How does SharpLink's ETH exposure compare to other publicly traded companies with crypto assets?

SharpLink’s disclosed treasury now contains 728,804 ETH – roughly a $1.3 bn position at a $1,800 ETH price – which represents about 10‑12 % of the company’s market‑capitalisation (≈$12‑13 bn). By contrast, the handful of other publicly‑traded firms that list crypto on their balance sheets are dominated by Bitcoin holdings. Marathon Digital (NASDAQ: MARA) reports ~30,000 BTC (≈$1.2 bn) and Riot Platforms (NASDAQ: RIOT) ~20,000 BTC (≈$800 mn). Coinbase (NASDAQ: COIN) and Galaxy Digital (NASDAQ: BRPH) hold mixed‑asset balances, but their ETH exposure is modest – Coinbase’s ETH stash is under 5,000 ETH (≈$9 mn) and Galaxy’s is roughly 10,000 ETH (≈$18 mn). Thus, SharpLink is the clear front‑runner in pure‑ETH exposure among listed companies, both in absolute ETH units and in dollar terms relative to its equity value.

From a trading perspective, SharpLink’s stock price is now tightly linked to ETH’s price trajectory. A sustained ETH rally above $2,000 would lift the treasury value by > $1 bn, potentially expanding the equity‑to‑treasury ratio and supporting a bullish bias on SBET, especially on breakout‑oriented technical patterns (e.g., the stock holding above its 50‑day EMA and testing the $12‑$13 resistance band). Conversely, a sharp ETH pull‑back could erode a material portion of the balance sheet, pressuring the stock toward its lower support at $9‑$10. Given the limited alternative crypto exposure, investors should monitor ETH’s volatility, on‑chain activity, and broader Ethereum ecosystem news (e.g., upgrades, DeFi inflows) as key catalysts for SBET’s price action. A position‑sizing approach that caps exposure to ~5‑10 % of portfolio capital, with a stop just below the 50‑day EMA, can capture upside while limiting downside in a high‑beta, ETH‑driven equity.