Sharplink
SBET on Nasdaq. Sharplink sells online marketing that brings customers to sportsbooks and casinos. Market value $2.1bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Financial services stocks that passed both tests
This is not advice. Check the numbers below.
We don't have this figure for this company.
What you pay for each dollar of net assets: $1.46.
Profit per $100 you pay: $-82.87.
Quality score: not known. Price score: 38 of 100. Our list needs 70 on quality and 60 on price.
$9.50 a share, 113% above its 1-year low
Over the past year the price has ranged from $4.46 to $19.54.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||
| Revenue | $5m | $4m | $28m |
| Operating margin | |||
| Operating margin | n/a | n/a | n/a |
| Debt to equity | |||
| Debt to equity | n/a | n/a | n/a |
| Shares outstanding | |||
| Shares outstanding | 0.00bn | 0.20bn | 0.22bn |
Health checks
- Free cash flow positiveDoesn't apply to banks and insurers
- Accounting checksDoesn't apply to banks and insurers
- DebtDoesn't apply to banks and insurers
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 5959% more shares since 2023
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $12 million last quarter, up 1554% on a year ago.
- A loss of $394 million, compared with a loss of $103 million a year ago.
- 767% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $881,690 |
| December 2024 | $823,092 |
| March 2025 | $742,000 |
| June 2025 | $697,000 |
| September 2025 | $11m |
| December 2025 | $16m |
| March 2026 | $12m |
| June 2026 | $12m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$885,131 |
| December 2024 | -$903,266 |
| March 2025 | -$975,000 |
| June 2025 | -$103m |
| September 2025 | $104m |
| December 2025 | -$734m |
| March 2026 | -$686m |
| June 2026 | -$394m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 6 November 2026
Who owns it
None of the long-term investors we follow own it. 162 funds in all.
Largest holders overall
- BlackRock$77mAdded
- Highbridge Capital Management$69mAdded
- FMR$45mCut
- Geode Capital Management$38mAdded
- Renaissance Technologies$28mAdded
- UBS Group AG$23mCut
- Invesco$21mAdded
- Citadel Advisors$20mAdded
- State Street$18mAdded
- Morgan Stanley$15mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- FMR LLCPassive investorat least 13.3%+8.8 pts(filed with 1 related holder)Since 31 July 2026
- Highbridge Capital Management, LLCPassive investor9.9%Since 30 June 2026
- Joseph Michael LubinInsider or founderat least 7.8%−2.1 pts(filed with 4 related holders)Since 15 April 2026
What they said
Item 4 is hereby deleted in its entirety and replaced with the following: The information set forth or incorporated in Item 3 and Item 6 of the Original 13D is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the Common Stock,…
Read the filing - BlackRock, Inc.Passive investor6.6%Since 30 June 2026
- Consensys Software Inc.5.2%Since 30 May 2025
What they said
The information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the Common Stock, Initial Pre-Funded Warrants, PIPE Pre-Funded Warrants and Strategic Advisor Warrants as part of…
Read the filing - Kenneth GriffinPassive investorat least 5.0%(filed with 6 related holders)Since 8 August 2025
- JANE STREET GROUP, LLCPassive investorSold down below 5%Since 30 June 2025
- Alpha Capital AnstaltPassive investorSold down below 5%Since 30 May 2025
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 13.3%+8.8 pts (filed with 1 related holder) | 31 July 2026 | |
Highbridge Capital Management, LLC Passive investor | 9.9% | 30 June 2026 | |
Joseph Michael Lubin Insider or founder | at least 7.8%−2.1 pts (filed with 4 related holders) | 15 April 2026 | What they saidItem 4 is hereby deleted in its entirety and replaced with the following: The information set forth or incorporated in Item 3 and Item 6 of the Original 13D is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the Common Stock,… Read the filing |
BlackRock, Inc. Passive investor | 6.6% | 30 June 2026 | |
Consensys Software Inc. | 5.2% | 30 May 2025 | What they saidThe information set forth or incorporated in Item 3 and Item 6 is hereby incorporated by reference in its entirety into this Item 4. The Reporting Persons acquired the Common Stock, Initial Pre-Funded Warrants, PIPE Pre-Funded Warrants and Strategic Advisor Warrants as part of… Read the filing |
Kenneth Griffin Passive investor | at least 5.0% (filed with 6 related holders) | 8 August 2025 | |
JANE STREET GROUP, LLC Passive investor | Sold down below 5% | 30 June 2025 | |
Alpha Capital Anstalt Passive investor | Sold down below 5% | 30 May 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $304,275.
- MCKENZIE OBIEDirectorSold
- Date
- 12 May 2026
- Shares
- 12,892
- Price
- $7.41
- Value
- $95,530
- Bernhard LeslieDirectorSold
- Date
- 12 May 2026
- Shares
- 12,892
- Price
- $7.41
- Value
- $95,530
- GUTKOWSKI ROBERT MDirectorSold
- Date
- 12 May 2026
- Shares
- 12,892
- Price
- $7.41
- Value
- $95,530
- DeLucia Robert MichaelChief Financial OfficerSold
- Date
- 31 March 2026
- Shares
- 2,848
- Price
- $6.21
- Value
- $17,686
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 May 2026 | MCKENZIE OBIE Director | Sold | 12,892 | $7.41 | $95,530 |
| 12 May 2026 | Bernhard Leslie Director | Sold | 12,892 | $7.41 | $95,530 |
| 12 May 2026 | GUTKOWSKI ROBERT M Director | Sold | 12,892 | $7.41 | $95,530 |
| 31 March 2026 | DeLucia Robert Michael Chief Financial Officer | Sold | 2,848 | $6.21 | $17,686 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.