# Sharplink, Inc. > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/Sharplink, Inc.). ## Overview 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. ## Products & services • Affiliate marketing for sportsbook and casino operators • Player acquisition and traffic generation via digital properties • U.S. state-specific sports betting and casino affiliate sites • ETH treasury management and staking rewards • Ethereum ecosystem participation and governance activities - **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. - Affiliate marketing for sportsbook and casino operators - Player acquisition and traffic generation via digital properties - U.S. state-specific sports betting and casino affiliate sites - ETH treasury management and staking rewards - Ethereum ecosystem participation and governance activities ## 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. - **Sportsbook operators** (primary) — Buy performance marketing traffic and leads to acquire bettors in regulated U.S. states. - **Online casino operators** (primary) — Use affiliate referrals and recurring NGR-based contracts to acquire and retain players. - **Global gaming partners** (secondary) — International casino and poker operators that source players through PAS.net and related properties. - **Ethereum network participants** (emerging) — Indirect counterparty set for staking rewards, where returns depend on validator participation and network activity. - Licensed sportsbook operators buying player acquisition traffic - Online casino operators seeking regulated-market conversions - Global gaming partners using PAS.net affiliate inventory - U.S. state-licensed operators using state-specific sites - Ethereum validators and protocol participants for staking ## Geography Sharplink 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. - **United States** (100%) — Company is U.S.-headquartered and disclosed U.S. state-specific affiliate operations; no country revenue split was provided. - 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 ## 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. - **Build an ETH-centered treasury** (short-term) — Creates a balance-sheet strategy tied to Ethereum adoption and staking yield. - **Expand Ethereum ecosystem participation** (medium-term) — Supports the long-term utility and defensibility of the treasury asset. - **Preserve affiliate marketing cash generation** (short-term) — Provides an operating business alongside the treasury strategy. - Accumulate and stake ETH as the core treasury asset - Earn protocol-level rewards through Ethereum staking - Participate in Ethereum ecosystem governance and infrastructure - Maintain affiliate marketing relationships with gaming operators - Use U.S. state-specific sites to capture regulated betting demand ## 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. - **ETH market volatility** [high] — A substantial portion of assets is concentrated in ETH, so price moves directly affect reported results and market perception. - **Regulatory classification of ETH or LsETH as securities** [high] — A security classification could trigger additional compliance obligations and limit treasury operations. - **Customer concentration in affiliate marketing** [critical] — WPT Global represented about 48% of affiliate segment revenue in 2025, and termination would sharply reduce revenue. - **Gaming regulation and market access changes** [high] — Affiliate traffic depends on operators being licensed and active in the markets targeted by the company’s sites. - **Cybersecurity and third-party service provider risk** [medium] — Digital marketing and staking operations depend on external systems, data handling, and platform integrity. - ETH price swings can materially change reported results and asset values - ETH or LsETH could be treated as securities under future regulation - Affiliate revenue is concentrated in a small number of gaming operators - Gaming regulation changes can reduce traffic and operator demand - Cybersecurity and third-party system failures can disrupt digital operations ## Accounting The most important accounting issues are fair-value measurement of ETH, impairment accounting for LsETH, and revenue recognition in the affiliate marketing business. ETH fair-value changes flow through net income each period, which can create substantial volatility unrelated to operating performance. Affiliate revenue depends on NGR-based contracts and customer activity, so timing, contract terms, and any changes in operator markets can affect reported revenue. - **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 - ETH measured at fair value with unrealized gains/losses in net income - LsETH accounted for at cost less impairment - Affiliate revenue tied to NGR-based contract terms - Revenue can change quickly if operators alter market coverage - Stock compensation and warrants are additional estimate-heavy items --- *Last updated: 2026-04-29T04:58:19.671517+00:00*