SharpLink Gaming has pivoted from passive custody to active management of a nearly $3 billion Ethereum treasury, aiming to convert reserve assets into recurring revenue and market leverage in 2026. The strategy pairs large-scale ETH deployments on Layer‑2 networks with diversified staking and restaking to produce risk‑adjusted yields.
SharpLink shifted tack late in 2025 and into January 2026, reallocating part of its ETH holdings into yield-bearing programs rather than leaving them idle. The company executed a notable move on Jan. 10, when it deployed $170 million of ETH into a Linea-based staking and restaking setup.
That deployment followed an earlier announcement that SharpLink planned a broader $200 million commitment to the Linea ecosystem via partners such as ether.fi and EigenCloud.
The firm combines native Ethereum staking, restaking protocols and liquid restaking tokens to spread protocol risk and capture multiple reward streams. Using a working assumption of a 3–5% annualized yield on a roughly $3 billion ETH base, the company projects ETH-denominated yield that could add an estimated $90 million to $150 million to revenue for the year, if those rates hold.
SharpLink has framed its treasury work as institutional-grade DeFi adoption. It routes ETH through custodians such as Anchorage Digital and collaborates with Layer‑2 and restaking providers to set a precedent for corporate treasury management. Co‑CEO Joseph Chalom has described the approach as flexible and diversified, designed to adapt to changing protocol and market conditions.
Financial outlook, analyst view and market sensitivity
The company also plans to tokenize its SEC‑registered common stock on the Ethereum blockchain in 2026, using the Opening Bell platform to make shares accessible inside the DeFi stack. That move, if completed, is intended to increase SBET liquidity and broaden the investor base by linking traditional equity with blockchain rails.
Analysts have responded with bullish forecasts tied to both the treasury strategy and potential ETH appreciation. Citizens Bank initiated coverage with a ‘Market Outperform’ rating and placed an approximate $50 price target on the stock, while projecting a net asset value near $35 per share—up from under $20—on a scenario that combines ETH gains and yield generation.
The consensus view in the coverage cited in the company filings and press releases treats yield capture plus ETH price moves as the chief drivers of shareholder value.
Revenue and NAV gains depend on disciplined execution of staking, counterparty selection and the path of ETH prices—factors that introduce volatility as well as opportunity. Investors are now turning their attention to the tokenization of SBET shares, planned for 2026, which will serve as a practical test of whether SharpLink can translate an ETH-denominated treasury into broader market liquidity and durable shareholder value.
