SharpLink’s ETH yield push grows after $12.1M Q1 revenue

SharpLink reported $12.1 million in first-quarter 2026 revenue, up from $742,000 in the same period last year. 

The company said the increase came mainly from its actively managed Ethereum treasury strategy, which began in June 2025.

The Nasdaq-listed firm now presents itself as an institutional Ethereum treasury platform. Its website says SharpLink is listed under the ticker SBET and gives investors a public-market vehicle tied to ETH exposure and yield.

ETH losses weigh on earnings

SharpLink still posted a net loss of $685.6 million in Q1, compared with a $1.0 million loss a year earlier. The company tied the loss mainly to non-cash ETH market losses and impairment charges during a weaker quarter for Ethereum.

The company reported $506.7 million in unrealized ETH losses and a $191.7 million LsETH impairment charge. It also said those accounting losses did not reduce the number of ETH held by the company.

Notably, SharpLink held about 870,821 ETH at the end of March. That figure rose to 872,984 ETH as of May 4, keeping the company among the largest public Ethereum treasury holders.

The company has also generated 18,800 ETH in staking rewards since June 2025 through native and liquid staking programs. Earlier comments to crypto.news showed that SharpLink had already planned to move beyond basic staking into restaking, lending, and other Ethereum-based yield tools.

Chief executive Joseph Chalom said, “We’re trying to hit singles and doubles.” He also said the company is not seeking VC-like returns, framing the plan as a lower-risk yield strategy rather than a hunt for aggressive gains.

Galaxy fund brings next test

SharpLink and Galaxy Digital plan to launch the Galaxy SharpLink Onchain Yield Fund with about $125 million in commitments. SharpLink said the fund will deploy capital into selected onchain opportunities and provide liquidity to emerging protocols.

Chalom said the Galaxy partnership will use institutional-grade strategies to provide liquidity to high-quality protocols while seeking returns for shareholders. The company also warned that the fund may not launch on schedule, commitments may not be funded, and strategies may produce losses.

Related market updates show that more public companies are building ETH treasury models. FG Nexus, for example, disclosed 47,331 ETH in holdings and said it planned to use staking, restaking, and DeFi markets to earn yield.