Sharplink Gaming Inc. (NASDAQ:SBET) has posted a $686 million net loss in Q1, yet TD Cowen reiterated its buy rating with a $16 price target, implying 106% upside from Monday’s close at $7.76.

Revenue Jumps From $742,000 To $12.1 Million

Sharplink reported Q1 2026 revenue of $12.1 million on Monday, up from just $742,000 in the same period last year. 

The company pointed to staking income from its treasury strategy as the main driver.

The net loss of nearly $686 million came mostly from unrealized losses tied to Ethereum (CRYPTO: ETH) price declines. 

Ethereum was trading around $3,000 at the beginning of 2026 before dropping roughly 40% to $1,800 and closing the quarter at nearly $2,000.

Benzinga