Sharplink reported first-quarter 2026 revenue of $12.1 million on Monday and gave more insight into its expansion from traditional ether staking into other onchain yield strategies.
The company said revenue jumped from just $742,000 in the same period last year, pointing to staking income from its treasury strategy as the main driver.
Sharplink is the world's second-largest public ETH treasury company, behind the Tom Lee-chaired Bitmine Immersion, which earlier today disclosed holdings of more than 5.2 million ETH after recently slowing its accumulation pace.
Sharplink holds 872,984 ETH as of May 4, a stash worth nearly $2.4 billion at current prices.
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Despite the revenue growth, Sharplink posted a net loss of nearly $686 million in the quarter, mostly from unrealized losses tied to ether price declines. Ethereum (ETH) was trading for around $3,000 at the beginning of 2026, before dropping roughly 40% to $1,800 and closing the quarter at nearly $2,000.
Executives spent much of Monday's earnings call outlining how Sharplink is moving from a straightforward staking operation into what CEO Joseph Chalom described as a more sophisticated ETH deployment platform that will hone in on "risk-minded" yield strategies.
"We're trying to hit singles and doubles," Chalom said when discussing the company’s expanding onchain deployment strategy. "We're not looking for VC-like returns."
In a recent interview with The Block, Sharplink Chairman and Ethereum co-founder Joseph Lubin described well-structured ETH treasury firms as "long-term permanent capital" for the Ethereum ecosystem while criticizing weaker copycat treasury programs built around less durable tokens.
Sharplink stock (SBET) is up nearly 3% on the day to $7.66, equating to a small 2% loss year-to-date.
Beyond ETH staking
Other ETH treasury companies are also exploring ways to amplify returns on their holdings through staking, decentralized finance, and onchain liquidity strategies.
Alongside earnings, Sharplink announced plans to launch the Galaxy Sharplink Onchain Yield Fund with Galaxy Digital, a $125 million initiative to deploy capital into DeFi and liquidity opportunities. Chalom said the strategy looks to provide liquidity to these protocols while generating returns above the average Ethereum staking rate.
"Inbound demand and deployment opportunities have been strong, but we are not rushing," Chalom said. "Operational rigor is non-negotiable."
Risk management is more important than ever following a slew of high-profile DeFi exploits this year, including last month's $292 million Kelp DAO and $280 million Drift Protocol exploits.