SharpLink Gaming
NASDAQ: SBETSharpLink used to help online casinos find customers. Now it's run by the man who helped invent Ethereum, and it holds a lot of it.
Last verified: Jul 3, 2026
Who they are
SharpLink Gaming was an online gambling affiliate-marketing company before pivoting almost entirely into an Ethereum treasury strategy in mid-2025. What makes SharpLink distinctive isn’t just the size of its ETH position — currently the second-largest of any public company, after BitMine — but who’s behind it: Ethereum co-founder and ConsenSys CEO Joseph Lubin serves as Chairman, giving the company a level of protocol-level credibility no competitor can easily replicate.
CEO Joseph Chalom, a former BlackRock digital-assets executive, runs day-to-day operations alongside Lubin’s strategic direction.
What they actually do
Hold and stake essentially all of its Ethereum. SharpLink has staked close to 100% of its ETH holdings since the strategy launched — a notably more aggressive approach than ETH exchange-traded funds, which typically can only stake around half their holdings due to daily-liquidity requirements.
Push staking yield further through active management. Beyond baseline staking, SharpLink has experimented with deploying ETH into liquid-staking and DeFi arrangements — including a widely noted move onto the Linea network — aiming to generate yield beyond standard staking rewards while keeping assets under qualified custody.
Retain a small legacy gaming-affiliate business. SharpLink still operates an online affiliate marketing arm connecting gaming operators with customers, though this is now a minor part of the company relative to its Ethereum treasury.
How they make money
Ethereum price appreciation on its treasury, plus staking and DeFi-derived yield on nearly its entire ETH position — the residual affiliate marketing business contributes only a small fraction of overall results.
Where it sits in the value chain
The bigger trend it’s riding
SharpLink is part of a wave of 2025-vintage Ethereum treasury companies, most of which have struggled badly as ETH prices pulled back from highs. Lubin and Chalom have publicly framed the strategy in evolutionary terms — treating ETH not as a static holding like a spot ETF, but as “productive financial infrastructure” that should be staked, deployed into institutional DeFi, and continuously compounded, arguing this differentiates SharpLink from treasury copycats without a genuine yield strategy.
What to watch (not what to do)
What to watch (not what to do)
- Stock performance versus net asset value. SharpLink shares have at various points traded below the value of the company's own ETH and cash holdings, prompting share buybacks — watch this gap as a signal of market sentiment toward the strategy.
- Reports of ETH sales. SharpLink has occasionally moved portions of its ETH to exchanges during sharp downturns, drawing questions about whether the "accumulate and stake" thesis is being quietly modified under pressure.
- Concentration in a single, volatile asset. Nearly the entire company's value depends on Ethereum's price and the security of its staking arrangements — there is little operational diversification to fall back on.
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This page presents market data and educational analysis only. It does not constitute investment advice, a recommendation, or a solicitation to buy or sell any asset. Company figures, contracts, and plans are described as of mid-2026 and change frequently — verify current details before relying on them. Past performance does not guarantee future results.