The Ethereum treasury firm’s Q1 net loss surged due to unrealized ETH losses, despite revenue rising to $12 million.
Sharplink posted a $686 million net loss in Q1, driven largely by $507 million in unrealized losses from its Ethereum treasury. The loss marks a sharp increase from the $1 million net loss reported in the same period last year.
Revenue climbed to over $12 million in Q1 2026, up from less than $1 million a year earlier, supported by staked ETH holdings. The firm attributed its performance to active treasury management and expanded on-chain opportunities.
Sharplink also announced a $125 million on-chain yield fund in partnership with Galaxy, aiming to generate ETH-denominated returns.