SharpLink Reports: ETH Holdings Rise to 873,000, Treasury Strategy Drives Revenue Growth

Odaily reports that Nasdaq-listed company SharpLink (SBET) has announced its first-quarter financial results for the period ending March 31, 2026, revealing the continued expansion of its Ethereum (ETH) treasury strategy, which is now progressing from basic staking to a broader phase of on-chain yield management.

The financial report shows that revenue for Q1 2026 surged year-over-year to $12.1 million, primarily driven by the active management strategy for ETH. During the same period, SG&A expenses rose to $9.9 million, allocated for expanding institutional-grade ETH asset management infrastructure. Impacted by accounting standards, the company reported a net loss of $686 million for the quarter, mainly comprising a $507 million unrealized loss on ETH and a $192 million impairment on LsETH. SharpLink emphasized that these are non-cash accounting losses and do not represent realized economic losses or a reduction in its ETH holdings.

As of the end of March, SharpLink held approximately 870,800 ETH, a figure that increased to 873,000 by May. Under GAAP accounting, its crypto assets are valued at approximately $1.7 billion. Since initiating its ETH treasury strategy in June 2025, the ETH per share metric (ETH Concentration) has risen from 2.0 to 4.02, with cumulative staking and on-chain yields generating approximately 18,800 ETH.

SharpLink CEO Joseph Chalom stated that the goal is to enhance the capital productivity of ETH through institutional-grade on-chain strategies, achieving cross-cycle shareholder value growth. The company has internalized most of its ETH management capabilities and has shifted from a single staking yield model to a multi-strategy yield system encompassing DeFi, aiming to improve risk-adjusted returns.