Sharplink Inc
sharplink.comWhat Do They Do?
Manages an Ether treasury through staking to earn protocol rewards, and provides affiliate marketing services to sportsbook and online casino operators.
10-K for FY2025, filed Mar 9, 20261) ETH Treasury Management. We seek to benefit from our ETH accumulation strategy by (i) potential ETH price appreciation and (ii)…View ↗
2) Affiliate Marketing. Our Affiliate Marketing segment is focused on performance-based customer acquisition services for leading…View ↗
On June 2, 2025, we formally launched our ETH-centered treasury strategy and established ETH Treasury Management as a dedicated operating…View ↗
How Do They Make Money?
The treasury earns ETH rewards for delegating ETH to validators that process transactions; liquid-staking rewards arrive on redemption, and Linea partners provide monthly incentives based on deployed value. Gaming operators pay affiliate commissions per referred depositor or a share of gaming revenue over time.
10-K for FY2025, filed Mar 9, 2026On June 2, 2025, we formally launched our ETH-centered treasury strategy and established ETH Treasury Management as a dedicated operating…View ↗
The Company participates in staking activities on the Ethereum blockchain and earns rewards for securing and validating transactions. For…View ↗
Management has evaluated the nature of rewards received from liquid staking activities in accordance with the guidance in ASC 610-20 Gains…View ↗
On December 20, 2025, the Company executed a strategic collaboration with Consensys Software Inc. (“CSI”), Ether.fi, Eigen Labs, and…View ↗
The Company generates affiliate marketing revenue by earning commissions from sportsbook and casino operators for new depositing customers…View ↗
$28.1M
-
10-K for FY2025, filed Mar 9, 2026
$28.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
ETH Staking Segmet
Recurring
10-K for FY2025, filed Mar 9, 2026 |
100% |
ETH Staking Segmet, FY2025
$28.1M Sources
|
Recurring |
|
Affiliate Marketing Services
|
8.8% |
Affiliate Marketing Services, FY2025
$2.5M Sources
|
Who Are Their Customers?
Sportsbook and online casino operators pay commissions for customers referred through PAS.net and its state-specific websites; commissions are tied to new depositing players or their gaming activity.
10-K for FY2025, filed Mar 9, 2026In December 2021, the Company acquired certain assets of FourCubed, including its online casino gaming-focused affiliate marketing network…View ↗
In November 2022, the Company expanded its affiliate marketing activities into the U.S. sports betting market through the launch of a…View ↗
The Company generates affiliate marketing revenue by earning commissions from sportsbook and casino operators for new depositing customers…View ↗
Do Revenues Turn Into Profits?
No. It lost $734.6M in FY2025.
10-K for FY2025, filed Mar 9, 2026
−$733.9MView ↗
10-K for FY2025, filed Mar 9, 2026
−$734.6MView ↗
10-K for FY2025, filed Mar 9, 2026
−$17.6MView ↗
How Are They Changing?
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