Sharplink, Inc. (SBET)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$50.2M

Revenue growth

1496.7%

Net income, last twelve months

-$1.7B

Operating margin

-3401.5%

Net margin

-3406.3%

Return on equity

-121.2%

Market value

$1.6B

Cash

$56.2M

Shares outstanding

217.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 10 August 2026.

• Staking lifted total revenue. Total revenue was $11.5 million, against $0.7 million a year earlier. Staking revenue was $11.2 million and affiliate marketing revenue $0.4 million.
• Revenue below first quarter. The first-quarter release reported total revenue of $12.1 million, compared with $11.5 million in the second quarter.
• Net loss rose to $394.3M. Net loss was $394.3 million, against $103.4 million a year earlier. The six-month net loss was $1,079.8 million.
• Non-cash charges drove the loss. Management attributed the higher net loss to non-cash unrealized losses and impairments, partly offset by net realized gains.
• Impairment on LsETH and weETH. The LsETH and weETH impairment charge was $76.1 million. Management said the charges are non-cash and do not reduce ETH and ETH-equivalent tokens held.
• ETH holdings by form. June 30 holdings were 632,784 native ETH, 181,321 ETH as-if redeemed from LsETH and 72,776 ETH as-if redeemed from weETH, using a June 30 conversion date.
• SG&A up from prior year. SG&A expenses were $9.1 million, against $2.4 million a year earlier and $9.9 million in the first quarter.
• Cost drivers cited by management. Management linked the increase to a full quarter of treasury operations, with higher personnel, custody, insurance, legal, accounting and public-company costs.
• Cash rose to $56.2 million. Cash and cash equivalents were $56.2 million at June 30, 2026, up from $16.9 million at March 31, 2026 and $28.5 million at December 31, 2025.
• $75.0 million offering closed June. The offering issued 10,013,351 shares of common stock and accompanying warrants at a combined $7.49 per share and warrant. Proceeds partly funded about 10,000 ETH purchased at about $1,611 per ETH.
• About 2.1 million shares repurchased. In the quarter, about 2.1 million shares were repurchased at about $4.70 per share, for about $10.0 million in aggregate.
• Cumulative buybacks since August 2025. Since repurchases began in August 2025, the company has bought back 4,071,223 shares at an aggregate cost of about $41.7 million.
• Galaxy manages the fund. Galaxy is investment manager for the fund, responsible for sourcing, diligence, portfolio construction, position oversight and risk management.
• EthLabs focus on core protocol. EthLabs, founded by former senior Ethereum Foundation contributors, is focused on core protocol, scaling and interoperability work.

Company events

The newest 8-K filings of 60 held.

Every filing

The newest filings with the SEC of 114 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

213 funds held it at 30 Jun 2026: 103 added and 30 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• American Express Co. (AXP): revenue $77.6B, market value $213.5B
• Nu Holdings Ltd. (NU): revenue $15.8B, market value $58.1B
• Strategy Inc. (MSTR): revenue $498.3M, market value $51.2B
• Coinbase Global, Inc. (COIN): revenue $6.3B, market value $42.8B
• Synchrony Financial (SYF): revenue $15.0B, market value $23.4B
• SoFi Technologies, Inc. (SOFI): revenue $4.3B, market value $22.1B
• Circle Internet Group, Inc. (CRCL): revenue $2.9B, market value $22.0B
• Chime Financial, Inc. (CHYM): revenue $2.5B, market value $11.3B
• Iren Ltd. (IREN): revenue $707.0M, market value $10.3B
• Hut 8 Corp. (HUT): revenue $318.0M, market value $8.6B

What the company does

Sharplink is a Delaware company with its principal executive offices in Miami, Florida. In June 2025 it began holding Ether (ETH), the native token of the Ethereum blockchain, as its primary treasury asset. It also runs an online affiliate marketing business that sends players to sportsbooks and online casino gaming operators. The company changed its name from SharpLink Gaming, Inc. on 2 February 2026. After the May 2025 private placement, ETH made up 98% of its total assets. It had 15 full-time employees at 31 December 2025.

How the business is organised

Sharplink reports two segments. ETH Treasury Management was set up as its own operating segment on 2 June 2025. The company says its management focus has moved to digital asset treasury activities. It says it manages the affiliate business to preserve value and cash flow and does not treat it as the primary growth platform.

How the ETH treasury works

The company raises money through equity, equity-linked debt or other financings and uses it to buy ETH. It has set no target for the maximum amount of ETH it holds. As of 6 March 2026 it reported total ETH holdings of 868,699. That figure is made up of 604,618 in native ETH, 208,893 on an as-if-redeemed basis from LsETH, and 55,188 on an as-if-converted basis from WeETH.

- Native staking. The ETH stays onchain with withdrawal credentials held by the custodian. It is delegated to third-party validators, directly or through asset managers, and the rewards are recognised as revenue when earned. - Liquid staking. The company deposits ETH with the Liquid Collective protocol and receives LsETH, a redeemable receipt token. It held 204,409 LsETH at 31 December 2025. Redemption goes through a validator exit queue, which was about nine days as of 6 March 2026.

On 20 December 2025 the company agreed a collaboration with Consensys Software, Ether.fi, Eigen Labs and Anchorage Digital Bank. The plan is to deploy ETH from its treasury onto Linea, a zero-knowledge Ethereum Virtual Machine Layer 2 network, over an initial 24 months. On 8 January 2026 it completed an initial deployment, converting 54,987 ETH into 50,661 units of Wrapped Ether. Incentives from Ether.fi, Linea and Eigen are based on the value the company keeps locked on Linea. They are paid in ETH, WeETH or $LINEA. The company is also a founding member of the Linea Consortium with Consensys.

The company tracks ETH Concentration, which it also calls ETH per share. This is total ETH holdings divided by every 1,000 Assumed Diluted Shares Outstanding. The company calls it its "north star" metric. It also has a digital transfer agent agreement with Superstate Services to tokenize its common stock on Ethereum, but it has not tokenized any shares.

How the affiliate business earns money

In December 2021 the company acquired assets of FourCubed, including the casino-focused affiliate network PAS.net. The filing says PAS has operated for approximately two decades. In November 2022 the company added state-specific websites that direct users to licensed sportsbook and online casino operators. As of March 2026 it operated affiliate properties serving 15 states and was licensed or otherwise authorized in 32 jurisdictions. It currently puts the most emphasis on Michigan, New Jersey, Pennsylvania and West Virginia. Traffic comes mainly from search engine optimization and targeted digital advertising.

It earns commissions from operators for new depositing customers. Depending on the jurisdiction and contract, commissions are paid per acquisition or as a percentage of net gaming revenue from the players it refers. It does not process wagers or hold customer funds.

Custody and counterparties

The company holds its ETH and related assets with institutional custodians. It names Anchorage Digital Bank and Coinbase as its qualified custodians. Coinbase is also its principal market for ETH pricing. The filing warns that custodian insurance may cover none or only a small fraction of the holdings.

Who it competes with

The company says it competes indirectly with spot digital asset exchange-traded products, which generally hold ETH passively. It also competes with other public companies that hold digital assets, and with crypto-native firms, private funds and offshore vehicles. It cites The National Law Review as saying that by late 2025 more than 200 United States public companies had adopted digital asset treasury strategies. The company says it runs its treasury through an in-house team rather than relying only on outside managers. In affiliate marketing, competition centres on brand recognition, content quality, marketing efficiency, regulatory compliance and the terms of operator agreements.

History, people and assets

In January 2024 the company sold its Sports Gaming Client Services and SportsHub Gaming Network units to RSports Interactive. Those results appear as discontinued operations. Joseph Lubin is Chairman, Joseph Chalom is Chief Executive Officer and Robert DeLucia is Chief Financial Officer. The company relies on trade secrets and confidentiality for its treasury methods. As of 6 March 2026 it owned 155 domain name registrations.

*From Sharplink's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1981535/000149315226009214/form10-k.htm)*

From the company's 10-K.