Total Staking Rewards Since Inception Increase to 18,800 ETH as of
Continues to Expand ETH Productivity Through Active Treasury
Management and Onchain Deployments
“Generating risk-adjusted, ETH-denominated returns through active treasury management is the foundation of everything we do at Sharplink,” said
“We were incredibly excited to announce plans to launch the
First Quarter 2026 Highlights
Income Statement and Balance Sheet
- Total revenue increased materially to
$12.1 million in Q1 2026, compared to$0.7 million for the three months endedMarch 31, 2025 . The increase was primarily driven by the continued success of Sharplink’s actively managed ETH treasury strategy, which was launched onJune 2, 2025 . - SG&A expenses were
$9.9 million for the three months endedMarch 31, 2026 , compared to$1.1 million in the prior year’s first quarter. The increase was primarily due to expenditures for investments in infrastructure, talent and systems required to scale and actively manage Sharplink’s institutional-grade ETH treasury platform. - Net loss was
$685.6 million in Q1 2026, compared to$1.0 million for the three months endedMarch 31, 2025 . The increase in net loss was primarily driven by non-cash unrealized losses and impairments offset by net realized gains.- Unrealized loss:
$506.7 million due to ETH market conditions in the first quarter of 2026. - LsETH impairment charge:
$191.7 million . - Net realized gain:
$12.0 million from ETH-to-LsETH conversions and redemptions and incentives and rebates. - Unrealized losses and impairment charges reflect US GAAP accounting treatment and do not represent realized economic losses on ETH holdings nor reduce the number of ETH held by the Company.
- Unrealized loss:
- Cash and cash equivalents totaled
$16.9 million as ofMarch 31, 2026 , compared to$28.5 million as ofDecember 31, 2025 .
Ethereum Treasury and Operational Highlights
- The Company’s ETH holdings totaled approximately 870,821 ETH1 as of
March 31, 2026 , increasing to 872,984 ETH2 as ofMay 4, 2026 . - Crypto assets totaled approximately
$1.7 billion as ofMarch 31, 2026 valued on aU.S. GAAP basis. - ETH per share (“ETH Concentration”)3 has more than doubled since the inception of Sharplink’s Ethereum treasury strategy in
June 2025 from 2.0 to 4.02. - Since
June 2025 , Sharplink has generated 18,800 ETH (on an as-if redeemed basis for LsETH and weETH) in total staking rewards through both native and liquid staking programs. - The Company has transitioned the majority of its ETH treasury management in-house, leveraging its institutional-grade team to source and execute ETH productivity opportunities to enhance yield and long-term ETH per share accretion.
- On
May 9, 2026 , Sharplink entered into a non-binding Memorandum of Understanding with Galaxy Digital, subjective to definitive agreement, to establish theGalaxy Sharplink Onchain Yield Fund , an approximate$125 million initiative designed to deploy capital into selective onchain opportunities capable of generating strong risk-adjusted returns while providing critical liquidity to emerging protocols.
Conference Call Details
Sharplink's leadership will host a conference call followed by a question-and-answer period this morning,
- Date:
Monday, May 11, 2026 - Time:
8:30 A.M. Eastern Time - Toll-free dial-in number: (877) 407-2988
- International dial-in number: (201) 389-0923
- Webcast: Sharplink's Q1 2026 Earnings Call
Participants can also access the Company's earnings call using the call me option here for instant telephone access to the event, which will be active 15 minutes before the scheduled start time.
A telephonic replay will be available approximately three hours after the conference call concludes through
- Toll-free replay number: (877) 660-6853
- International replay number: (201) 612-7415
- Replay ID: 13759980
A link to the live webcast and replay will also be available at https://www.sharplink.com/investors.
For more detailed information, please refer to the Quarterly Report on Form 10-Q for the three months ended
About
Sharplink is a leading institutional-grade Ethereum treasury platform designed to give public market investors smarter, more productive exposure to ETH. Ethereum underpins the majority of global stablecoin, tokenized real-world assets and decentralized finance settlement, making ETH a unique native yield generation and long-term network growth opportunity. In addition to its Ethereum treasury platform, Sharplink operates an online affiliate marketing business. Sharplink was founded in 2019 and is headquartered in
Forward-Looking Statement
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and these forward-looking statements are subject to various risks and uncertainties. Such statements include, but are not limited to, goals and expectations regarding the Company’s strategy and potential partnerships, and other statements accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words, but the absence of these words does not mean that a statement is not forward-looking. 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 repurchase additional shares of Sharplink’s common stock through its stock repurchase program, potential use of the Company’s ATM facility, the Company’s ability to achieve profitable operations, fluctuations in the market price of ETH that will impact the Company’s accounting and financial reporting (see accounting rules discussed below), government regulation of cryptocurrencies and online betting, risks related to the launch and operation of the
CONTACT:
Sharplink’s Investor Relations Contact:
Phone: (720) 330-2829
Email: ir@sharplink.com
Sharplink’s Media Contact:
Email: media@sharplink.com
1 Total ETH holdings held as of
2 Total ETH holdings held as of
3 To enhance transparency into the Company's yield performance, Sharplink tracks a reporting metric called "ETH Concentration," which is also referred to as “ETH per share.” This metric is calculated by dividing the number of ETH, including the as-if redeemed LsETH, Sharplink holds by each 1,000 assumed diluted shares issued and outstanding ("Assumed Diluted Shares Outstanding"). Assumed Diluted Shares Outstanding represents the sum of (i) Sharplink's actual shares of common stock issued and outstanding as of the end of each reporting period, inclusive of disclosed ATM sales, plus (ii) the additional shares that would be issued upon the assumed exercise or settlement of all outstanding warrants, pre-funded warrants, stock option awards, and restricted stock units. Notably, Assumed Diluted Shares Outstanding is not calculated using the treasury stock method. It does not account for equity award vesting conditions, stock option exercise prices, or contractual restrictions limiting the convertibility of debt instruments. Additionally, it excludes any assumed share repurchases that would ordinarily be considered under the treasury stock method. Cash-converted basis assumes full cash deployment into ETH at week-ending closing price.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
| (unaudited) | ||||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash | $ | 16,875 | $ | 28,539 | ||||
| USDC stablecoin | - | 1,882 | ||||||
| Accounts receivable, net of allowance for credit losses of | 461 | 221 | ||||||
| Prepaid expenses and other current assets | 689 | 329 | ||||||
| Current assets from discontinued operations | - | 182 | ||||||
| Total current assets | 18,025 | 31,153 | ||||||
| Crypto assets at fair value | 1,239,140 | 1,899,683 | ||||||
| Crypto assets at cost | 486,852 | 500,912 | ||||||
| Equipment, net | 14 | 10 | ||||||
| Intangible assets, net | 7 | 8 | ||||||
| Total assets | $ | 1,744,038 | $ | 2,431,766 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued expenses | 4,243 | 12,748 | ||||||
| Current liabilities from discontinued operations | $ | - | $ | 1 | ||||
| Total current liabilities | 4,243 | 12,749 | ||||||
| Total liabilities | 4,243 | 12,749 | ||||||
| Commitments and Contingencies (Note 10) | ||||||||
| Stockholders’ Equity | ||||||||
| Series A-1 preferred stock, | - | - | ||||||
| Series B preferred stock, | - | - | ||||||
| Common stock, | 20 | 20 | ||||||
| (31,721 | ) | (31,721 | ) | |||||
| Additional paid-in capital | 3,268,259 | 3,263,114 | ||||||
| Accumulated deficit | (1,496,763 | ) | (812,396 | ) | ||||
| Total stockholders’ equity | 1,739,795 | 2,419,017 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,744,038 | $ | 2,431,766 | ||||
See accompanying notes to these condensed consolidated financial statements
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share data)
| For the Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Revenue from staking | $ | 11,501 | $ | - | ||||
| Revenue from affiliate marketing | 557 | 742 | ||||||
| Total revenue | 12,058 | 742 | ||||||
| Gains and (losses) from operations | ||||||||
| Realized gain on crypto assets, net | 12,005 | - | ||||||
| Unrealized loss on crypto assets at fair value, net | (506,664 | ) | - | |||||
| Total losses from operations, net | (494,659 | ) | - | |||||
| Operating expenses | ||||||||
| Cost of revenues from affiliate marketing | 432 | 610 | ||||||
| Selling, general, and administrative expenses | 9,876 | 1,058 | ||||||
| Impairment of crypto assets at cost | 191,670 | - | ||||||
| Total operating expenses | 201,978 | 1,668 | ||||||
| Operating loss | (684,579 | ) | (926 | ) | ||||
| Other income (expense) | ||||||||
| Interest income | 203 | 12 | ||||||
| Other expense | (2 | ) | - | |||||
| Total other income, net | 201 | 12 | ||||||
| Net loss before income taxes | (684,378 | ) | (914 | ) | ||||
| Income tax expense | (1,183 | ) | (3 | ) | ||||
| Net loss from continuing operations | (685,561 | ) | (917 | ) | ||||
| Net loss from discontinued operations, net of tax | - | (58 | ) | |||||
| Net loss | $ | (685,561 | ) | $ | (975 | ) | ||
| Numerator for net loss per share - basic and diluted: | ||||||||
| Net loss from continuing operations | $ | (685,561 | ) | $ | (917 | ) | ||
| Net loss from discontinued operations | - | (58 | ) | |||||
| Net loss | $ | (685,561 | ) | $ | (975 | ) | ||
| Denominator for net loss per share - basic and diluted: | ||||||||
| Basic and diluted weighted average shares for continuing and discontinued operations | 210,865,894 | 531,226 | ||||||
| Net loss per share - basic and diluted | ||||||||
| Net loss from continuing operations per share - basic and diluted | $ | (3.25 | ) | $ | (1.73 | ) | ||
| Net loss from discontinued operations per share – basic and diluted | - | (0.11 | ) | |||||
| Net loss per share - basic and diluted | $ | (3.25 | ) | $ | (1.84 | ) | ||
See accompanying notes to these condensed consolidated financial statements
