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

We came across a bullish thesis on SharpLink Gaming, Inc. on X.com by deepvaluedude. In this article, we will summarize the bulls’ thesis on SBET. SharpLink Gaming, Inc.'s share was trading at $10.25 as of November 26th. SBET’s forward P/E was 86 according to Yahoo Finance.

Sharplink Gaming (SBET) is an emerging player in the blockchain gaming and crypto asset space, offering investors a compelling entry point at its current share price. The company’s valuation is anchored in its substantial Ethereum holdings, which total approximately 856,000 ETH, valued at $3,300 each, bringing the net asset value (NAV) to around $2.825 billion.

Adding $5 million in cash, SBET’s total NAV stands at ~$2.83 billion, translating to $14.38 per share, implying the stock currently trades at a 17% discount to NAV. This gap offers a notable margin of safety for investors, particularly as the company continues to earn staking yields that could drive NAV growth by 3-5% annually, with potential upside through optimized strategies.

Beyond its crypto holdings, SBET’s staking operations generate $78-83.5 million in annualized revenue, which, when valued at a 20-30x multiple—comparable to tech and high-growth peers—could add $1.56-2.5 billion in value, or $8-12.7 per share upside. Combining these NAV and operational components, SBET presents a multi-faceted investment case, balancing tangible asset backing with high-growth crypto revenue streams.

The company’s unique positioning in both digital asset management and blockchain gaming creates multiple catalysts for upside, supported by a conservative discount to intrinsic value. With a price target of $20 by year-end, the stock offers a risk/reward profile that is attractive to both equity and crypto-focused investors, leveraging undervalued assets and scalable operations to potentially unlock significant shareholder value in the near term.

Previously we covered a bullish thesis on DraftKings Inc. (DKNG) by LongTermValue Research in April 2025, which highlighted the company’s leading position in U.S. online sports betting, strong brand, and EPS growth in 2026. The stock has depreciated approximately by 8.1% since our coverage. The thesis still stands as DKNG retains long-term growth potential. deepvaluedude shares a similar bullish view but emphasizes SharpLink Gaming’s undervalued crypto assets, staking yields, and blockchain gaming growth.

SharpLink Gaming, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 7 hedge fund portfolios held SBET at the end of the second quarter which was 0 in the previous quarter. While we acknowledge the potential of SBET as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy NOW 

Disclosure: None.