Sharplink, Inc.
Sharplink, Inc. is a U.S.-based company organized around two businesses: an affiliate marketing operation for regulated sportsbook and casino operators, and an ETH treasury management segment centered on holding and staking Ether on the Ethereum network. The company operates through its U.S. and international subsidiaries and serves online gaming partners in regulated jurisdictions.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenuePerformance-based marketing services that deliver players and leads to regulated gaming operators.
Holding and active management of ETH as a treasury asset, including staking-related rewards.
Customers
The company’s affiliate marketing customers are sportsbook and online casino operators that pay for player acquisition, traffic, and conversions in regulated markets. Its treasury-related activity does not have external customers in the same sense, but it is economically tied to the Ethereum network and staking counterparties/validators. The affiliate business is concentrated among a small number of gaming operators, making customer retention and contract terms especially important.
Buy performance marketing traffic and leads to acquire bettors in regulated U.S. states.
Use affiliate referrals and recurring NGR-based contracts to acquire and retain players.
International casino and poker operators that source players through PAS.net and related properties.
Indirect counterparty set for staking rewards, where returns depend on validator participation and network activity.
Strategy
Sharplink’s strategy combines an ETH-centered treasury model with a legacy affiliate marketing platform that still serves regulated gaming operators. The company is building staking capability, governance participation, and ecosystem involvement around Ethereum while maintaining its player-acquisition network as an operating business. This dual structure gives it exposure to both digital asset appreciation and recurring marketing relationships in gaming.
Creates a balance-sheet strategy tied to Ethereum adoption and staking yield.
Supports the long-term utility and defensibility of the treasury asset.
Provides an operating business alongside the treasury strategy.
Geography
Q1/2024Sharplink is headquartered in Minneapolis, Minnesota and operates affiliate marketing properties across the United States and internationally through PAS.net. Its U.S. footprint includes state-specific sites serving regulated jurisdictions such as Arizona, Colorado, Illinois, New Jersey, New York, Pennsylvania, and others. The business is exposed to the pace of U.S. sports betting legalization and to regulatory differences across markets where gaming operators are licensed.
Share of the revenue the company reports by geography.
Risks
The company is highly exposed to ETH price volatility, regulatory classification risk, and accounting volatility from fair-value measurement of digital assets. Its affiliate marketing business also depends on a limited number of gaming operators and on the continued legality and commercialization of online betting in each market. Cybersecurity, third-party service provider risk, and contract termination risk are important because the business relies on digital traffic, data systems, and operator relationships.
- Customer concentration in affiliate marketingImpact: CriticalLikelihood: Medium
WPT Global represented about 48% of affiliate segment revenue in 2025, and termination would sharply reduce revenue.
Exposure: Affiliate Marketing Services
- ETH market volatilityImpact: HighLikelihood: High
A substantial portion of assets is concentrated in ETH, so price moves directly affect reported results and market perception.
Exposure: Treasury holdings
- Regulatory classification of ETH or LsETH as securitiesImpact: HighLikelihood: Medium
A security classification could trigger additional compliance obligations and limit treasury operations.
Exposure: Digital asset treasury
- Gaming regulation and market access changesImpact: HighLikelihood: Medium
Affiliate traffic depends on operators being licensed and active in the markets targeted by the company’s sites.
Exposure: U.S. state gaming markets and international regulated jurisdictions
- Cybersecurity and third-party service provider riskImpact: MediumLikelihood: Medium
Digital marketing and staking operations depend on external systems, data handling, and platform integrity.
Exposure: Online properties and service integrations
Accounting
Judgemental itemsChanges in ETH prices are recognized in earnings each period, increasing reported volatility.
Impact: Net income and balance sheet carrying value
Declines in LsETH value can create impairment charges that are not reversible under the same model.
Impact: Earnings and asset carrying value
NGR-based contracts and operator activity determine when and how much revenue is recognized.
Impact: Revenue timing and segment comparability
These require valuation assumptions and can materially affect reported expenses and equity.
Impact: Operating expenses and diluted share count
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Last updated: 24/09/2026