The GAAP loss is staggering and the cash burn rate ($11.6M/quarter) is concerning for a company with only $16.9M cash. The Galaxy fund is non-binding and may not close. Monitor for definitive fund documentation and any ATM or capital raise to fund operations. The stock will likely trade on ETH price movements and the credibility of the treasury strategy, not GAAP earnings.
Price Chart
Executive Summary
Sharplink reported Q1 2026 revenue of $12.1M (up from $0.7M YoY, driven by its ETH treasury strategy launched June 2025) but a GAAP net loss of $685.6M ($3.25/share) due to $506.7M in unrealized losses and a $191.7M impairment charge on crypto assets. The company also announced a non-binding MOU with Galaxy Digital to launch a $125M onchain yield fund ($100M from Sharplink, $25M from Galaxy). The massive GAAP loss and cash burn from $28.5M to $16.9M are the dominant signals; the partnership is early-stage and non-binding.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $12.1M vs $0.7M YoY, driven by staking revenue of $11.5M (new segment launched June 2025)
- GAAP net loss of $685.6M ($3.25/share) vs $1.0M loss YoY, driven by $506.7M unrealized loss and $191.7M impairment on crypto assets
- Cash and equivalents fell to $16.9M from $28.5M at year-end 2025, a $11.6M decline in one quarter
- Announced non-binding MOU with Galaxy Digital for a $125M onchain yield fund ($100M from Sharplink, $25M from Galaxy); subject to definitive agreement
- ETH holdings grew to 872,984 as of May 4, 2026, up from 870,821 at March 31, 2026
- SG&A expenses surged to $9.9M from $1.1M YoY as the company scaled its treasury platform
Financial Impact
GAAP net loss of $685.6M in Q1 2026, driven by $506.7M unrealized loss and $191.7M impairment; cash burn of $11.6M in the quarter
Risk Factors
- Cash burn of $11.6M in Q1 leaves only $16.9M remaining, raising going-concern risk if ETH prices don't recover or capital markets close
- Galaxy fund is non-binding and may not launch; $100M commitment would further reduce liquid treasury
- GAAP losses will continue to be highly volatile based on ETH price swings, creating unpredictable reported results
- SG&A run-rate of ~$40M annualized is unsustainable relative to staking revenue of ~$46M annualized
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-022140 |
| Exhibit: ex99-2.htm | 0001493152-26-022140 |
| Document: form8-k.htm | 0001493152-26-022140 |
| Document: 0001493152-26-022140-index-headers.html | 0001493152-26-022140 |
| Document: 0001493152-26-022140-index.html | 0001493152-26-022140 |
| Document: 0001493152-26-022140.txt | 0001493152-26-022140 |
| 8-K Data (Synthetic) | 0001493152-26-022140 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $6.18 $8.82 | ▼ −42.72% | ▼ −43.63% | $9.58 (−55.02%) |
Jun 30, 2026 13w ago | 8-K | $4.80 $6.38 | ▲ +32.92% | ▲ +33.95% | $9.58 (+99.58%) |
Jun 23, 2026 14w ago | 8-K | $4.72 $6.32 | ▲ +33.90% | ▲ +31.97% | $9.58 (+102.97%) |
Jun 11, 2026 16w ago | Institutional Cluster | $5.43 $5.32 | ▼ −2.03% | ▼ −3.92% | $9.58 (+76.43%) |
May 15, 2026 20w ago | Insider Cluster | $6.72 $5.80 | ▼ −13.69% | ▼ −15.81% | $9.58 (+42.56%) |
May 14, 2026 20w ago | 3 | $6.72 $5.80 | ▼ −13.69% | ▼ −15.81% | $9.58 (+42.56%) |
May 11, 2026 20w ago | 8-K | $7.76 $5.32 | ▲ +31.44% | ▲ +31.14% | $9.58 (−23.45%) |
May 11, 2026 20w ago | Press Release | $7.76 $5.32 | ▲ +31.44% | ▲ +31.14% | $9.58 (−23.45%) |
Mar 9, 2026 29w ago | Press Release | $7.60 $6.24 | ▼ −17.89% | ▼ −15.09% | $9.58 (+26.05%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access