What Is SharpLink Gaming (SBET) and How It Works

SharpLink Gaming (SBET) is a unique Nasdaq-listed company that mixes sports-betting affiliate operations with a multi-billion-dollar Ethereum treasury.

On one side, it connects sports fans to regulated sportsbooks through performance-based affiliate marketing and SEO-driven content.

On the other, it manages one of the largest ETH holdings among publicly traded companies, including liquid-staked ETH and staking rewards.

This dual model has shifted investor attention from traditional gaming revenue to the company’s digital-asset exposure.

Understanding SharpLink requires looking at both segments: how the affiliate operations generate steady revenue and how the Ethereum treasury compounds value for shareholders.

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Key Takeaways

1. SharpLink operates both a sports-betting affiliate network and a large Ethereum treasury.

2. SBET stock performance is increasingly influenced by Ethereum exposure rather than traditional gaming.

3. The company’s ETH holdings include native ETH, liquid-staked ETH, and staking rewards tracked through its public dashboard.

What Is SharpLink Gaming (SBET)?

SharpLink Gaming is a hybrid business blending sports-betting affiliate marketing with a high-conviction Ethereum treasury.

The affiliate side funnels sports traffic to licensed sportsbooks, generating revenue through performance-based deals and referral fees.

The treasury side manages ETH holdings, staking, and yield generation to compound value over time.

Corporate Background

• Formerly Mer Telemanagement Solutions, SharpLink rebranded after a reverse merger in 2021.

• Headquartered in Minneapolis, Minnesota, the company now operates under U.S. capital market rules.

• Leadership combines gaming veterans with crypto-native operators, including co-CEOs Rob Phythian and Joseph Chalom.

The combination allows shareholders to access Ethereum exposure without directly managing crypto wallets, offering a unique risk-adjusted growth opportunity through a publicly traded entity.

Read Also: SharpLink Gaming Increases Treasury Holdings to 521,000 ETH: Nearly $1.9B in Value

How SharpLink Generates Revenue

Revenue comes from two distinct streams that support the company’s dual model.

Affiliate Revenue

• Performance-based agreements with sportsbooks and iGaming operators.

• SEO-driven funnels and sports betting content that attract and convert users.

• Revenue is seasonal, tied to major sports events like NFL, NBA, and March Madness.

Ethereum Treasury Revenue

• Holding native ETH, liquid-staked ETH, and staking rewards.

• Compounding ETH value over time, generating yield beyond affiliate cash flow.

• Treasury performance influences SBET stock more than traditional affiliate revenue.

Together, these streams give SharpLink a blend of predictable operating cash flow from affiliate deals and upside potential from Ethereum price movements and staking rewards.

Read Also: SharpLink Gaming Becomes a Major Ethereum Holder

SBET Stock, Market Structure, and Liquidity

SharpLink trades on Nasdaq under the ticker SBET, and investors increasingly treat it as an ETH-proxy stock.

Key Metrics

• Market cap moves with ETH exposure rather than just affiliate revenue.

• Outstanding shares and authorized capital impact dilution risk due to treasury expansions.

• Short interest is notable, reflecting active trading around Ethereum-related disclosures.

Liquidity is event-driven, with tighter spreads during ETH dashboard updates and wider spreads during quieter periods.

Retail investors often use limit orders to navigate volatility, while institutional activity concentrates around ETH announcements.

Ethereum Holdings

• Total ETH holdings: 861,251 ETH, split between native and liquid-staked positions.

• Staking rewards contribute to compounding value, with 7,067 ETH currently accumulated.

• Dashboard transparency gives investors insight into ETH concentration, NAV, and market impact.

This makes SBET a rare small-cap Nasdaq stock whose valuation is heavily influenced by a digital-asset balance sheet.

Read Also: What is Nasdaq 100 Index?

Conclusion

SharpLink Gaming is redefining what a publicly traded gaming company can be. Its affiliate network provides steady revenue, while its Ethereum treasury delivers long-term growth potential.

By combining these two segments, SharpLink offers a risk-adjusted opportunity for investors who want exposure to both sports betting and Ethereum in a single ticker.

SBET’s transparent ETH dashboard and disciplined treasury management help shareholders track performance and understand risks, including ETH volatility and dilution.

Platforms like Bitrue provide a secure and user-friendly environment for crypto trading. For investors seeking a hybrid approach to digital assets and traditional cash flow, SBET provides a compelling entry point.

FAQ

What is SharpLink Gaming (SBET)?

It’s a Nasdaq-listed company blending sports-betting affiliate marketing with a multi-billion-dollar Ethereum treasury.

How does SharpLink make money?

Through affiliate agreements with sportsbooks and through ETH holdings that generate staking rewards and yield.

Is SBET a direct investment in Ethereum?

No, SBET offers exposure to Ethereum through its treasury holdings but does not give direct ownership of the cryptocurrency.

What are the risks of investing in SBET?

Key risks include ETH price volatility, dilution from capital raises, and the operational risk of affiliate marketing.

Where can I track SBET stock and ETH holdings?

SBET is listed on Nasdaq, and the company provides an ETH dashboard for real-time treasury updates.

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