Sharplink Reports $686M Q1 Net Loss, Mostly from Ethereum Treasury
Publicly traded Ethereum treasury firm Sharplink reported a Q1 net loss of approximately $686 million, with nearly $507 million attributed to unrealized losses from its Ethereum holdings. This marks a sharp increase from the $1 million loss in Q1 2025. Despite the loss, revenues surged from under $1 million to over $12 million due to staked ETH yields. CEO Joseph Chalom emphasized disciplined ETH capital deployment and expansion into on-chain opportunities. The firm also announced a $125 million on-chain yield fund in partnership with Galaxy Digital, funded by $100 million from Sharplink's staked ETH treasury and $25 million from Galaxy. Galaxy will handle protocol selection and monitoring. Sharplink's shares (SBET) rose about 2% to $7.59, but are down 34% over six months. The firm holds approximately 872,984 ETH worth $2.1 billion.
Key facts
- Q1 net loss: ~$686M, with $507M unrealized losses from ETH treasury.
- Revenues grew from <$1M to $12M+ thanks to staked ETH returns.
- Announced $125M on-chain yield fund with Galaxy Digital.
- Sharplink holds 872,984 ETH worth ~$2.1 billion.
- SBET shares down ~34% over six months despite Q1 news.