Sharplink, Inc.
SBET · Finance Services · 197.2M shares · -63%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $32M (gross $32M, SBC $149K)
Reference price $7.41 · est. market cap ~$1.5B — last insider sale, 2026-05-12 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D45SharpLink — Ethereum-treasury firm (sports-betting-tech pivot) with deep losses.
Strengths
- Adequate liquidity (current 2.4); large ETH treasury
Risks
- Operating margin -26; ROE -30%
- Crypto-price dependence; pre-scale operations
Notable findings
- Net lossNet loss (net margin -2618.4%)
- Cash burnNegative free cash flow (-17.6M)
- Buying back stockNet buyback — share count -63%/yr over 2y
- Revenue declineRevenue -23.6% YoY
- Insider sellingInsider selling — 4 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$304,182, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-2616.0%
Net margin
-2618.4%
Return on equity
-30.4%
Return on assets
-30.2%
Revenue growth (QoQ)
-23.6%
Current ratio
2.4×
Free cash flow
-$18M
EBITDA
-$734M
Tangible book value
$2.4B
Stock comp / revenue
48.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-12 | MCKENZIE OBIE | Sell | 13K | $7.41 |
| 2026-05-12 | GUTKOWSKI ROBERT M | Sell | 13K | $7.41 |
| 2026-05-12 | Bernhard Leslie | Sell | 13K | $7.41 |
| 2026-04-15 | Lubin Joseph Michael | Option exercise | 1.2M | $0.00 |
| 2026-04-15 | Lubin Joseph Michael | Option exercise | 4.0M | $0.00 |
| 2026-04-15 | Lubin Joseph Michael | Option exercise | 5.2M | $0.00 |
| 2026-04-15 | Lubin Joseph Michael | Option exercise | 1.5M | $0.00 |
| 2026-04-10 | MCKENZIE OBIE | Grant | 12K | $6.52 |
| 2026-04-10 | Bernhard Leslie | Grant | 12K | $6.52 |
| 2026-04-10 | GUTKOWSKI ROBERT M | Grant | 12K | $6.52 |
| 2026-03-31 | DeLucia Robert Michael | Grant | 11K | — |
| 2026-03-31 | DeLucia Robert Michael | Sell | 2.8K | $6.21 |
| 2026-02-11 | Chalom Joseph | Tax withheld | 149K | — |
| 2026-02-11 | DeLucia Robert Michael | Tax withheld | 23K | — |
| 2026-01-08 | DeLucia Robert Michael | Grant | 88K | — |
| 2026-01-08 | Chalom Joseph | Grant | 292K | — |
| 2025-09-30 | GUTKOWSKI ROBERT M | Option exercise | 1.4K | — |
| 2025-09-30 | MCKENZIE OBIE | Option exercise | 1.4K | — |
| 2025-09-30 | Bernhard Leslie | Option exercise | 1.4K | — |
| 2025-08-18 | MCKENZIE OBIE | Sell | 18K | $19.17 |
| 2025-08-18 | GUTKOWSKI ROBERT M | Sell | 18K | $19.17 |
| 2025-08-18 | Bernhard Leslie | Sell | 18K | $19.17 |
| 2025-07-24 | GUTKOWSKI ROBERT M | Grant | 25K | — |
| 2025-07-24 | MCKENZIE OBIE | Grant | 6.7K | — |
| 2025-07-24 | MCKENZIE OBIE | Grant | 25K | — |
| 2025-07-24 | Bernhard Leslie | Grant | 6.7K | — |
| 2025-07-24 | Bernhard Leslie | Grant | 25K | — |
| 2025-07-24 | GUTKOWSKI ROBERT M | Grant | 6.7K | — |
| 2025-06-30 | Phythian Rob | Grant | 6.2K | — |
| 2025-06-30 | MCKENZIE OBIE | Grant | 5.6K | — |
| 2025-06-30 | GUTKOWSKI ROBERT M | Grant | 5.6K | — |
| 2025-06-30 | DeLucia Robert Michael | Grant | 6.2K | — |
| 2025-06-30 | Bernhard Leslie | Grant | 5.6K | — |
| 2025-06-30 | Phythian Rob | Grant | 6.2K | — |
| 2025-06-30 | MCKENZIE OBIE | Grant | 5.6K | — |
| 2025-06-30 | GUTKOWSKI ROBERT M | Grant | 5.6K | — |
| 2025-06-30 | DeLucia Robert Michael | Grant | 6.2K | — |
| 2025-06-30 | Bernhard Leslie | Grant | 5.6K | — |
| 2025-05-30 | Lubin Joseph Michael | Grant | 180K | $6.15 |
| 2025-05-30 | Lubin Joseph Michael | Grant | 976K | $6.15 |
| 2025-05-30 | Phythian Rob | Buy | 45K | $6.72 |
| 2025-05-30 | DeLucia Robert Michael | Buy | 7.4K | $6.72 |
| 2025-03-31 | Bernhard Leslie | Option exercise | 17K | — |
| 2025-03-31 | MCKENZIE OBIE | Option exercise | 17K | — |
| 2025-03-31 | GUTKOWSKI ROBERT M | Option exercise | 17K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Material agreementOtherExhibits | filing ↗ |
| 2026-05-11 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-14 | Shareholder vote | filing ↗ |
| 2026-04-03 | 1.02 | filing ↗ |
| 2026-03-09 | ResultsExhibits | filing ↗ |
| 2026-02-19 | Reg FDOtherExhibits | filing ↗ |
| 2026-02-03 | 5.03Reg FDExhibits | filing ↗ |
| 2025-12-17 | Exec/director change5.03Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-22 | 0001493152-26-029804 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001493152-26-022140 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001493152-26-021981 ↗ |
| 8-K | 2026-04-14 | 2026-04-10 | 0001493152-26-016477 ↗ |
| 8-K | 2026-04-03 | 2026-04-03 | 0001493152-26-015182 ↗ |
| 10-K | 2026-03-09 | 2025-12-31 | 0001493152-26-009214 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001493152-26-009305 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001493152-26-007427 ↗ |
| 8-K | 2026-02-03 | 2026-02-02 | 0001493152-26-004839 ↗ |
| 8-K | 2025-12-17 | 2025-12-15 | 0001493152-25-028063 ↗ |
| 8-K/A | 2025-11-13 | 2025-11-12 | 0001493152-25-022065 ↗ |
| 8-K | 2025-11-12 | 2025-11-12 | 0001493152-25-022012 ↗ |