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Sharplink shifted its focus from gambling affiliate marketing to managing its own ETH holdings. It mainly uses proceeds from share sales to buy ETH, Ethereum’s native token, and delegates it to third-party validators that help secure the network and validate transactions. Ethereum pays rewards in ETH, which supply most of Sharplink’s revenue. The company also participates through liquid staking, receiving tokens that represent its interest in pooled, staked ETH.
The business depends on ETH’s value, the amount staked and Ethereum network activity and validator performance. Expanding its holdings depends heavily on raising capital rather than customer sales. Sharplink is not registered as an investment company; if its digital assets or arrangements were classified as securities and it were deemed an investment company, legal restrictions could limit its investments and financing.
Its smaller, continuing affiliate business refers depositing players to sportsbooks and online casinos through PAS.net and state-specific websites. Operators pay commissions for acquiring players or a share of those players’ net gaming revenue. This business relies heavily on WPT Global, its largest affiliate customer, whose contract allows termination on short notice. Operations and expansion also depend on local gambling and advertising rules and required licenses or approvals.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Sharplink’s results hinge mainly on ETH prices and staking returns, with Ether.fi and Consensys also supporting its additional Ethereum yield strategy.
BitMine Immersion Technologies and Sharplink both accumulate and manage ETH, so ETH price changes directly move the value of both companies’ holdings. Watch BitMine’s ETH treasury value rather than its legacy mining business for the closer comparison with Sharplink.
Bit Digital and Sharplink both commit ETH to help validate Ethereum transactions and earn staking rewards, giving them shared exposure to ETH prices and staking returns. Focus on Bit Digital’s staking results: its WhiteFiber business also earns revenue from data-center and cloud computing services for AI and machine-learning customers, which adds exposure unrelated to Ethereum.
Forum Markets and Sharplink both hold ETH and earn rewards by committing it through third-party operators and protocols, using native and liquid staking. Forum Markets’ staking revenue is the closer comparison for Sharplink’s ETH rewards; its incentive revenue separately records tokens earned from certain liquid staking protocols.
The supplied FG Nexus business for FG Communities Holdings centers its treasury on ETH and evaluates staking-related yields, like Sharplink. Unlike Sharplink’s active staking strategy, FG Nexus currently keeps all ETH unstaked for flexibility and liquidity, so its first-quarter 2026 WSETH purchase is a potential yield strategy to watch, not evidence of ongoing ETH staking rewards.
DeFi Development seeks to grow its SOL holdings through staking and validator operations, while Sharplink seeks to grow its ETH holdings through native and liquid staking. DeFi Development’s rewards from helping validate Solana transactions offer a comparison for the treasury model, but they come from a different network and token than Sharplink’s.
Sol Strategies holds and stakes SOL while Sharplink holds and stakes ETH, so both depend on token valuations and access to funding to expand their treasuries. Sol Strategies also provides staking services to institutional and retail customers; its SOL purchases funded primarily by financing proceeds show how capital availability feeds treasury growth.
Forward Industries runs a substantial SOL treasury and staking strategy, while Sharplink holds and stakes ETH, leaving both exposed to crypto valuations and funding conditions for treasury expansion.
Coinbase Global offers a broader read on the crypto demand cycle affecting Sharplink: it charges customers to trade crypto and provides institutional custody and trading services, while Sharplink holds and stakes ETH. Watch Coinbase’s consumer transaction-fee revenue for trading activity, rather than treating it as a direct measure of Sharplink’s ETH staking returns.
Coinbase Global, Inc. earningsCOIN
Coinbase's consumer transaction-fee revenue will show how active crypto trading is, giving context for demand around Sharplink's ETH treasury without directly measuring its staking returns.
Watch Coinbase's consumer transaction-fee revenue. If it rises, customers are generating more trading activity, a more supportive demand backdrop for Sharplink's ETH holdings; if it falls, that backdrop is weaker. Fees can also reflect pricing and the mix of trades, so this does not establish ETH's price or Sharplink's staking returns.
Sharplink, Inc. earningsThis company
Sharplink's report will show whether staking rewards are adding income to its ETH treasury or whether reported results remain driven mainly by ETH price changes.
Read staking revenue alongside ETH holdings and ETH per 1,000 assumed diluted shares; then separate those operating figures from changes in ETH fair value. Rising staking revenue and more ETH per share because holdings grow faster than the share count would show both reward income and ETH exposure expanding. If staking revenue lags the size of the treasury while net income moves mainly with unrealized ETH gains or losses, growth depends more on holding ETH and its price than on staking income.
Forum Markets, Incorporated earningsFRMM
Forum Markets' staking revenue, more directly than its separate incentive revenue, will offer a comparison for the ETH staking rewards Sharplink also earns.
Separate Forum Markets' staking revenue from its separately reported protocol incentive revenue. Stronger staking revenue means its ETH staking business is generating more income, a more favorable comparison for Sharplink's reward income; weaker staking revenue points to less supportive staking economics. Incentive revenue is a separate token-based source, and Forum Markets' results are not Sharplink's own returns.
BitMine Immersion Technologies, Inc. earningsBMNR
BitMine's ETH treasury value will show how ETH's price affects another company that holds the token, giving context for Sharplink's asset-value risk.
Watch BitMine's ETH treasury value and distinguish a change in the amount held from a change in ETH's price. If value rises mainly because holdings grew, BitMine has expanded the kind of ETH exposure Sharplink also carries; if it rises mainly with the token price, the shared valuation backdrop is more favorable. A value decline tied to a weaker ETH price highlights the treasury-value pressure Sharplink also faces, but none of these changes measures staking rewards.
Sol Strategies Inc. earningsSTKE
Sol Strategies' report will show whether financing is funding SOL treasury growth, a comparison for Sharplink's reliance on financing to expand its ETH treasury.
Read Sol Strategies' financing proceeds alongside its SOL purchases. If financing funds purchases, outside capital is translating into digital-asset treasury growth; if financing and purchases slow, expansion depends on continued access to funding, a constraint Sharplink's ETH strategy also faces. The companies hold different tokens, however, and Sol Strategies' access to capital does not establish Sharplink's ability to raise funds on acceptable terms.
