To The Moon

I’m gonna talk about $SharpLink Gaming(SBET)$  , the second biggest Ethereum Treasury company out there.  

Check this out – on Friday, 15 Aug, their stock closed at $19.85, down 15.5% after their Q2 earnings call. Ouch sia, what happened?! 

Let’s dive into the numbers and find out lah. Started the day at $22.53, but by the end, it tanked to $19.00, below $20 sia. 

Five days ago, it was hovering near $20, and just one month back, it was close to $40!  

That’s almost a 50% drop if you invested a month ago. Rewind six months, they pivoted from an online sports betting company to an Ethereum Treasury one, and the stock shot up to $120, like BMNR.  But then, some announcements about PIPE investors and offerings sent it crashing to $9.21 before climbing back a bit, only to drop again. 

I’m gonna break down the whole story, look at the numbers, and share my model on where I think SBET is headed.  

 Stock and crypto markets are super volatile, can lose money sia, so do your own homework first ah! 

SBET is the first NASDAQ company listed as an Ethereum Treasury company. Their big boss, Joseph Lubin, is a co-founder of Ethereum and Consensys, the backbone of the Ethereum ecosystem. 

This guy’s been in the game since 2014, ex-Goldman Sachs, and knows the tech and finance world inside out. His co-CEO, Joseph Chalom, came from BlackRock, where he led the charge for their Bitcoin and Ethereum ETFs. 

Serious heavyweights sia. SBET’s biz model is super transparent lah. They raise money, buy ETH, stake it for rewards (already earned 1300 ETH!), and aim to grow shareholder value. No hiding anything sia. Their Q2 earnings showed they hold 728,804 ETH, worth $3.3B at $4,700 per ETH. 

Their goal? Hit 1M ETH (they’re 73% there). But their communication and timing? A bit laggy lah, like when they announced a $6B ATM offering and PIPE resale – stock tanked hard sia. 

Right now, their net asset value (NAV) per share is $18.17, but the market’s only giving them a 1.09x premium (M-NAV). Means they’re trading at a discount, no love from the market sia. 

Compare that to BMNR, which has a 2x M-NAV and 1.1M ETH ($5.3B). 

SBET’s ETH per 1,000 shares is 3.95, while BMNR’s at 6.63 – 70% better! 

My model predicts SBET could hit 2.2M ETH by Dec 2025 ($17B) and 2.5M by Feb 2026 ($30B). 

If they issue shares smartly, stock could climb to $41 by Dec and $58 by Feb, assuming a 1.1 M-NAV. 

If the market gives them a 1.6 M-NAV, could 5x sia! 

But they need better PR lah – Lubin and Chalom are geniuses but not exactly camera-ready like Michael Saylor or Tom Lee. Market-wise, ETH demand is crazy – $2.8B flowed into ETFs last week alone, and treasury companies like SBET and BMNR are gobbling up ETH (3.7M total, $16B). Supply’s tight, so ETH price gotta go up lah. BMNR’s killing it, buying 106,000 ETH over the weekend ($470M), and big names like Kathie Wood (Ark Invest) are piling in. Smart money’s moving, sia. 

Final thoughts: SBET’s at a discount now, but they need to step up their comms game. Both SBET and BMNR are solid bets if you believe ETH is going up. Long term, only a few Ethereum Treasury companies will survive, and these two are the top horses lah.

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