 |
| Down Beta | 2.11 | 4.37 | 4.57 | 4.30 | 1.38 | 1.09 |
| Up Capture | 288% | 263% | 262% | 197% | 2481% | 276% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 6 | 17 | 26 | 55 | 111 | 305 |
| Down Capture | 596% | 391% | 395% | 300% | 171% | 113% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 15 | 24 | 35 | 69 | 135 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBET | |
|---|---|---|---|---|
| SBET | 73.9% | 499.6% | 1.14 | - |
| Sector ETF (XLF) | -4.0% | 19.2% | -0.33 | 13.9% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 15.6% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | -3.8% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | -6.2% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 13.9% |
| Bitcoin (BTCUSD) | -21.0% | 44.0% | -0.41 | 10.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBET | |
|---|---|---|---|---|
| SBET | -61.0% | 245.6% | 0.22 | - |
| Sector ETF (XLF) | 9.1% | 18.7% | 0.37 | 11.7% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 13.8% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | -1.3% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | -1.9% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 9.7% |
| Bitcoin (BTCUSD) | 4.7% | 56.6% | 0.30 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBET | |
|---|---|---|---|---|
| SBET | -35.9% | 195.3% | 0.31 | - |
| Sector ETF (XLF) | 12.0% | 22.1% | 0.50 | 7.9% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 10.7% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | -0.2% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | -0.4% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 6.5% |
| Bitcoin (BTCUSD) | 66.9% | 66.8% | 1.06 | 5.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/9/2026 | 3.3% | 2.3% | |
| 11/12/2025 | -5.0% | -14.7% | -17.8% |
| 8/15/2025 | -15.5% | -23.2% | -28.5% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 0 |
| # Negative | 2 | 2 | 2 |
| Median Positive | 3.3% | 2.3% | |
| Median Negative | -10.3% | -18.9% | -23.2% |
| Max Positive | 3.3% | 2.3% | |
| Max Negative | -15.5% | -23.2% | -28.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/09/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/15/2025 | 10-Q |
| 12/31/2024 | 03/14/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/15/2024 | 10-Q |
| 03/31/2024 | 05/17/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/13/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/16/2023 | 10-Q |
| 12/31/2022 | 04/05/2023 | 10-K |
| 06/30/2022 | 10/07/2022 | 6-K |
| 12/31/2021 | 05/16/2022 | 20-F |
| 06/30/2021 | 09/30/2021 | 6-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McKenzie, Obie | Direct | Sell | 8182025 | 19.17 | 18,334 | 351,395 | 479,119 | Form | |
| 2 | Gutkowski, Robert M | Direct | Sell | 8182025 | 19.17 | 18,334 | 351,503 | 479,267 | Form | |
| 3 | Bernhard, Leslie | Direct | Sell | 8182025 | 19.17 | 18,334 | 351,400 | 479,127 | Form | |
| 4 | Phythian, Rob | Chief Executive Officer | Direct | Buy | 6022025 | 6.72 | 44,640 | 299,981 | 385,385 | Form |
| 5 | Delucia, Robert Michael | Chief Financial Officer | Direct | Buy | 6022025 | 6.72 | 7,440 | 49,997 | 94,799 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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