SharpLink Gaming, Inc. (SBET): A Bull Case Theory

We got here throughout a bullish thesis on SharpLink Gaming, Inc. on Rittik’s Substack by Anand Capital. In this text, we are going to summarize the bulls’ thesis on SBET. SharpLink Gaming, Inc.’s share was buying and selling at $16.79 as of September fifteenth. SBET’s  ahead P/E was 147.06 in line with Yahoo Finance.

SharpLink Gaming Inc. (NASDAQ: SBET) has undergone a dramatic transformation from a struggling sports activities betting online marketing firm into one of many largest company holders of Ethereum. With 521,939 ETH price over $2 billion, SBET is now the second-largest company Ethereum treasury globally, offering buyers with a uncommon pure-play ETH publicity via conventional fairness markets. The pivot was formalized in May 2025 with a $425 million personal placement to fund ETH accumulation, accompanied by the appointment of Ethereum co-founder and ConsenSys CEO Joseph Lubin as Chairman, signaling credibility and strategic alignment with the blockchain ecosystem.

Despite conventional operations successfully winding down, the Ethereum treasury technique gives the corporate with substantial intrinsic worth, translating to an estimated $45–50 per share purely on ETH holdings. Current buying and selling displays each Ethereum’s worth trajectory and expectations for administration’s execution, with activist retail buyers and crypto-focused establishments fueling excessive volatility. Beyond treasury administration, SBET’s future progress might come from staking, DeFi yield methods, Web3 gaming, and blockchain infrastructure alternatives, leveraging its scale and Lubin’s trade community.

Risks stay pronounced, significantly given the inventory’s excessive correlation with Ethereum worth swings, execution uncertainty, and regulatory scrutiny of crypto treasury methods. However, a sale of ETH at increased valuations or the profitable layering of blockchain initiatives may lead to outsized upside. With 44 institutional buyers already onboard and robust retail enthusiasm, SBET presents a speculative purchase rated at a $25–45 vary over 12–24 months. For high-risk buyers, disciplined place sizing of 1–5% presents uneven publicity to Ethereum’s long-term progress.

Previously we coated a bullish thesis on DraftKings Inc. (DKNG) by LongTermValue Research in April 2025, which highlighted the corporate’s sturdy place in on-line sports activities betting, enlargement throughout U.S. states, and long-term EPS progress potential. The firm’s inventory worth has appreciated roughly by 29% since our protection. This is as a result of legalization momentum and profitability positive aspects supported the thesis. The thesis nonetheless stands as DKNG maintains its aggressive energy. Anand Capital shares the same view however emphasizes on SharpLink Gaming’s Ethereum treasury technique.