SharpLink

What SharpLink does

SharpLink, Inc. (NASDAQ: SBET), formerly SharpLink Gaming, Inc., is a publicly traded digital asset treasury company that pivoted in mid-2025 from a legacy online affiliate marketing business connecting regulated sports betting and iGaming operators with end customers to an institutional-grade Ethereum treasury platform. As of May 4, 2026, the company held 872,984 ETH (approximately $1.72 billion at February 2026 prices) and staked 100% of its holdings from inception, passing all native staking rewards through to shareholders without fee skimming. The company was added to the Russell 2000 and Russell 3000 indexes effective June 29, 2026, with institutional ownership of its common stock at approximately 46% as of December 31, 2025.

The company's core technology combines native protocol staking, onchain DeFi yield strategies, and an in-house treasury management operating system that replaced Galaxy Digital and ParaFi Capital as discretionary managers effective May 31, 2026. A multi-year $200 million deployment of ETH is in progress onto ConsenSys' Linea Layer 2 zkEVM, combining ether.fi liquid staking with EigenCloud restaking under Anchorage Digital Bank custody. SharpLink also operates the $125 million Galaxy Sharplink Onchain Yield Fund, LP with Galaxy Digital and maintains a public, real-time ETH Dashboard at sharplink.com/dashboard. Strategic partnerships span ConsenSys (MetaMask, Linea), Galaxy Digital, ether.fi, EigenCloud, and Anchorage Digital Bank, with co-funding of the Ethlabs nonprofit R&D initiative alongside Bitmine Immersion Technologies and Ethereum co-founder Joseph Lubin.

SharpLink generates revenue primarily through Ethereum staking rewards (~$1.1 million weekly / $15.3 million quarterly in Q4 2025; ~15,000 ETH cumulative since June 2025) and onchain DeFi yield, supplemented by its legacy affiliate marketing business. Capital formation occurs through public-market equity issuance — over $676 million raised across three registered direct offerings in 2025, a $425 million PIPE in June 2025, ATM facility proceeds, and a $75 million registered direct offering in June 2026 — with proceeds earmarked for additional ETH accumulation. The company is led by Joseph Chalom (former BlackRock digital asset chief, CEO) and Joseph Lubin (Ethereum co-founder, board director).

Name

SharpLink

Legal name

Sharplink, Inc.

Website

https://sharplink.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

SharpLink, Inc. (NASDAQ: SBET) operates an institutional-grade Ethereum Digital Asset Treasury platform, holding ~873,000 ETH and passing 100% of staking rewards to shareholders, while retaining a legacy online affiliate marketing business connecting regulated sports betting operators with potential customers.

Ownership category

akta.pro rank

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Ethereum staking rewards: Native protocol staking yield on the company's 100% staked ETH treasury (e.g., ~$1.1M weekly / $15.3M quarterly in Q4 2025; 13,615 ETH cumulative rewards since June 2025). Yield accrues 100% to shareholders with no fee skimming.
2. Onchain DeFi yield via Galaxy Sharplink Onchain Yield Fund: Yield generated from deploying staked ETH into DeFi liquidity pools, restaking, and basis trading via the $125M Galaxy-managed fund and broader Linea/ether.fi/EigenCloud deployment.
3. iGaming/sports betting affiliate marketing: Legacy operating business: an online affiliate marketing platform connecting regulated sports betting and iGaming operators with potential customers; minority investments in Web3 gaming platforms (e.g., CryptoCasino.com).
4. Capital markets equity issuance: Raised over $676M across three registered direct offerings in 2025 plus a $425M PIPE; proceeds used to acquire additional ETH. Functions as a non-cash capital formation engine for treasury growth.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

SharpLink is an institutional-grade Ethereum Digital Asset Treasury platform that acquires, stakes, and deploys ETH across Layer 1 and Layer 2 networks to generate native staking rewards and DeFi yield for shareholders. The company stakes 100% of its ETH holdings, passes 100% of staking yield to shareholders with no fee skimming, and compounds ETH per share through public-market capital formation and onchain strategies such as the $200M Linea zkEVM deployment and the Galaxy Sharplink Onchain Yield Fund. It also retains a legacy online affiliate marketing business connecting regulated sports betting and iGaming operators with potential customers.

Product overview

SharpLink operates a platform-plus-modules architecture centered on its Ethereum Digital Asset Treasury strategy, with the Ethereum Digital Asset Treasury Platform serving as the core product that acquires and stakes ETH and compounds ETH per share over time. The Sharplink ETH Dashboard operates as an add-on module providing real-time visibility into total ETH holdings, staking rewards, and deployment performance. The Galaxy Sharplink Onchain Yield Fund extends the core treasury into onchain DeFi and credit yield strategies as a partnership product with Galaxy Digital. Alongside this treasury platform, SharpLink retains its legacy Sharplink Online Affiliate Marketing Business, which connects regulated gaming operators with potential customers.

Differentiator

Problem solved

Functional benefit

Products and services

• Ethereum Digital Asset Treasury Platform SharpLink's flagship corporate treasury platform that acquires and stakes Ether, generates yield through staking, restaking, and DeFi strategies, and compounds ETH per share over time. The platform stakes 100% of its ETH holdings and passes 100% of staking rewards to shareholders with no fee skimming. Targets public market investors seeking regulated, yield-bearing Ethereum exposure.
• Sharplink ETH Dashboard Live public dashboard providing real-time visibility into SharpLink's total ETH holdings, staking rewards, onchain yield performance, and treasury deployments for investors and stakeholders.
• Galaxy Sharplink Onchain Yield Fund $125 million partnership vehicle launched with Galaxy Digital that delivers institutional-grade exposure to onchain credit and DeFi yield strategies, extending SharpLink's Ethereum treasury into onchain capital markets.
• $200M ETH Deployment on Linea via ether.fi and EigenCloud Multi-year deployment of $200M of ETH treasury onto Consensys' Linea Layer 2 zkEVM, combining ether.fi liquid staking with EigenCloud restaking to generate risk-adjusted DeFi yield under Anchorage Digital Bank custody.
• Sharplink Online Affiliate Marketing Business Legacy online affiliate marketing business that connects regulated gaming operators (sports betting and iGaming) with potential customers via content-based acquisition channels. Retained alongside the core Ethereum Digital Asset Treasury strategy as a non-core operating line.

Quantifiable outcome

• 100% of staking yield passed to shareholders (no fee skimming)
• +5 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered flagship, core and minor.

• ConsensysflagshipStrategic or Co-development PartnerConsensys is the builder of MetaMask, Linea, and core Ethereum infrastructure. SharpLink is partnered with Consensys to access enhanced ecosystem incentives and DeFi technologies. Consensys leadership (Ethereum co-founder Joseph Lubin) sits on SharpLink's board, and SharpLink plans a multi-year $200M deployment of ETH on Consensys' Linea L2.
• Galaxy DigitalflagshipStrategic or Co-development PartnerGalaxy Digital and SharpLink entered a non-binding MOU to launch the Galaxy Sharplink Onchain Yield Fund, LP ($125M total commitments: $100M from Sharplink's staked ETH + $25M from Galaxy) with Galaxy serving as investment manager. Galaxy previously served as a discretionary manager of SharpLink's ETH treasury (terminated effective May 31, 2026) and has partnered with 15+ corporate crypto treasury initiatives.
• ether.ficoreTechnology or IntegrationSharpLink combines ether.fi liquid staking with EigenCloud restaking as part of its $200M Linea deployment, using ether.fi for staking to generate DeFi yield on ETH treasury assets.
• EigenCloudcoreTechnology or IntegrationEigenCloud provides restaking infrastructure used by SharpLink in combination with ether.fi to generate risk-adjusted yield on the ETH deployed to ConsenSys' Linea.
• Anchorage Digital BankcoreTechnology or IntegrationAnchorage Digital Bank provides institutional-grade custody for SharpLink's $200M ETH deployment on ConsenSys' Linea, supporting regulatory compliance. Anchorage is also listed as a co-funder of the Ethlabs nonprofit R&D initiative alongside SharpLink and Bitmine.
• EthlabscoreStrategic or Co-development PartnerEthlabs is an independent nonprofit R&D organization co-founded by five former senior Ethereum Foundation researchers and co-funded by SharpLink, Bitmine, and Joe Lubin. SharpLink contributed funding to support research on Ethereum's scalability, interoperability, and institutional adoption infrastructure.
• KPMG LLPcoreImplementation/ SI/ Consulting PartnerKPMG LLP was ratified by SharpLink shareholders at the 2026 Annual Meeting (April 14, 2026) as the company's independent registered public accounting firm for fiscal year 2026.
• REX Shares and Tuttle Capital ManagementminorOEM/ Whitelabel/ Licensing PartnerREX Shares and Tuttle Capital Management launched the T-REX 2X Long SBET Daily Target ETF (SBTU) on CBOE, providing 200% leveraged daily exposure to SharpLink Gaming.
• CryptoCasino.comminorStrategic or Co-development PartnerSharpLink Gaming made a strategic investment (minority stake) in CryptoCasino.com, a Web3 betting platform, supporting the platform's rebrand and integration of blockchain-based features including $CASINO token utilities. Targets wallet-native crypto users with no KYC requirements.
• SportsHub Games NetworkcoreStrategic or Co-development PartnerSharpLink entered an all-stock merger agreement to acquire SportsHub Games Network (a leading fantasy sports provider) in September 2022, subject to shareholder approval. The acquisition aimed to leverage SportsHub's platform and expand into US sports betting; ultimately SharpLink's strategic direction pivoted to an Ethereum treasury company.

Scale indicators11 records

Recent moves6 records

Expansion highlights9 records

Direct peers

• Bitmine Immersion Technologies: Public corporate ETH treasury holding ~5.42M ETH (~4.49% of total supply), added to Russell 1000 in June 2026. Most directly comparable to SharpLink as a Nasdaq-listed ETH treasury company co-funder of Ethlabs with SharpLink and Lubin.
• MicroStrategy (now Strategy): Pioneer of the public-company digital asset treasury model, holding ~500K+ BTC. Closest comparable on the public-equity-as-crypto-treasury-vehicle model, including ATM/convertible-funded accumulation, though BTC-focused rather than ETH.
• BTCS Inc. Nasdaq-listed blockchain technology company building a corporate ETH treasury with staking and DeFi yield strategies. Directly comparable as a smaller-cap ETH-treasury public company pursuing similar institutional staking economics.
• Marathon Digital Holdings: Public crypto treasury / mining company accumulating digital assets on balance sheet, comparable as a public-markets crypto-treasury vehicle, though predominantly BTC-focused and exposed to mining economics.
• Hut 8 Corp. Public crypto infrastructure and treasury company combining mining with digital asset holdings, comparable as a public-markets digital asset treasury with diversified revenue streams and institutional exposure.

Broad incumbents

• Galaxy Digital Holdings: Full-service crypto financial services firm and SharpLink's strategic partner in the Galaxy Sharplink Onchain Yield Fund ($125M) and a partner on 15+ corporate crypto-treasury initiatives collectively committing $4B+. Comparable as a broader institutional crypto-asset manager and ETH yield provider.
• Coinbase Global: Largest US-based crypto exchange providing ETH custody, staking (with the very fee skimming SharpLink attacks), and institutional services. Comparable as the dominant incumbent in institutional ETH access that SharpLink positions against on yield passthrough.

Emerging players

• ETHZilla: Emerging public-company ETH treasury vehicle pursuing a similar staking/DeFi yield strategy. Directly comparable as a peer ETH-treasury firm competing for institutional capital and index inclusion in the same category.

Others

• Consensys: Builder of MetaMask, Linea, and core Ethereum infrastructure; SharpLink's primary strategic partner and investor via the $425M PIPE. Comparable as an enabling ecosystem participant that provides Linea L2, ether.fi integrations, and preferential incentives underpinning SharpLink's yield stack.
• Anchorage Digital Bank: OCC-chartered digital asset bank providing institutional custody and staking infrastructure. Comparable as the institutional-grade custodian enabling SharpLink's $200M Linea deployment and core to its regulated-custody value proposition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/SharpLinkGaming
• Facebookfacebook.com/sharplinkgaming
• LinkedInlinkedin.com/company/sharplink-us

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors13 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SharpLink