Sharplink is a publicly traded company whose core business is accumulating and actively managing Ether (ETH) as its primary treasury asset. The company pivoted to this strategy in June 2025, and as of early March 2026 held approximately 869,000 ETH, making it one of the largest publicly traded corporate holders of ETH. Sharplink's pitch to investors is that buying Sharplink stock offers regulated, publicly traded ETH exposure with active yield management on top of passive price appreciation. The company raises capital primarily through equity issuances and uses the proceeds to buy ETH, then deploys that ETH to generate yield through staking, liquid staking, restaking via EigenLayer, and DeFi yield arrangements. A key relationship is with ConsenSys — the Ethereum infrastructure company led by Sharplink's own Chairman, Joseph Lubin, who co-founded Ethereum — which Sharplink argues provides preferential access to yield opportunities unavailable to passive ETF investors. Management's primary performance metric is ETH per diluted share, which it calls its "North Star." Sharplink also operates a small legacy affiliate marketing business that connects online sportsbooks and casinos with players through performance-based commissions, but this segment has been explicitly deprioritized and is managed for cash flow rather than growth.