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The Ethereum Opportunity Investor Presentation NASDAQ: SBET February 2026
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This presentation contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the expected growth in the online betting industry, Sharplink (“Sharplink” or the “Company”) ability to grow its business, the future use and market cap of Ethereum, the potential benefits of the Company’s products, services and technologies and the benefit of the Company’s ETH treasury strategy, and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to achieve profitable operations, government regulation of online betting and cryptocurrency, customer acceptance of new products and services, the demand for our products and our customers' economic conditions, the impact of competitive products and pricing, proprietary rights of the Company, the Company’s ability to obtain the capital resources necessary to fund its business, and other risk factors detailed in the Company's annual report and other filings with the United States Securities and Exchange Commission. The Company does not undertake any responsibility to update the forward-looking statements in this presentation. Safe Harbor Statement The Ethereum Opportunity 2
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Investment in the Company is subject to significant risks and should only be made after a careful review of the relevant documentation and following the consultation of a legal, tax or other adviser. Investing in the Company is speculative, not suitable for all investors, and intended only for investors who are able to bear the high economic risks of such investment, which can include, but are not limited to, loss of all or a substantial portion of your investment. Each prospective purchaser should carefully consider the risks and speculative factors associated with this offering before making any investments. This presentation has been prepared by the Company and is made for informational purposes only to familiarize yourself with the Company. This presentation does not purport to be all inclusive or to contain all of the information the recipient may require in connection with an investigation of the Company. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the Company or any officer, director, employee, agent, affiliate, representative or advisor of the Company. The Recipient should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. This presentation is neither an offer to sell or purchase, nor a solicitation of an offer to sell, buy or subscribe for any securities in any jurisdiction. Risk Factors; Disclaimer The Ethereum Opportunity 3
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The Sharplink Mission
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Sharplink aims to drive shareholder value by maximizing ETH per share growth This is achieved through disciplined ETH accumulation and institutional-grade, risk-managed yield The Ethereum OpportunityThe Sharplink Mission 5
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The Ethereum Opportunity Sources: Company materials (1) As of Jan 27, 2026 Best-In-Class Leadership Led by the Co-founder of Ethereum and CEO of Consensys, and the architect of BlackRock’s digital asset strategy Accretive ETH Acquisition Acquire ETH at the lowest blended cost to increase ETH Concentration Highly Liquid Public Equity Highly liquid Nasdaq-listed ETH treasury company with $70m+ in average daily trading volume Top ETH Treasury One of the largest ETH treasuries of any public company, with holdings of 866,262 ETH1 Enhanced ETH Exposure Alpha-seeking strategy to capture price appreciation, staking yield, and accretive returns from active treasury management Partnership with Consensys Benefit from a core strategic relationship with the most experienced Ethereum development company The Powerhouse ETH Treasury Platform The Sharplink Mission 6
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Joseph Chalom CO-CEO, SHARPLINK Joe Lubin CHAIRMAN, SHARPLINK Best-In-Class Leadership The Ethereum Opportunity Co-Founded Ethereum 2014 Founded Consensys 2015 Consensys created the modern Ethereum ecosystem, inventing the crypto wallet MetaMask, the SaaS RPC Infura, and the zkEVM Linea. The company’s software has introduced hundreds of millions of consumers and half a million developers to Ethereum, processing trillions of requests and managing $114bn of assets. Bootstrapped Ethereum 2015-2025 Consensys is heavily involved in Ethereum development, inventing the first zkEVM, writing the Besu and Teku clients that help run the network, and publishing more EIPs than any organization besides the Ethereum Foundation. Stewarding Ethereum 2015-2025 Joined BlackRock 2005 Built the BlackRock digital asset team and executed its strategy across stablecoins, crypto products (IBIT, ETHA), and tokenization initiatives (BUIDL) through strategic partnerships with Coinbase, Nasdaq, Circle, Securitize, and other ecosystem participants. Led BlackRock Digital Asset Strategy 2019-2025 Scaled Aladdin Fintech Business 2005-2018 Helped grow BlackRock’s industry-leading portfolio and risk management platform globally to both institutional and wealth providers, bringing foundational technological innovation and platform scale to the buy side. The Sharplink Mission JOE LUBIN BIO JOSEPH CHALOM BIO 77
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Ethereum Macro Opportunity
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Fidelity Launches its Stablecoin on Ethereum Fidelity’s stablecoin will serve both institutional and retail users, and is further evidence that institutions believe the future of finance is on Ethereum. Ethereum is Becoming the World’s Financial Ledger and Ultimate Trustware Circle IPO Circle’s public debut signaled growing institutional trust in crypto, cementing USDC's role in regulated digital finance. Robinhood Launches Tokenized Stocks on Ethereum Robinhood’s Ethereum-based stock rollout bridged traditional finance and DeFi, democratizing asset access. BlackRock Files for Staking ETF BlackRock’s filing for an Ethereum staking ETF marked a pivotal step toward institutionalizing ETH’s yield. GENIUS, CLARITY Acts These bipartisan bills clarified crypto rules, boosting U.S. competitiveness by providing legal certainty for innovation. The Ethereum Opportunity Bank of America “Ethereum is a global stablecoin rail” BofA’s endorsement of Ethereum as a stablecoin settlement layer validated its global financial utility. Ethereum Macro Opportunity JPM Deposit Token JPMD launched on Ethereum representing commercial bank deposits, designed to function similar to a stablecoin 9
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Acceleration of Onchain Innovation is Happening Now – Primarily on Ethereum The Ethereum Opportunity 10 Ethereum Macro Opportunity Stablecoins $300B+ Tokenized Assets $25B+ DeFi Protocols $200B+ Over 65% of stablecoins and tokenized assets are secured and transacted on Ethereum Digital representations of fiat currencies that enable fast, low-cost settlement and payments onchain. Traditional financial assets issued and traded onchain, allowing digital ownership, settlement, and real time transfer. Decentralized apps providing financial primitives like trading, borrowing/lending, and liquidity onchain. Ethereum and its Layer 2 chains secure more than 10x the high quality liquid assets of its nearest competitor and the gap is widening
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As the global adoption of onchain stablecoins and RWA’s progresses, Ethereum’s valuation stands to benefit. A strong positive relationship exists between ETH market cap and the total value of assets secured by the platform (r2 = 0.78) Sources: Consensys “The Industrialization of Trust” July 2025 Report Notes: Ethereum Dependent Economy: L1 DeFi TVL + L1 Stablecoin Mcap + L2 DeFi TVL + L2 Stablecoin Mcap + Restaking TVL Growing Ethereum’s Network Value ETH’s market capitalization is strongly correlated with total assets secured on Ethereum The Ethereum Opportunity ETH Market Cap vs. Total Secured Value1 FIGURE 3. 5 YEAR RELATIONSHIP OF ETH MARKET CAP VS TOTAL SECURED VALUE OF HQLA $0B $0B $100B $200B $300B $400B $500B ETH MARKET CAP ($B) $50B $100B $150B $200B 2025-05-31 2024-04-30 2023-04-01 2022-03-01 2021-01-30 2020-01-01 “Eventually the world became a programmable open marketplace, running on a global economic computer. This future arrived as the world's economic rails were rebuilt, piece by piece, on Ethereum, merging traditional assets with the security, speed, and composability of a decentralized web.” Joe Lubin, Founder and CEO of Consensys and Chairman of SharpLink 11 Ethereum Macro Opportunity
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Why Now is Still Early for ETH Full potential includes all US M2 money supply: $22+ Trillion STABLECOINS TAM Projected by US treasury for 2028: $2 Trillion Full potential of all global assets being tokenized: $780+ Trillion Growth opportunity by 2028: $16 Trillion $25B today $15.7B on Ethereum (62%) $300B today $170B on Ethereum (56%) GLOBAL TOKENIZED ASSETS TAM (TO SCALE) The Ethereum Opportunity 1 https://www.bloomberg.com/news/articles/2025-06-11/bessent-says-2-trillion-reasonable-for-dollar-stablecoin-market 2 ttps://app.rwa.xyz/networks 3 https://www.assettokenization.com/resources/why-mckinsey-believes-asset-tokenization-is-the-future-of-finance 4 Boston Consulting Group - Tokenization Report 2024, https://www.bcg.com/press/29october2024-tokenized-funds-the-third-revolution-in-asset-management-decoded 5 PWC Agentic Playbook - https://www.pwc.com/m1/en/publications/documents/2024/agentic-ai-the-new-frontier-in-genai-an-executive-playbook.pdf Stablecoin circulation has exploded from $5 billion in January 2020 to $300 billion today, with 60% of total stablecoin market cap residing on Ethereum and Ethereum Layer 2s 50x growth over last five years Stablecoins $2 trillion by 2028 “$2 trillion is a very, very reasonable” market cap for dollar-backed stablecoins by 2028, and he “could see it greatly exceeding that”. Scott Bessent, US Treasury Secretary RWAs crossed $2 billion within 12 months of institutional engagement, and are now at ~$13 billion, with 83% on Ethereum rails 6.75% growth month on month over past 12 months Tokenized RWAs $4-16 trillion by 2028 Conservative estimates for growth of assets on Ethereum by 2028, combined with the Ethereum network value model, point to a value of at least $15,000- $40,000 ETH ETH Value by 2028 12 Ethereum Macro Opportunity
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The SBET Edge
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Ethereum Is Productive The Ethereum Opportunity ~3.0% Annual Staking Yield US TREASURIES GOLDBTCETH YIELD ~4.3% (dilutive) 0%0%3.0% (productive) AVAILABILITY Market hours Market hours24/724/7 SETTLEMENT T+1 T+210-60 min12 seconds PROGRAMMABILITY None NoneLimitedFull SUPPLY DYNAMICS Inflationary 1.8% inflationFixedDeflationary Ethereum: Like gold, it is scarce and has no counterparty risk. Like dollars, it functions as a medium of exchange, store of value and numeraire. Like bonds, it generates yield. Like equity, it appreciates with network growth. Unlike all of them, it is natively digital, with no central issuer or beneficiary. ETH is a unique liquid asset generating a real yield of ~3.0% and offers category-wide exposure to growth in all digital assets. The SBET Edge FIGURE 4. COMPARISON OF ETH AND OTHER ASSETS Sources: Consensys “The Industrialization of Trust” July 2025 Report 14
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Active Treasury Management Enhances Value The Ethereum Opportunity SBET manages its capital structure to accretively increase ETH per share and potentially drive excess gains over token price gains Accretive equity issuance Monetize the NAV premium to increase value for existing shareholders Issue equity-linked securities Monetize SBET and ETH volatility Capture ETH-denominated yield Staking, Re-staking, DeFi, and other strategies Generate ETH-denominated revenue Through business operations and free cash flow Targeted M&A For accretive acquisition of additional ETH and shareholder value The SBET Edge Note: Price at Treasury Start equals the PIPE Offering Price 15 1 2 3 4 5
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Sharplink’s Yield Advantage Sharplink is able to outperform spot ETH and ETPs by capturing the full yield from staking and other sources The Ethereum Opportunity FY25 100.0 105.0 110.0 115.0 120.0 125.0 FY28FY26 FY29FY27 FY30 117.6 107.7 1.5% Partially Staked Additional yield compounds to a ~2x yield over ETH ETF over a 5 year period ETH EXPECTED ETF YIELD GENERATION ~3.0% UNIQUE SBET YIELD GENERATION Fully Staked Active Management ++% The SBET Edge ● Full staking, restaking and selective DeFi to generate superior ETH yield per unit of risk ● Direct validator access drives lowest-cost staking take rate ● Execution efficiency via direct broker and custodian relationships, reducing ETH deployment drag ● Earn incentives for deploying permanent capital in longer duration deals, which most other market participants are unable to do due to their mandates FIGURE 6. RELATIVE PERFORMANCE SBET VS LEADING ETH ETPS 16
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Sharplink’s Accumulation Advantage The Ethereum Opportunity Sharplink is able to efficiently acquire ETH at lowest blended cost of capital to enhance ETH Concentration The SBET Edge START OF ETH STRATEGY 8 MONTHS POST-LAUNCH ● Institution-ready capital structure with fully tradable float and no structural overhang ● Highly liquid with +$70M in average daily trading volume ● Accretive equity issuance capacity during periods of market premium ● Large growing asset base ● Low, single digit borrow rate ● Deep and active options market enhances institutional participation >2.0x increase in ETH Concentration1 Over 8 Months 4.03 2.46 07/13/25 2.00 Inception 05/30/25 1 ETH Concentration is computed as the ETH per fully diluted share, multiplied by 1000. FIGURE 7. ETH CONCENTRATION GROWTH OVER PAST 8 MONTHS 17 01/27/26
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Contact Us Investor Relations Sean Mansouri, CFA or Aaron D’Souza (720) 330-2829 ir@sharplink.com