Customer concentration in affiliate marketing
WPT Global represented about 48% of affiliate segment revenue in 2025, and termination would sharply reduce revenue.
- Scope
- Affiliate Marketing Services
- Materiality
- high
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.
−2 616,0 %
−2 618,4 %
+666,1 %
2.44
2.44
| % | |
|---|---|
| Affiliate Marketing Services | 70% Performance-based marketing services that deliver players and leads to regulated gaming operators. |
| ETH Treasury Management | 30% Holding and active management of ETH as a treasury asset, including staking-related rewards. |
The company’s affiliate marketing customers are sportsbook and online casino operators that pay for player acquisition,...
- Sportsbook operatorsprimary
Buy performance marketing traffic and leads to acquire bettors in regulated U.S. states.
- Online casino operatorsprimary
Use affiliate referrals and recurring NGR-based contracts to acquire and retain players.
- Global gaming partnerssecondary
International casino and poker operators that source players through PAS.net and related properties.
- Ethereum network participantsemerging
Indirect counterparty set for staking rewards, where returns depend on validator participation and network activity.
Sharplink is headquartered in Minneapolis, Minnesota and operates affiliate marketing properties across the United...
- •Headquartered in Minneapolis, Minnesota
- •U.S. state-specific affiliate sites in regulated betting markets
- •Operates across 17 U.S. states through local domains
- •International casino affiliate network through PAS.net
- •Exposure to state-by-state gaming regulation and legalization
Sharplink’s strategy combines an ETH-centered treasury model with a legacy affiliate marketing platform that still...
01
Build an ETH-centered treasuryshort-term
Creates a balance-sheet strategy tied to Ethereum adoption and staking yield.
02
Expand Ethereum ecosystem participationmedium-term
Supports the long-term utility and defensibility of the treasury asset.
03
Preserve affiliate marketing cash generationshort-term
Provides an operating business alongside the treasury strategy.
The company is highly exposed to ETH price volatility, regulatory classification risk, and accounting volatility from...
ETH market volatility
A substantial portion of assets is concentrated in ETH, so price moves directly affect reported results and market perception.
- Scope
- Treasury holdings
- Materiality
- high
Regulatory classification of ETH or LsETH as securities
A security classification could trigger additional compliance obligations and limit treasury operations.
- Scope
- Digital asset treasury
- Materiality
- high
Gaming regulation and market access changes
Affiliate traffic depends on operators being licensed and active in the markets targeted by the company’s sites.
- Scope
- U.S. state gaming markets and international regulated jurisdictions
- Materiality
- high
Cybersecurity and third-party service provider risk
Digital marketing and staking operations depend on external systems, data handling, and platform integrity.
- Scope
- Online properties and service integrations
- Materiality
- medium
Fair-value accounting for ETH
Net income and balance sheet carrying value
Cost-less-impairment accounting for LsETH
Earnings and asset carrying value
Revenue recognition for affiliate marketing
Revenue timing and segment comparability
Stock-based compensation and warrants
Operating expenses and diluted share count
Grayscale Ethereum Staking ETF
ETHE · Commodity Contracts Brokers & Dealers
Grayscale Ethereum Staking ETF is a Delaware statutory trust that holds Ether and gives investors exchange-traded exposure to the Ethereum network.
Grayscale Chainlink Trust ETF
GLNK · Commodity Contracts Brokers & Dealers
Grayscale Chainlink Trust ETF is a Delaware statutory trust designed to provide investors with exposure to Chainlink (LINK) through shares that are backed by LINK held by the trust.
Grayscale Ethereum Staking Mini ETF
ETH · Commodity Contracts Brokers & Dealers
Grayscale Ethereum Staking Mini ETF is a Delaware statutory trust that holds Ether and issues exchange-traded shares designed to track the value of that Ether, less fees and liabilities.
Fidelity Ethereum Fund
FETH · Finance Services
Fidelity Ethereum Fund is a Delaware statutory trust that issues exchange-traded shares giving investors exposure to ether without directly holding the digital asset.
FORUM MARKETS Inc
FRMM · Finance Services
FORUM MARKETS Inc is a U.S.-listed company that is repositioning itself from its legacy business into blockchain-enabled iGaming.
GameSquare Holdings, Inc.
GAME · Services-Amusement & Recreation Services
: 29/04/2026