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SharpLink

Fintech · Miami, United States · Founded 1995 · IPO 1997

SharpLink, Inc. (NASDAQ: SBET) operates a dual business model, combining a legacy affiliate marketing business with a primary focus on an institutional-grade Ethereum (ETH) treasury strategy. Originally founded in 2019, with roots in an affiliate network dating back to 1995, the company underwent a significant strategic transformation in mid-2025, pivoting to make ETH its main treasury reserve asset. This shift was catalyzed by a landmark $425 million private placement in June 2025, led by Consensys Software Inc., the software company founded by Ethereum co-founder Joseph Lubin. Following this investment, Lubin was appointed Chairman of SharpLink's Board of Directors. The company's primary business segment is now its ETH Treasury Management, which focuses on accumulating and actively managing one of the largest corporate ETH holdings among publicly traded companies. As of March 2026, the company held approximately 868,699 ETH. SharpLink's strategy involves acquiring ETH and generating yield through staking nearly 100% of its holdings in both native and liquid staking programs. This approach is designed to provide investors with leveraged exposure to Ethereum and its ecosystem without direct ownership of the cryptocurrency. The company's revenue is now primarily driven by its ETH treasury operations, including staking rewards and unrealized gains on its holdings, which significantly overshadows the income from its legacy business. The second segment is its traditional Affiliate Marketing service, which connects sports fans with regulated sportsbooks and iGaming operators through its affiliate network, PAS.net, and a portfolio of direct-to-player websites. This division generates revenue through performance-based agreements, such as cost-per-acquisition and revenue-sharing deals. In February 2026, the company changed its name from SharpLink Gaming, Inc. to Sharplink, Inc. to reflect its new primary focus. The leadership team underwent a transition, with Joseph Chalom, formerly of BlackRock, becoming sole CEO in December 2025, succeeding co-founder Rob Phythian. The company has also built out an in-house investment team to manage its treasury activities. Keywords: Ethereum treasury, digital asset management, sports betting affiliate, iGaming marketing, ETH staking, Joseph Lubin, crypto asset exposure, public crypto company, performance marketing, online gambling, customer acquisition, blockchain investment, decentralized finance, Consensys, regulated gaming, capital markets, Web3, asset management, cryptocurrency holdings, digital capital