$SharpLink Gaming(SBET)$ 【Is ETH Leverage Premium or a Lock-up Flood? SBET's New Challenge】

SharpLink Gaming (SBET) became the "largest listed company by ETH holdings" by holding 170,000 ETH, surging 45.6% to $13.41 at Monday's open, bringing its market cap back to $800 million, almost 1.8 times the treasury value (≈$452 million). However, the latest S-3 filing shows that PIPE investors can resell nearly 58.7 million shares and warrants, while the current market circulation is less than 2 million shares—an extreme "shortage" situation may soon reverse.

What's more, although ETH staking is as high as 95%, the annualized return is only about 3-5% statically, and the contribution to the fully circulating EPS is only $0.187-0.313, which is difficult to support today's valuation. In the short term, scarce chips + short covering may still amplify volatility; However, in the medium and long term, once the restriction is unlocked and the ATM is restarted, the valuation may fall back to the discount range of "ETH NAV + pledge interest", unless the company can get out of a more extreme leverage path.

Not investment advice.

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