SharpLink Gaming, Inc. (SBET) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 08, 2026

Risk Assessment Details

Potential Dilution: 0.0% of current shares
Recent Dilution: 27286.54% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
210M
Potential Supply
0
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

SBET currently has 211M outstanding shares. with minimal authorized share overhang for future dilution. The company has significantly diluted shareholders by 27286.54% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 08, 2026

10-Q filing | 210.9M shares outstanding

210M 0
Nov 12, 2025

10-Q filing | 196.7M shares outstanding

200M 0
Oct 17, 2025

8-K filing: SharpLink Gaming, Inc. entered into a securities purchase agreement to sell 4,500,000 shares of common stock at $17.00 per share in a registered direct offering. ($76.5M proceeds)

170M 0
Aug 19, 2025

8-K filing: The Company sold 6.6 million shares of its common stock for net proceeds of approximately $146.5 million pursuant to the ATM Facility. ($146.5M proceeds)

170M 0
Aug 14, 2025

10-Q filing | 168.9M shares outstanding

170M 0
Aug 12, 2025

8-K filing: SharpLink Gaming, Inc. entered into a securities purchase agreement to sell 18,382,353 shares of its common stock at $21.76 per share in a registered direct offering, with gross proceeds of approximately $400 million, intending to use the net proceeds to acquire Ether and for general working capital purposes; the offering is expected to close on August 12, 2025. ($400.0M proceeds)

660K 2.7M
Aug 08, 2025

8-K filing: SharpLink Gaming, Inc. entered into a securities purchase agreement to sell 10,256,411 shares of common stock at $19.50 per share in a registered direct offering, with gross proceeds of approximately $200 million, to be used to acquire Ether and for general working capital purposes. ($200.0M proceeds)

660K 2.7M
Jul 15, 2025

8-K filing: The Company sold 24,572,195 shares of its common stock for net proceeds of approximately $413 million pursuant to the ATM Facility during the period from July 7, 2025, through July 11, 2025. ($413.0M proceeds)

660K 2.7M
Jul 08, 2025

8-K filing: The Company sold 5,499,845 shares of its common stock for net proceeds of approximately $64.0 million pursuant to the ATM Facility. ($64.0M proceeds)

660K 2.7M
Jul 01, 2025

8-K filing: The Company sold 2,525,637 shares of its common stock for net proceeds of approximately $24.4 million pursuant to the ATM Facility. ($24.4M proceeds)

660K 2.7M
Jun 24, 2025

8-K filing: The Company sold 2,547,180 shares of its common stock for net proceeds of approximately $27.7 million pursuant to the ATM Facility during the period from June 16, 2025 through June 20, 2025. ($27.7M proceeds)

660K 2.7M
Jun 13, 2025

8-K filing: The Company sold 1,622,520 shares of common stock for gross proceeds of approximately $79 million pursuant to the ATM Facility between June 2, 2025 and June 12, 2025. ($79.0M proceeds)

660K 2.7M
May 30, 2025

8-K filing: SharpLink Gaming, Inc. entered into securities purchase agreements to sell 58,699,760 shares of common stock at $6.15 per share and pre-funded warrants to purchase up to 10,400,553 shares at $6.1499 per warrant in a private placement offering. ($424.86M proceeds)

660K 2.7M
May 20, 2025

8-K filing: SharpLink Gaming, Inc. completed an offering of 34,000 shares of common stock and Pre-Funded Warrants to purchase up to 1,496,612 shares at $2.94 per share, resulting in gross proceeds of approximately $4.5 million before deducting fees and expenses. ($4.39M proceeds)

660K 2.7M
May 19, 2025

S-1/A filing: Sharplink Gaming, Inc. is offering up to 1,520,270 shares of common stock or pre-funded warrants to purchase up to 1,520,270 shares of common stock at an assumed price of $2.96 per share.

660K 2.7M
May 15, 2025

10-Q filing | 0.7M shares outstanding

660K 2.7M
May 06, 2025

S-1/A filing: Reasonable best efforts public offering of common stock, pre-funded warrants, Series A-1 warrants, Series A-2 warrants and shares of common stock underlying the warrants.

660K 2.7M
May 05, 2025

S-1 filing: Sharplink Gaming, Inc. is offering common stock, pre-funded warrants, Series A-1 warrants, and Series A-2 warrants in a best-efforts public offering, with A.G.P./Alliance Global Partners as the exclusive placement agent.

7.4M 0
May 05, 2025
Stock Split

8-K filing: Stock split 1-for-12 | Outstanding: 4,887,531 → 407,294

410K 0
Apr 03, 2025

8-K filing: SharpLink Gaming, Inc. entered into an exchange agreement with Alpha Capital Anstalt, exchanging Series A-1 and Series B Preferred Stock for 464,195 shares of common stock and 535,805 prefunded warrants.

4.9M 0
Mar 14, 2025

10-K filing | 4.9M shares outstanding

4.9M 0
Nov 14, 2024

10-Q filing | 3.5M shares outstanding

3.5M 0
Aug 15, 2024

10-Q filing | 3.4M shares outstanding

3.4M 0
Jul 16, 2024

8-K filing: SharpLink Gaming, Inc. entered into an Exchange Agreement with Alpha Capital Anstalt to exchange a warrant for shares of common stock, a pre-funded warrant, and the unexchanged balance of a warrant repurchase, and subsequently entered into Exchange Agreement No. 2 to exchange the Warrant Repurchase Balance for a new warrant and the termination of the Warrant Repurchase Balance.

3.4M 0
Jun 05, 2024

POS AM filing: This POS AM filing relates to the offering of common stock by selling shareholders, including shares issuable upon exercise of warrants. The company will not receive any proceeds from the sale of shares.

3.4M 0
May 22, 2024

POS AM filing: This is a POS AM filing detailing the offering of common stock by a selling shareholder, including shares held directly and those issuable upon exercise of warrants.

3.4M 0
May 17, 2024

10-Q filing | 3.6M shares outstanding

3.6M 1.3M
May 03, 2024

8-K filing: SharpLink Gaming, Inc. entered into an ATM Sales Agreement with A.G.P./Alliance Global Partners to offer and sell shares of its common stock, having an aggregate offering price of up to $1,676,366. ($1.68M proceeds)

3.4M 1.5M
May 02, 2024

S-3 filing: SharpLink Gaming, Inc. files an S-3 to offer up to $100,000,000 of any combination of common stock, preferred stock, or debt securities, from time to time at prices and on terms to be determined at or prior to the time of the offering.

3.4M 1.5M
Mar 29, 2024

10-K filing | 3.3M shares outstanding

3.3M 0
Mar 08, 2024

8-K filing: SharpLink Gaming, Inc. exchanged a warrant with Alpha Capital Anstalt for 156,207 shares of common stock and a pre-funded warrant for 469,560 shares of common stock, closing the transaction on March 8, 2024.

N/A 0
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