SharpLink Gaming, Inc. (SBET) Q3 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2025
0mins
Should l Buy SBET?
Source: SeekingAlpha
Total Revenue Approximately $10.8 million, up over 10x year-over-year due to best-in-class treasury management and staking nearly 100% of ETH.
Net Income Approximately $104.3 million, driven by gains in Ethereum holdings, including a $107.3 million unrealized gain related to fair value accounting adjustments on ETH holdings and a $6.3 million realized gain from ETH to LsETH conversion.
Affiliate Marketing Revenue Declined to approximately $570,000 from $882,000 year-over-year, reflecting reduced emphasis on this segment.
Consolidated Net Loss from Continuing Operations Improved to approximately $1,800 compared to a loss of $781,000 year-over-year.
SG&A Expenses $12.4 million, compared to approximately $709,000 in the prior year, reflecting increased operational costs.
ETH Holdings 580,841 ETH with a net fair value of $2.4 billion as of September 30, 2025, and 236,906 LsETH with a net cost value of $622.7 million. Combined ETH holdings increased to 861,251 by November 9, 2025.
Cash on Hand $11.1 million as of September 30, 2025, compared to $1.4 million as of December 31, 2024.
USDC Stablecoins $26.7 million held as a financial asset as of September 30, 2025.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy SBET?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on SBET
Wall Street analysts forecast SBET stock price to rise
5 Analyst Rating
5 Buy
0 Hold
0 Sell
Strong Buy
Current: 6.540
Low
15.00
Averages
18.80
High
24.00
Current: 6.540
Low
15.00
Averages
18.80
High
24.00
About SBET
SharpLink, Inc. manages the Ether (ETH), the native token of the Ethereum blockchain in the United States. Its segments include ETH Treasury Management and Affiliate Marketing. The ETH Treasury Management segment captures ETH based yield generated by participating in the Ethereum network’s staking protocol, which comprises rewards received from native staking. ETH is the global platform for stablecoins, tokenized real world assets, and decentralized finance. The Affiliate Marketing segment is focused on performance-based customer acquisition services for leading sportsbooks and online casino gaming operators. Through its iGaming affiliate marketing network, known as PAS.net, it focuses on driving qualified traffic and player acquisitions, retention and conversions to U.S. regulated and global iGaming operator partners worldwide.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
SharpLink Gaming Inc Rebrands to Sharplink Inc to Reflect Strategic Focus
- Corporate Rebranding: SharpLink Gaming Inc has officially changed its name to Sharplink Inc, a move that reflects the company's broader strategic focus while maintaining its business operations, capitalization, board of directors, and executive leadership unchanged.
- Filing Amendment: The amendment was filed with the Delaware Secretary of State, marking a significant shift in the company's brand identity, which is expected to enhance market recognition and investor confidence.
- Stock Price Reaction: Following the rebranding announcement, SBET shares rose by 0.51% in premarket trading to $7.83, indicating a positive market response to the company's new direction.
- Leadership Change: Joseph Chalom has been appointed as the sole CEO and board member, and this leadership change may bring new strategic perspectives and growth opportunities for the company.
See More
Apeiron Capital Fully Exits SharpLink Gaming Stake
- Complete Exit: Apeiron Capital sold all 1,354,400 shares of SharpLink Gaming in Q4 2026 for an estimated $23.04 million, resulting in a total stake value drop to zero, indicating a significant reduction in the fund's asset management scale.
- Asset Management Shift: The 13F report from Apeiron Capital reveals a dramatic 59% decrease in reportable assets this quarter, plummeting from $210.4 million to $86.5 million, suggesting a major shift in its investment strategy.
- Business Transformation: SharpLink Gaming has pivoted to focus on Ethereum investments, achieving $10.8 million in revenue in Q3, a substantial increase from $0.9 million the previous year, highlighting its successful transition into the cryptocurrency sector.
- High-Risk Investment: SharpLink Gaming is now considered a high-risk, high-reward investment, particularly for those looking to invest in Ethereum, as it has moved away from being a traditional sports gaming company, necessitating a higher risk tolerance from investors.
See More
Wall Street Analysts Adjust Ratings
- Rating Changes Overview: Top Wall Street analysts have adjusted their ratings on several stocks, including upgrades, downgrades, and initiations, reflecting varying market perspectives on these companies.
- Market Impact: The changes in analysts' ratings could influence investor decisions, particularly for those considering buying SBET stock, highlighting the importance of understanding these ratings.
- Information Source: A complete view of all analyst rating changes can be found on Benzinga's analyst ratings page, offering a comprehensive market perspective.
- Investment Advice: While Benzinga provides market data, it does not offer specific investment advice, leaving investors to assess risks and rewards independently.
See More
Sharplink Gaming CEO Praises Saylor's Influence on Crypto Treasuries
- Crypto Benchmark Setting: Sharplink Gaming CEO Joseph Chalom acknowledges Michael Saylor's role in establishing benchmarks for publicly-listed cryptocurrency treasury firms, indicating that Saylor's success provides significant industry reference points.
- Ethereum Strategic Advantage: Chalom emphasizes Ethereum's unique advantages as a programmable asset, noting its technological potential far exceeds that of other assets, as Sharplink allocates $170 million in ETH to yield-generating strategies aimed at asset appreciation through decentralized finance.
- Asset Holdings Scale: As of now, Sharplink holds 865,797 ETH valued at nearly $2.5 billion, making it the second-largest Ethereum treasury firm globally, showcasing its significant position in the crypto market.
- Poor Stock Performance: Since implementing its Ethereum strategy, Sharplink's stock has plummeted by 82%, closing down 0.31% on Friday, reflecting market concerns about its long-term performance despite ongoing efforts in yield generation.
See More
SharpLink Gaming Inc. (SBET) Stock Drops 9.59% Amid Trade Tensions
- Stock Decline: SharpLink Gaming Inc. (NASDAQ:SBET) saw its stock price drop by 9.59% to $9.94 on Tuesday, reflecting investor sentiment as they sought to mitigate risks amid escalating US-EU trade tensions, indicating broader market concerns.
- Tariff Threats: President Trump has threatened to impose a 10% tariff on goods from eight countries, with potential increases to 25% if no deal is reached by June 1, which could further exacerbate market anxiety and impact investor confidence.
- Market Reaction: Global markets have been rattled by tariff threats, leading to volatility in cryptocurrency trading, including Bitcoin and Ethereum, as investors adopt a wait-and-see approach for further policy developments.
- Executive Changes: Last month, SharpLink Gaming appointed Joseph Chalom as its sole CEO following the resignation of co-CEO Rob Phythian, a leadership change that may influence the company's strategic direction and market performance.
See More
vTv Therapeutics Initiated with Buy Rating and $67 Price Target
- Analyst Rating Upgrade: TD Cowen analyst Ritu Baral initiated coverage on vTv Therapeutics Inc (NASDAQ:VTVT) with a Buy rating and a price target of $67, representing significant upside from Friday's close of $39.60, indicating strong market optimism about the company's future growth prospects.
- Positive Market Reaction: Following the analyst rating announcement, vTv Therapeutics' stock is expected to gain traction, with investors showing heightened interest in its potential market performance, which could attract more capital inflow.
- SharpLink Gaming Rating Boost: Cantor Fitzgerald analyst Brett Knoblauch initiated coverage on SharpLink Gaming Inc (NASDAQ:SBET) with an Overweight rating and a price target of $15, indicating a notable increase from Friday's close of $9.69, reflecting recognition of its business growth potential.
- Dual Ratings for Lumexa Imaging: Both Leerink Partners and Jefferies initiated coverage on Lumexa Imaging Holdings Inc (NASDAQ:LMRI) with Outperform ratings and a price target of $23, showcasing a strong consensus in the market regarding the company's promising outlook.
See More
SharpLink Gaming Inc Rebrands to Sharplink Inc to Reflect Strategic Focus
- Corporate Rebranding: SharpLink Gaming Inc has officially changed its name to Sharplink Inc, a move that reflects the company's broader strategic focus while maintaining its business operations, capitalization, board of directors, and executive leadership unchanged.
- Filing Amendment: The amendment was filed with the Delaware Secretary of State, marking a significant shift in the company's brand identity, which is expected to enhance market recognition and investor confidence.
- Stock Price Reaction: Following the rebranding announcement, SBET shares rose by 0.51% in premarket trading to $7.83, indicating a positive market response to the company's new direction.
- Leadership Change: Joseph Chalom has been appointed as the sole CEO and board member, and this leadership change may bring new strategic perspectives and growth opportunities for the company.
See More
Apeiron Capital Fully Exits SharpLink Gaming Stake
- Complete Exit: Apeiron Capital sold all 1,354,400 shares of SharpLink Gaming in Q4 2026 for an estimated $23.04 million, resulting in a total stake value drop to zero, indicating a significant reduction in the fund's asset management scale.
- Asset Management Shift: The 13F report from Apeiron Capital reveals a dramatic 59% decrease in reportable assets this quarter, plummeting from $210.4 million to $86.5 million, suggesting a major shift in its investment strategy.
- Business Transformation: SharpLink Gaming has pivoted to focus on Ethereum investments, achieving $10.8 million in revenue in Q3, a substantial increase from $0.9 million the previous year, highlighting its successful transition into the cryptocurrency sector.
- High-Risk Investment: SharpLink Gaming is now considered a high-risk, high-reward investment, particularly for those looking to invest in Ethereum, as it has moved away from being a traditional sports gaming company, necessitating a higher risk tolerance from investors.
See More
Wall Street Analysts Adjust Ratings
- Rating Changes Overview: Top Wall Street analysts have adjusted their ratings on several stocks, including upgrades, downgrades, and initiations, reflecting varying market perspectives on these companies.
- Market Impact: The changes in analysts' ratings could influence investor decisions, particularly for those considering buying SBET stock, highlighting the importance of understanding these ratings.
- Information Source: A complete view of all analyst rating changes can be found on Benzinga's analyst ratings page, offering a comprehensive market perspective.
- Investment Advice: While Benzinga provides market data, it does not offer specific investment advice, leaving investors to assess risks and rewards independently.
See More
Sharplink Gaming CEO Praises Saylor's Influence on Crypto Treasuries
- Crypto Benchmark Setting: Sharplink Gaming CEO Joseph Chalom acknowledges Michael Saylor's role in establishing benchmarks for publicly-listed cryptocurrency treasury firms, indicating that Saylor's success provides significant industry reference points.
- Ethereum Strategic Advantage: Chalom emphasizes Ethereum's unique advantages as a programmable asset, noting its technological potential far exceeds that of other assets, as Sharplink allocates $170 million in ETH to yield-generating strategies aimed at asset appreciation through decentralized finance.
- Asset Holdings Scale: As of now, Sharplink holds 865,797 ETH valued at nearly $2.5 billion, making it the second-largest Ethereum treasury firm globally, showcasing its significant position in the crypto market.
- Poor Stock Performance: Since implementing its Ethereum strategy, Sharplink's stock has plummeted by 82%, closing down 0.31% on Friday, reflecting market concerns about its long-term performance despite ongoing efforts in yield generation.
See More
SharpLink Gaming Inc. (SBET) Stock Drops 9.59% Amid Trade Tensions
- Stock Decline: SharpLink Gaming Inc. (NASDAQ:SBET) saw its stock price drop by 9.59% to $9.94 on Tuesday, reflecting investor sentiment as they sought to mitigate risks amid escalating US-EU trade tensions, indicating broader market concerns.
- Tariff Threats: President Trump has threatened to impose a 10% tariff on goods from eight countries, with potential increases to 25% if no deal is reached by June 1, which could further exacerbate market anxiety and impact investor confidence.
- Market Reaction: Global markets have been rattled by tariff threats, leading to volatility in cryptocurrency trading, including Bitcoin and Ethereum, as investors adopt a wait-and-see approach for further policy developments.
- Executive Changes: Last month, SharpLink Gaming appointed Joseph Chalom as its sole CEO following the resignation of co-CEO Rob Phythian, a leadership change that may influence the company's strategic direction and market performance.
See More
vTv Therapeutics Initiated with Buy Rating and $67 Price Target
- Analyst Rating Upgrade: TD Cowen analyst Ritu Baral initiated coverage on vTv Therapeutics Inc (NASDAQ:VTVT) with a Buy rating and a price target of $67, representing significant upside from Friday's close of $39.60, indicating strong market optimism about the company's future growth prospects.
- Positive Market Reaction: Following the analyst rating announcement, vTv Therapeutics' stock is expected to gain traction, with investors showing heightened interest in its potential market performance, which could attract more capital inflow.
- SharpLink Gaming Rating Boost: Cantor Fitzgerald analyst Brett Knoblauch initiated coverage on SharpLink Gaming Inc (NASDAQ:SBET) with an Overweight rating and a price target of $15, indicating a notable increase from Friday's close of $9.69, reflecting recognition of its business growth potential.
- Dual Ratings for Lumexa Imaging: Both Leerink Partners and Jefferies initiated coverage on Lumexa Imaging Holdings Inc (NASDAQ:LMRI) with Outperform ratings and a price target of $23, showcasing a strong consensus in the market regarding the company's promising outlook.
See More
