ETH Adoption Continues; Active Treasury Strategy Expands

Research evidence excerpt

ETH Adoption Continues; Active Treasury Strategy Expands

Crypto & Blockchain

SharpLink Gaming, Inc. (SBET)

EQUITY RESEARCH Company Update

May 11, 2026

ETH Adoption Continues; Active Treasury Strategy Price: $7.76

Price Target: $10.50 Expands

Rating: Overweight

SBET reported 1Q26 financial results this morning (5/11). SBET earned 4,484 ETH

Key Statistics: during the quarter from its staking and DeFi operations, equivalent to ~$11.5m of

Symbol NASDAQ: SBET revenue based on a $2,565 avg. ETH price. During the quarter, the average price 52-Week Range 2.58 - 124.12

of ETH declined 23.1%, resulting in a ($507m) unrealized loss and a ($192m) non- Market Cap 1,602.0

ADV (3 mo) 6,903,906 cash impairment from mark-to-market accounting treatment. While prices in 1Q

EV ($M) 1,631 remained volatile, Ethereum's underlying adoption metrics continue to strengthen

Shares Out (M) 215.3 across tokenized assets, stablecoins, and agentic finance. We continue to believe that

the divergence between ETH price and underlying ecosystem adoption is likely to

Research Analysts: reverse in the next crypto bull market, with SBET well-positioned to capture outsized

Nathan Frankovitz returns through their development of one of the most DeFi-forward digital asset

929-706-2050

treasury operations. We are reiterating our OW rating and maintaining our $10.50 PT. Nathan.Frankovitz@cantor.com

Gareth Gacetta Treasury Update. As of March 31, 2026, SBET held 870,821 ETH, comprised of 589,305 212-915-1251

Gareth.Gacetta@cantor.com native ETH, 209,361 ETH as-if redeemed from LsETH, and 72,155 ETH as-if redeemed

Brett Knoblauch, CFA from WeETH. Since then, as of May 4, 2026, the Company's total ETH holdings are

212-610-2221 at 872,984. Based on SBET's reported ETH concentration of 4.02, this implies ~217m