Sharplink, Inc. operates a digital asset treasury business in the United States and internationally, functioning as an institutional-grade Ethereum treasury platform. It has two segments: Ether (ETH) Treasury Management, which focuses on accumulating and actively managing ETH as a long-term treasury asset through native and liquid staking within a governance, custody, and risk management framework; and Affiliate Marketing, which provides performance-based customer acquisition services to sportsbook and online casino gaming operators. The Affiliate Marketing segment also drives user traffic and player acquisition for licensed gaming operators through PAS.net, an international affiliate network, and a portfolio of U.S. state-specific digital properties. The company was formerly known as SharpLink Gaming, Inc. and changed its name to Sharplink, Inc. in February 2026. Founded in 2019, it is headquartered in Miami, Florida.
Sharplink's ETH treasury drives big loss, but buybacks and yield fund offer support
▼
Q2 loss from ETH treasury Sharplink reported a $394.3 million net loss for Q2, mostly from unrealized losses and impairment on its Ethereum holdings. Revenue rose to $11.5 million but missed estimates. This weighs on SBET's price because it shows the treasury strategy can produce large accounting losses.
This is the biggest new negative event and directly explains why SBET is under pressure.
▲
Share buyback and ETH purchases Sharplink repurchased over 2.13 million shares at $4.69 each and bought 10,000 ETH at $1,611, bringing total ETH holdings to about 886,725. Buybacks can support the stock price by reducing supply, while more ETH increases treasury value if prices rise.
This shows management action that can offset negative sentiment and supports the stock.
▲
New $125M onchain yield fund Sharplink and Galaxy Digital launched a $125 million fund, with $100 million from Sharplink's staked ETH. This aims to generate yield from its treasury, making the ETH more productive and potentially boosting future returns.
This is a new strategic move that could improve profitability and investor confidence.
▲
Corporate ETH buying supports Ethereum Sharplink's continued ETH purchases are helping support Ethereum's price amid ETF outflows. Since Sharplink's value is tied to its ETH holdings, a stable or rising ETH price can lift SBET's shares.
This links Sharplink's treasury activity to broader ETH demand, which affects SBET's value.
Q3 2026
▲3▼1
Sharplink's ETH treasury drives big loss, but buybacks and yield fund offer support
▼
Q2 loss from ETH treasury Sharplink reported a $394.3 million net loss for Q2, mostly from unrealized losses and impairment on its Ethereum holdings. Revenue rose to $11.5 million but missed estimates. This weighs on SBET's price because it shows the treasury strategy can produce large accounting losses.
This is the biggest new negative event and directly explains why SBET is under pressure.
▲
Share buyback and ETH purchases Sharplink repurchased over 2.13 million shares at $4.69 each and bought 10,000 ETH at $1,611, bringing total ETH holdings to about 886,725. Buybacks can support the stock price by reducing supply, while more ETH increases treasury value if prices rise.
This shows management action that can offset negative sentiment and supports the stock.
▲
New $125M onchain yield fund Sharplink and Galaxy Digital launched a $125 million fund, with $100 million from Sharplink's staked ETH. This aims to generate yield from its treasury, making the ETH more productive and potentially boosting future returns.
This is a new strategic move that could improve profitability and investor confidence.
▲
Corporate ETH buying supports Ethereum Sharplink's continued ETH purchases are helping support Ethereum's price amid ETF outflows. Since Sharplink's value is tied to its ETH holdings, a stable or rising ETH price can lift SBET's shares.
This links Sharplink's treasury activity to broader ETH demand, which affects SBET's value.
News & notes movingSBET
United States
Digital Finance & Tokenization▼
Sharplink Stakes $200 Million of Ether Through Lido After $394.3 Million Quarterly Loss
Sharplink Inc. said on August 13 it would stake $200 million of its Ether through Lido, the largest liquid staking protocol on Ethereum, receiving wstETH in return and holding it in custody with Anchorage Digital. The move extends a treasury strategy that has made Sharplink one of the largest corporate holders of ETH, with roughly 888,938 ETH as of August 3, up from about 886,881 ETH on June 30. In the second quarter of 2026, revenue climbed to $11.5 million from $0.7 million a year earlier, while the company posted a net loss of $394.3 million, more than triple the $103.4 million loss a year earlier, driven largely by $321.0 million in unrealized losses on ETH price swings and a $76.1 million impairment charge on its LsETH and weETH holdings. Sharplink was added to the Russell 2000 and Russell 3000 indexes in the June reconstitution and repurchased about 2.1 million shares for roughly $10.0 million in the quarter, close to $41.7 million worth since August 2025, while hedge fund ownership fell to 21 funds from 25 and short interest sits at 16.17% of the float.
Digital Finance & Tokenization › Bitcoin / Crypto Treasury & Store-of-Value Proxies Capital
SBET · Capital · Negative Sharplink posted a $394.3M quarterly net loss driven by $321M unrealized ETH losses and a $76.1M impairment on its LsETH/weETH holdings.
SEC Tokenization Order Lifts Ethereum to $2,727 as Bitmine, Coinbase Jump 6%
The SEC issued a five-year exemption on September 17 creating a regulated pathway for certain trading venues to issue tokenized representations of publicly traded U.S. stocks, sending crypto-linked equities higher Monday morning. Ethereum is at $2,727.39, up 5.7% over the trailing 24 hours, while the iShares Ethereum Trust ETF is up 3.3% to $20.57 and the SPDR S&P 500 ETF Trust is up 0.7% at $767.14. Bitmine Immersion Technologies, the largest publicly traded Ethereum treasury, is at $27.42, up 6%, and SharpLink is at $9.80, up 5%, both tracking the coin as Ethereum-treasury proxies. Coinbase Global is at $205.12, up 6%, catching a separate bid because it already runs tokenized equity offerings outside the United States and sits closest to the order's practical mechanics. The exemption carries volume limits and no formal rulemaking has followed, so the durability of Coinbase's rally hinges on any U.S. onshore rollout it pursues under those conditions.
BMNR · Regulation · Positive Largest publicly traded Ethereum treasury rises 6% as the SEC tokenization exemption lifts Ethereum and its treasury proxies.
COIN · Regulation · Positive Coinbase jumps 6% because it already runs tokenized equity offerings abroad and sits closest to the SEC order's practical mechanics.
ETH · Regulation · Positive Ethereum climbs to $2,727 as the SEC's five-year tokenization exemption creates a regulated pathway for tokenized U.S. equities.
SBET · Regulation · Positive SharpLink rises 5% as an Ethereum-treasury proxy tracking the coin higher on the SEC tokenization exemption.
Bitmine Buys $68 Million in Ethereum, Holdings Near 6 Million ETH
Bitmine Immersion Technologies bought another 27,180 Ethereum tokens last week, bringing its holdings to nearly 6 million ETH as it approaches its goal of owning 5% of the cryptocurrency's supply. In its Monday announcement, Bitmine said it held 5,956,378 ETH, worth approximately $14.89 billion, as of Sunday evening, representing roughly 4.9% of Ethereum's supply. The purchase was slightly smaller than the previous week's addition of 28,086 ETH, which lifted its holdings to 5.93 million tokens. Bitmine valued its total holdings at $15.8 billion, including its Ethereum, 212 Bitcoin, $549 million in cash and securities, and stakes in Beast Industries and Eightco Holdings worth $180 million and $98 million, respectively. About 85% of its Ethereum, or 5.07 million ETH, is staked, generating projected annualized revenue of $334 million at a 2.62% yield, and Chairman Tom Lee said revenue could reach $392 million if all its ETH were staked through MAVAN and its partners. Rival Ethereum treasury company SharpLink announced plans in August to stake $200 million through Lido, while Bitcoin treasury giant Strategy bought no Bitcoin in the week through September 13 and spent another $139 million buying back preferred shares.
Strive CEO Matt Cole declared the Bitcoin bear market over after Bitcoin broke out against the U.S. dollar and gold simultaneously, sending Strive stock up 5% to $19.09 and Strategy stock up 3% to $123.05 in early Monday trading. Cole cited the dual breakout as the basis for his conviction, while Strive holds 20,246 Bitcoin at an average cost of $94,345, ranking seventh among public company holders. Separately, Strategy disclosed in an 8-K that it raised over $2 billion by selling 18,261,118 shares last week at an average of $109.88 without selling any Bitcoin, with $1.57 billion of the proceeds placed into a newly created unrestricted cash account called USD Cash. SharpLink's institutional ownership rose 12 percentage points to 60%, and Bitmine Immersion Technologies, the largest corporate Ethereum holder with more than 3.73 million ETH, also rose 3% to $23.50. The CoinShares Bitcoin Mining and Digital Power ETF slid 2% to $45 and was down 20% over the past month, underscoring the divergence between treasury vehicles and miners.
SharpLink to Stake $200 Million Worth of ETH via Lido
SharpLink, the publicly listed company with the world's second-largest ETH holdings, has announced plans to stake $200 million worth of Ethereum through Lido. According to an August 13 press release, the ETH it manages will be held as wstETH issued by Lido, with custody provided by Anchorage Digital. As of August 3, SharpLink held 888,938 ETH, and this $200 million allocation represents about 12% of the company's ETH treasury. CEO Joseph Chalom said the company wants to improve the capital efficiency of its ETH holdings while maintaining institutional-grade risk management standards, and SharpLink views this allocation as part of diversifying its treasury strategy. Meanwhile, flows in U.S. spot ETH ETFs were mixed around the July CPI release, ETH traded mostly in a range of $1,860 to $1,890 for much of the week, and in the options market the August 17 max pain price stands at $1,880.
Strategy, the Bitcoin treasury company led by Michael Saylor, faces a fresh MSCI delisting threat after the index provider opened a consultation on the eligibility of non-operating companies for its Global Investable Market Indexes. A simulation using May 2026 data shows Strategy, Metaplanet, and Yellow Cake could be deleted from the MSCI ACWI IMI, while SharpLink, Center Laboratories, and Lydia Holding would be placed on a watchlist. MSCI's proposed framework would exclude companies that fail an initial operating-asset test and trigger at least four of five financial flags, including operating assets below 20% of total assets and negative operating cash flow. Strategy, with a free-float-adjusted market cap of $23.9 billion in the simulation, is the largest company that could be removed, and the company responded on X saying index providers should measure markets, not decide which assets companies are allowed to own. MSCI is gathering feedback through September 30 and expects to announce results by October 16.
ETH loses momentum ahead of US CPI but corporate buying and network activity provide support
Ethereum has given back gains made after the US jobs report and is trading between 1,850 and 1,880 dollars ahead of the US Consumer Price Index release. Corporate purchases of ETH as a treasury asset by BitMine and SharpLink are offsetting outflows from spot ETFs and deteriorating market sentiment driven by debates over staking rewards. On-chain metrics show daily active addresses reaching 989,500, the highest level since March, while reduced selling pressure from long-term holders also supports the bullish outlook. On prediction market Polymarket, the probability of ETH reaching 2,250 dollars by year-end is seen at 55 percent.
Sharplink Posts $394 Million Loss as Ether Treasury Weighs on Q2 Results
Sharplink reported a $394.3 million net loss for the second quarter as losses tied to its large Ethereum treasury outweighed an increase in revenue. The company, the second-largest publicly traded holder of Ether, reported $11.5 million in revenue for the three months ended June 30, up from $697,000 a year earlier, with most of the revenue coming from staking which generated $11.2 million. Despite the sharp rise in revenue, Sharplink recorded a $321 million unrealized loss on crypto assets and a $76.1 million impairment charge tied to LsETH and weETH, which the company said was a non-cash accounting charge that did not reduce the amount of ETH or ETH-equivalent tokens it held. Sharplink held about 886,881 ETH at the end of June, valued at roughly $1.4 billion under U.S. accounting rules, and by August 3 its total ETH holdings had risen to 888,938 ETH. The company also raised $75 million through a registered direct offering in June, using part of the proceeds to buy about 10,000 ETH at an average price of $1,611, and separately repurchased roughly 2.1 million of its own shares for about $10 million.
Sharplink outlines $125 million Galaxy on-chain yield fund targeting incremental ETH returns above staking rate
Sharplink is launching a $125 million Galaxy Sharplink Onchain Yield Fund as part of its Ethereum treasury strategy, aiming to earn incremental returns above the composite Ethereum staking rate. CEO Joseph Chalom said the company is building an institutional super cycle for Ethereum, deploying ETH through staking, DeFi, and the new fund, while also funding ecosystem initiatives ETH Labs, Ethereum Institutional, and EthSystems. In Q2 2026, Sharplink completed a $75 million registered direct offering, used part of the proceeds to acquire approximately 10,000 ETH at an average price of about $1,611 per ETH, and repurchased 2.1 million shares for roughly $10 million. As of June 30, 2026, the company held 632,784 native ETH valued at $989 million and had $56.2 million in cash. Total revenue for the quarter was $11.5 million, driven by staking and ETH yield strategies, but a $321 million unrealized loss and a $76.1 million impairment charge led to a net loss of $394.3 million, which CFO Robert DeLucia said did not represent realized economic losses or affect ETH holdings. Management did not provide explicit revenue or EPS guidance and declined to disclose yield guidance for the Galaxy fund, which will be capitalized with ETH and may borrow against it for deployments.
SharpLink Gaming Q2 GAAP EPS misses by $1.89, revenue misses by $1.89M
SharpLink Gaming reported second-quarter 2026 financial results, with a GAAP loss per share of $1.88 that missed estimates by $1.89. Revenue reached $11.5 million, sharply higher than $0.7 million a year earlier driven primarily by the company's actively managed ETH treasury strategy, but still missed estimates by $1.89 million. SG&A expenses rose to $9.1 million from $2.4 million, reflecting a full quarter of treasury-strategy operations and higher personnel, custody, insurance, legal and accounting costs. Cash and cash equivalents stood at $56.2 million as of June 30, up from $28.5 million at the end of 2025. ETH holdings totaled approximately 886,881 ETH at June 30 and 888,938 ETH as of August 3, with crypto assets valued at approximately $1.4 billion on a U.S. GAAP basis at June 30.
Crypto Stocks Bounce as Bitcoin Nears $65,000 After Iran Strike Pause
Strategy, BitMine, and SharpLink shares rallied Monday as a reported pause in U.S. strikes on Iran triggered a broad relief rally that lifted Bitcoin back toward $65,000. Strategy stock rose 3% to $94.43, BitMine Immersion Technologies surged 7% to $17, and SharpLink Gaming gained 5% to $6.07, though all three remain deeply negative over the past year with declines of 78%, 62%, and 75% respectively. The bounce was led by Ethereum, which is up 24% over the past month versus Bitcoin's 9% gain, benefiting the two ETH-treasury names BitMine and SharpLink. Strategy confirmed no Bitcoin purchases for a fifth straight week, its longest pause in nearly two years, while sitting on $3.75 billion in cash and 843,775 Bitcoin at an average cost of $75,476. SharpLink's institutional ownership has climbed from 6% to 46%, and its non-binding memorandum of understanding with Galaxy Digital for a $125 million on-chain yield fund helped explain the outsized move.
SBET · Capital · Positive SharpLink's institutional ownership climbed from 6% to 46% and it signed a non-binding MOU with Galaxy Digital for a $125M on-chain yield fund, driving outsized gains.
MSTR · Capital · Neutral Strategy confirmed no Bitcoin purchases for fifth straight week, longest pause in nearly two years; stock rose 3% on broader crypto rally but pause is neutral/negative.
BMNR · Geopolitics · Positive Reported pause in U.S. strikes on Iran triggered a broad relief rally lifting Bitcoin, benefiting BitMine as a crypto stock.
GLXY · Capital · Neutral Galaxy Digital mentioned only as counterparty to SharpLink's non-binding MOU for a $125M on-chain yield fund; no direct impact on Galaxy.
Sharplink buys back over 2.13 million shares at $4.69 each
Sharplink Inc. has executed an open market repurchase of more than 2.13 million of its common shares at an average price of $4.69 per share under its current stock repurchase program. The company also disclosed that as of June 30 it had purchased 10,000 Ether at an average price of $1,611 per ETH, bringing its cumulative holdings to 886,725 tokens. CEO Joseph Chalom stated that the company's recently concluded $75 million registered direct offering has improved its financial standing and supports its strategy of increasing ETH per share. Earlier, on June 22, Sharplink signed a securities purchase agreement with an institutional investor for the sale of more than 10 million common shares and attached warrants at a combined price of $7.49 per share and warrant, a 41% premium over the market price.
EthSystems launches with backing from Bitmine, Sharplink, and Joe Lubin
EthSystems publicly launched with anchor funding from Bitmine Immersion Technologies, Sharplink, Joe Lubin, and other ecosystem supporters. The company is building privacy technology that enables banks, asset managers, and other regulated institutions to execute financial transactions on Ethereum at scale without exposing sensitive information like trade details or client identities. The founding team—Mo Jalil, Oskar Thorén, and Aaryamann Challani—previously built and led the IPTF, working directly with central banks, regulators, and top-tier financial institutions over the past year. Bitmine chairman Tom Lee stated that the institutionalization of Ethereum requires infrastructure meeting institutional standards for privacy and security, and that the next $100 trillion of assets will not migrate on-chain without it. In premarket action, Sharplink shares rose 2% and Bitmine Immersion Technologies shares rose 3.8%.
EthSystems · Technology · Positive EthSystems is the subject of the article; its launch with backing and privacy tech is a positive development.
BMNR · Capital · Positive Bitmine is an anchor backer of EthSystems, a new venture, and its chairman is quoted positively; shares rose 3.8% in premarket.
SBET · Capital · Positive Sharplink is an anchor backer of EthSystems; shares rose 2% in premarket.
ETH · Technology · Positive EthSystems builds privacy tech for Ethereum, enabling institutional adoption; positive for Ethereum ecosystem.
Sharplink Signs $75 Million Stock Purchase Agreement With Institutional Buyer
Sharplink Inc. finalized a securities purchase agreement with an institutional buyer for over 10 million common shares at $7.49 per share, a 41% premium to its June 18 closing price. The deal includes warrants exercisable at $8.15 per share with a four-year term. The registered direct offering was expected to close around June 23, generating gross proceeds of $75 million. The company plans to use the funds for working capital, general expenses, future ETH acquisitions, and share buybacks.
Ethlabs Launches as Independent Nonprofit to Prepare Ethereum for Institutional Adoption
A group of former Ethereum Foundation researchers has launched Ethlabs, an independent nonprofit research and development lab, to ready the Ethereum network for a wave of institutional adoption. The funding effort is led by Bitmine Immersion Technologies, Sharplink, Ethereum co-founder Joe Lubin, and other contributors including Anchorage, Octant, and SNZ. Cofounded by five senior researchers—Ansgar Dietrichs, Barnabé Monnot, Caspar Schwarz-Schilling, Josh Rudolf, and Julian Ma—Ethlabs will focus on faster settlement, native issuance, cross-chain interoperability, and mainnet capacity to meet the needs of institutions, agentic finance, and decentralized finance. The organization will operate with independent governance, with contributions flowing through an independent grants administrator and research priorities set by Ethlabs leadership. Ethlabs is part of a broader evolution in the Ethereum ecosystem, emerging as one of several independent organizations advancing the network alongside the Ethereum Foundation.
ETH · Technology · Positive Ethlabs is an independent R&D lab focused on improving Ethereum for institutional adoption, directly benefiting the Ethereum network.
BMNR · Capital · Positive Bitmine Immersion Technologies is a funding contributor to Ethlabs, which may enhance its reputation and network in the Ethereum ecosystem.
BMNR · Demand · Positive BitMine is a funding contributor to Ethlabs, which aims to boost institutional adoption of Ethereum, potentially increasing demand for BitMine's services.
SBET · Capital · Positive Sharplink Gaming Ltd is a funding contributor to Ethlabs, potentially boosting its profile and strategic positioning.
SBET · Demand · Positive Sharplink is a funding contributor to Ethlabs, which aims to boost institutional adoption of Ethereum, potentially increasing demand for Sharplink's services.
Anchorage Digital · Capital · Positive Anchorage Digital is a contributor to Ethlabs, aligning with its institutional custody services and potentially driving adoption.
USA
