Sharplink reported first-quarter 2026 revenue of $12.1 million on Monday, a significant increase from $742,000 in the same period last year, driven primarily by staking income from its treasury strategy, according to the company’s earnings disclosure.
Financial Results and Holdings
Despite strong revenue growth, Sharplink posted a net loss of nearly $686 million in the quarter, mostly from unrealized losses tied to ether price declines. Ethereum (ETH) was trading for around $3,000 at the beginning of 2026, before dropping roughly 40% to $1,800 and closing the quarter at nearly $2,000.
Sharplink holds 872,984 ETH as of May 4, a stash worth nearly $2.4 billion at current prices. The company is the world’s second-largest public ETH treasury company, behind Bitmine Immersion.
[Corporate Ethereum Treasury Holdings Chart - Embedded]
Sharplink stock (SBET) is up nearly 3% on the day to $7.66, equating to a small 2% loss year-to-date.
Strategic Expansion Beyond Staking
Executives spent much of Monday’s earnings call outlining how Sharplink is moving from a straightforward staking operation into a more sophisticated ETH deployment platform focused on “risk-minded” yield strategies.
“We’re trying to hit singles and doubles,” said CEO Joseph Chalom when discussing the company’s expanding onchain deployment strategy. “We’re not looking for VC-like returns.”
Sharplink Chairman and Ethereum co-founder Joseph Lubin described well-structured ETH treasury firms as “long-term permanent capital” for the Ethereum ecosystem while criticizing weaker copycat treasury programs built around less durable tokens.
Galaxy Partnership and Risk Management
Alongside earnings, Sharplink announced plans to launch the Galaxy Sharplink Onchain Yield Fund with Galaxy Digital, a $125 million initiative to deploy capital into DeFi and liquidity opportunities. Chalom said the strategy looks to provide liquidity to these protocols while generating returns above the average Ethereum staking rate.
“Inbound demand and deployment opportunities have been strong, but we are not rushing,” Chalom said. “Operational rigor is non-negotiable.”
Risk management is more important than ever following a slew of high-profile DeFi exploits this year, including last month’s $292 million Kelp DAO and $280 million Drift Protocol exploits.
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