Sharplink Lost $686 Million In Q1, But SBET Could Still Double Thanks To 'Favorable Setup'

Benzinga05-12

Sharplink Gaming Inc. (NASDAQ:SBET) has posted a $686 million net loss in Q1, yet TD Cowen reiterated its buy rating with a $16 price target, implying 106% upside from Monday’s close at $7.76. ...

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(NASDAQ:SBET) has posted a $686 million net loss in Q1, yet TD Cowen reiterated its buy rating with a $16 price target, implying 106% upside from Monday’s close at $7.76.\n...</p>\n\n<a href=\"https://www.benzinga.com/crypto/cryptocurrency/26/05/52495191/sharplink-lost-686-million-in-q1-but-sbet-could-still-double-thanks-to-favorable-setup\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BMNU","symbol_name":"2倍做多BMNR ETF-T-REX","start_time":0,"source_url":"https://www.benzinga.com/crypto/cryptocurrency/26/05/52495191/sharplink-lost-686-million-in-q1-but-sbet-could-still-double-thanks-to-favorable-setup","article_id":"2635498792","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/05/12/Ethereum-Hits-New-Record--Ethereum-And-N.jpeg?optimize=medium&dpr=2&auto=webp&width=260"],"rights":{"source":"benzinga_hot_news","url":"https://www.benzinga.com/crypto/cryptocurrency/26/05/52495191/sharplink-lost-686-million-in-q1-but-sbet-could-still-double-thanks-to-favorable-setup","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2635498792","pubTimestamp":1778601540,"columns":[],"sourceInfo":{"source_id":"benzinga_hot_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Sharplink Gaming Inc. 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(NASDAQ:SBET) has posted a $686 million net loss in Q1, yet TD Cowen reiterated its buy rating with a $16 price target, implying 106% upside from Monday’s close at $7.76.\nSharplink reported Q1 2026 revenue of $12.1 million on Monday, up from just $742,000 in the same period last year. \nThe company pointed to staking income from its treasury strategy as the main driver.\nThe net loss of nearly $686 million came mostly from unrealized losses tied to Ethereum (CRYPTO: ETH) price declines. \nEthereum was trading around $3,000 at the beginning of 2026 before dropping roughly 40% to $1,800 and closing the quarter at nearly $2,000.\nSharplink holds 872,984 ETH as of May 4, a stash worth nearly $2.4 billion at current prices. That makes it the world’s second-largest public ETH treasury company behind Bitmine Immersion Technologies (NYSE:BMNR).\nSharplink announced plans to launch the Galaxy Sharplink Onchain Yield Fund with Galaxy Digital, a $125 million initiative to deploy capital into DeFi and liquidity opportunities.\nMoreover, Sharplink will contribute approximately $100 million, with a focus on generating returns above basic staking yields.\nCEO Joseph Chalom described the strategy as hitting “singles and doubles,” not looking for VC-like returns. \n“Inbound demand and deployment opportunities have been strong, but we are not rushing,” Chalom said. “Operational rigor is non-negotiable,” he added.\nTD Cowen analysts led by Lance Vitanza called the current share price a “favorable setup” driven by a discount to NAV and expanding Ethereum demand.\nSharplink currently holds approximately 873,000 ETH worth roughly $2 billion at current prices, implying a NAV of about $9.68 per share.\nAt Monday’s close of $7.76, the stock trades at approximately 0.8 times NAV.\nTD Cowen identified four pillars for Ethereum demand: stablecoins as a scaled global payments layer, tokenization as real-world assets move on-chain, DeFi as core infrastructure for lending and liquidity, and agentic finance or AI-driven autonomous economic activity.\nThe staking-driven operating model provides downside support. \nTD Cowen’s analysis shows staking yield generating approximately $59 million annually against $22.3 million in fixed charges, with a model breakeven ETH price of $883, well below current market levels.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2635498792","isCrawlerRequest":true}