SharpLink Gaming Stock (SBET) Sinks 65% on $463M Ethereum Purchase

SharpLink Gaming (SBET) stock sank on Friday after the online gaming and sports betting company purchased 176,271 Ethereum (ETH) for $462,947,816. This had the company pay an average of $2,626 per ETH.
Confident Investing Starts Here:
Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Rob Phythian, CEO of SharpLink Gaming, said, 'Our decision to make ETH our primary treasury reserve asset reflects deep conviction in its role as programmable, yield-bearing digital capital.' SharpLink Gaming Chairman Joseph Lubin, who also co-founded Ethereum, agreed with Phythian's statements.
SBET stock was down 67.51% during pre-market trading on Friday. However, the stock is still up 320.84% year-to-date. Today's drop comes with some 5.58 million shares traded, compared to a three-month daily average of 4.16 million shares.
Is SharpLink Gaming Stock a Buy, Sell, or Hold?
Wall Street's coverage of SharpLink Gaming is thin, but TipRanks' AI analyst, Spark, has the shares covered. Spark rates SBET stock an Underperform (40) with no price target. It highlights 'weak financial performance, characterized by declining revenues and persistent losses' as reasons for this bearish stance.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Insider

an hour ago

• Business Insider

Couchbase downgraded to Hold from Buy at Truist

Truist downgraded Couchbase (BASE) to Hold from Buy with a price target of $24.50, up from $21, after the company announced an agreement to be acquired by Haveli Investments for $24.50 per share in cash. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Business Insider

an hour ago

• Business Insider

Trade Desk management to meet virtually with Benchmark

Virtual Meeting to be held on June 26 at 11 am hosted by Benchmark. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Business Insider

an hour ago

• Business Insider

Lavoro downgraded to Hold from Buy at Canaccord

Canaccord downgraded Lavoro (LVRO) to Hold from Buy with a price target of $2.25, down from $5.50. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>