SharpLink Gaming, Inc. has recently released its 10-Q report, which provides a comprehensive overview of the company's financial condition and operational results. SharpLink Gaming, based in Minneapolis, Minnesota, is an online performance marketing company that delivers fan activation solutions to its sportsbook and casino partners. The company operates a performance marketing platform and an affiliate marketing network that focuses on delivering quality traffic and player acquisitions, retention, and conversions to regulated and global casino gaming operator partners worldwide. Founded in 2019, the company recently undertook a significant strategic shift by becoming one of the world’s largest publicly traded companies to adopt Ether (“ETH”) as its primary treasury asset. This strategy reflects the company’s commitment to align the corporate treasury with the future of programmable finance, digital capital markets, and decentralized infrastructure.
In the 10-Q report, SharpLink Gaming discussed its Ethereum Staking and Affiliate Marketing segments. The Ethereum Staking segment seeks to benefit from any price appreciation in the value of ETH and ETH-based yield generated by participating in the Ethereum network’s staking protocol. The company's staking operations are designed to be transparent, compliant, and institutionally scalable, with infrastructure and security protocols built to meet the performance and custodial standards of a publicly traded company. Additionally, SharpLink's Affiliate Marketing segment is focused on performance-based customer acquisition services for leading sportsbooks and online casino gaming operators worldwide. The company owns and operates a portfolio of state-specific, affiliate marketing websites designed to attract, acquire, and drive local sports betting and online casino gaming traffic to its valued partners licensed to operate in each respective state.
SharpLink's decision to accumulate ETH as a core treasury asset is grounded in a forward-looking view of the evolving global financial ecosystem. The company believes Ethereum’s unparalleled programmability, security, and developer momentum will make it a foundational layer for the next generation of decentralized financial applications. The company's ETH treasury strategy is complemented by its active participation in the Ethereum ecosystem, as it is a founding member of the Linea Consortium, a leading governance body supporting the development of Ethereum’s most aligned Layer 2 blockchain network.
In December 2021, SharpLink acquired certain assets of FourCubed, including FourCubed’s online casino gaming-focused affiliate marketing network, known as PAS.net. The strategic acquisition brought SharpLink talent with proven experience in affiliate marketing services and recurring net gaming revenue (“NGR”) contracts with many of the world’s leading online casino gambling companies. As part of its strategy to expand its affiliate marketing services to the emerging American sports betting market, SharpLink began a systematic roll-out of its U.S.-focused performance-based marketing business with the launch of 15 state-specific, content-rich affiliate marketing websites in November 2022. As of January 2024, the company is licensed to operate in 18 jurisdictions and owns and operates sites serving 17 U.S. states.
In June 2025, SharpLink formally launched its ETH-centered treasury strategy and established staking as a dedicated operating segment, recognizing its potential to deliver recurring, yield-based revenue. The company's staking revenues are derived from the rewards it earns by actively participating in the Ethereum network’s proof-of-stake consensus mechanism. Since initiating its staking operations on June 2, 2025, the company has accumulated approximately 598,800 ETH as of the reporting period. As a result of these announcements, the company's shares have moved -3.51% on the market, and are now trading at a price of $22.695. If you want to know more, read the company's complete 10-Q report here.
