SBET’s Valuation Rises with Pivot to Ethereum and Increasing Institutional Ownership
February 24, 2026
Sharplink (SBET), a company in the United States, is generating buzz following a complete rebranding that now focuses on the Ethereum ecosystem and institutional-grade asset management. Additionally, there has been a notable increase in institutional ownership and significant on-chain ETH positions. Despite these strategic shifts and growing institutional interest, Sharplink has experienced a decline in its share price in the short term, with a 30-day return of -33.44% and a 90-day return of -34.64%. However, looking at the bigger picture, the 1-year total shareholder return stands at a positive 35.48%, although the 3-year return reflects a loss of 87.65%. These contrasting figures suggest short-term turbulence amid long-term volatility.
Amidst its Ethereum-oriented transformation and rising institutional support, the critical question arises: Is Sharplink currently undervalued, or is the market already factoring in future growth? Delving into the financials, Sharplink’s Price-to-Book (P/B) ratio of 0.4x places it significantly below both the industry average and its peers. The P/B ratio compares a company’s market value to its book value, with a lower ratio often suggesting that investors are pricing the assets at a discount. For Sharplink, an unprofitable enterprise focusing on Ethereum exposure, the wide gap between market and book value indicates that the market is cautiously assessing the balance sheet. When compared to the US Hospitality industry average P/B ratio of 2.2x and the peer average of 2.3x, it becomes evident that investors are currently valuing Sharplink at a notable discount compared to its industry counterparts.
With this valuation in mind, it’s essential to consider potential risks, such as Ethereum price fluctuations and Sharplink’s continuing net loss of US$1.00m, which could further impact market sentiment. Therefore, a closer examination of the rewards and warning signs associated with Sharplink is recommended for investors seeking clarity amidst the current market conditions. Furthermore, exploring other cryptocurrency and blockchain stocks might provide additional opportunities for those intrigued by Sharplink’s Ethereum-focused narrative.
In conclusion, Sharplink’s recent pivot towards Ethereum and institutional asset management, coupled with growing institutional ownership and its currently undervalued status based on the Price-to-Book ratio, present an intriguing investment opportunity. However, investors should remain vigilant of potential risks and fluctuations in the cryptocurrency market. Ultimately, the decision to invest in Sharplink or any other related opportunities should be informed by a thorough analysis of key indicators and an understanding of the market landscape.
