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    Sharplink (SBET) Could Be 75% Undervalued As Ethereum Treasury Debate Grows

    Simply Wall St·10/18/2026 02:30:53
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    Sharplink (SBET) is back in focus as investors argue over whether its high P/S ratio can be squared with current sales, its Ethereum treasury ambitions, and concerns about earnings swings tied to smart contract exposure.

    Sharplink’s recent share price slide, including a 1-day move down 7.46% and a 7-day share price return down 11.87%, sits against a 90-day share price gain of 33.63% and a much weaker 1-year total shareholder return down 47.21% as investors reassess how its high P/S ratio, Ethereum treasury push, and earnings risk fit together.

    Compare Sharplink's high P/S debate and Ethereum focus with other high-quality opportunities by scanning the 20 high quality undiscovered gems that analysts are watching before they move back into the spotlight.

    Bulls point to Sharplink’s Ethereum treasury and rapid revenue growth, while bears flag deep losses and a stretched P/S after the recent rebound. Which side do the current valuation numbers lean toward?

    Most Popular Narrative: 74.6% Undervalued

    Sharplink’s most followed narrative anchors on a fair value of $29.81, far above the last close at $7.57, which puts the Ethereum treasury model under a bright spotlight.

    The large Ethereum position of 888,938 ETH as of early August 2026 gives Sharplink balance sheet leverage to any wider adoption of Ethereum by major financial institutions that build settlement and issuance systems on chain. This can flow through into treasury related revenue and book value based earnings.

    See why 0 investors see Sharplink as 75% undervalued.

    Result: Fair Value of $29.81 (UNDERVALUED)

    Still, the huge reported net losses tied to ETH price moves and the very high P/S multiples could quickly undermine the bullish Sharplink treasury story.

    Find out about the key risks to this Sharplink narrative.

    Another View: Sharplink’s P/S Looks Stretched

    The headline fair value of $29.81 paints Sharplink as heavily undervalued, yet its current P/S of 32.8x tells a different story. That ratio is far above the US Capital Markets industry on 3.4x, the peer average on 12.2x, and even the fair ratio of 3x that the market could move toward.

    If sentiment cools, a shift toward that lower fair ratio would imply significant valuation risk rather than upside. The key question for you is whether Sharplink’s Ethereum treasury model really justifies such a wide gap, or if expectations have simply run too far ahead of the fundamentals.

    See what the numbers say about this price — find out in our valuation breakdown.

    NasdaqCM:SBET P/S Ratio as at Oct 2026
    NasdaqCM:SBET P/S Ratio as at Oct 2026

    Next Steps

    Sharplink clearly splits opinion, which is exactly why the data matters more than the headlines. Act while sentiment is divided, and weigh both sides using the 1 key reward and 1 important warning sign.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.