Sharplink, Inc. (NASDAQ: SBET)

Sharplink is a publicly traded company that has adopted Ethereum as its primary treasury asset while also operating an online affiliate marketing business that delivers fan activation solutions to sportsbook and online casino gaming partners.

Sharplink generates revenue primarily from two sources: its ETH Treasury Management segment earns staking rewards and protocol level incentives by delegating Ethereum to validators and participating in liquid staking and Layer 2 deployments, while its Affiliate Marketing segment earns commissions from sportsbook and casino operators for referring new depositing customers through performance based marketing arrangements.

The company operates through the following segments.

• ETH Treasury Management focuses on accumulating Ethereum as a treasury asset and generating yield through staking rewards protocol level incentives and liquid staking activities including participation in the Linea Layer 2 network and earning non cash revenue from partner protocols.

• Affiliate Marketing operates an iGaming affiliate network known as PAS net and a portfolio of state specific direct to player websites that drive qualified traffic and player acquisitions for sportsbook and online casino gaming operators in exchange for commissions based on cost per acquisition or net gaming revenue.

Sharplink holds one of the largest Ethereum treasuries among publicly traded companies and positions itself as an early mover in a digital asset treasury strategy centered on Ethereum. It competes with digital asset exchange traded products that generally do not engage in active staking or yield generation and with other public companies that hold digital assets as ancillary treasury holdings. Sharplink differentiates itself through an internally managed treasury team a strong debt free balance sheet and a focus on earning protocol level rewards while maintaining public company governance and transparency standards.

Sharplink’s affiliate marketing business serves sportsbook and online casino gaming operators that seek performance based customer acquisition solutions. Its Ethereum treasury activities involve collaborations with blockchain infrastructure providers such as Consensys Ether.fi Eigen Labs and Anchorage Digital Bank as well as participation in networks like Linea to generate yield and non cash revenue.