SharpLink Gaming reported strong revenue growth for the first quarter of 2026, posting $12.1 million in revenue compared with just $742,000 during the same period last year.
The company said most of the growth came from its actively managed Ethereum treasury strategy, which it launched in June 2025. SharpLink has increasingly shifted its identity toward becoming an institutional Ethereum treasury platform tied to ETH exposure and yield generation.
Despite the strong revenue increase, the company still reported a large quarterly net loss of $685.6 million. SharpLink said the loss was mainly caused by non-cash accounting charges linked to Ethereum’s weaker market performance during the quarter.
The firm disclosed about $506.7 million in unrealized ETH losses along with a $191.7 million impairment charge related to LsETH holdings. However, the company stressed that these accounting losses did not reduce the actual amount of Ethereum it owns.
SharpLink held around 872,984 ETH as of May 4, keeping it among the largest public companies holding Ethereum in treasury reserves, although still behind BitMine.
Since launching its staking strategy, the company says it has earned around 18,800 ETH in staking rewards through native staking and liquid staking programs. Executives also signaled plans to expand further into restaking, lending, and other Ethereum-based yield opportunities.
CEO Joseph Chalom said the company is focused on steady and lower-risk returns rather than chasing aggressive profits, describing the strategy as aiming for “singles and doubles” instead of high-risk bets.
SharpLink is also partnering with Galaxy Digital to launch the Galaxy SharpLink Onchain Yield Fund with roughly $125 million in commitments. The fund is expected to provide liquidity to selected blockchain protocols while seeking additional on-chain yield opportunities.
The company noted that the fund still carries risks, including delays, unfunded commitments, or possible investment losses.
The update comes as more publicly traded companies continue building Ethereum treasury strategies that combine long-term ETH holdings with staking, lending, and decentralized finance yield generation.
