Sharplink, Inc., the Miami-based Ethereum treasury platform trading under Nasdaq ticker SBET, is set to join both the Russell 2000 and Russell 3000 indexes effective at the US market open on June 29, 2026. For a company that was pulling in just $0.7 million in quarterly revenue a year ago, that’s a remarkable trajectory change.
The numbers behind the milestone
Sharplink’s Q1 2026 financial results paint a picture of aggressive growth paired with eye-watering losses. Revenue hit $12.1 million for the quarter, a jump from $0.7 million in the same period a year earlier.
The company also reported a net loss of $685.6 million for Q1 2026. That figure is primarily tied to non-cash impairments and unrealized losses on its Ethereum holdings.
Sharplink holds over 872,000 ETH equivalent as of its post-Q1 results. The company rebranded from SharpLink Gaming in February 2026, shedding its sports betting origins to fully embrace its identity as an “institutional-grade Ethereum treasury platform.”
The Galaxy partnership and DeFi ambitions
On May 11, 2026, the company announced the Galaxy Sharplink Onchain Yield Fund, a joint venture with Galaxy Digital. The fund has $125 million in committed capital: $100 million from Sharplink’s staked ETH treasury and $25 million from Galaxy. The agreement is currently non-binding.
Sharplink isn’t alone in this reconstitution cycle. BitMine Immersion Technologies, trading under ticker BMNR, is also joining the Russell 3000 in the same annual refresh.
What this means for investors
That $685.6 million net loss deserves serious scrutiny. While the losses are largely non-cash and tied to ETH price fluctuations, they represent real economic exposure. The company’s $12.1 million quarterly revenue is meaningful progress, but it’s a rounding error compared to the scale of its ETH-related gains and losses.
Investors watching this space should pay close attention to whether the Galaxy Sharplink Onchain Yield Fund moves from non-binding to binding. A $125 million committed DeFi yield fund with a publicly traded company as anchor investor would be one of the largest institutional on-chain yield vehicles to date.