# EDGAR Filing Document

**Accession Number:** 0001981535
**File Stem:** 0001493152-26-022140
**Filing Date:** 2026-5
**Character Count:** 34133
**Document Hash:** c5a1d3f8e13cbcd216fd893295854b4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-022140.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001493152-26-022140

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260511

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sharplink, Inc.
- **CENTRAL INDEX KEY:** 0001981535
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41962
- **FILM NUMBER:** 26960970

**BUSINESS ADDRESS:**
- **STREET 1:** 200 S. BISCAYNE BOULEVARD
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131
- **BUSINESS PHONE:** (612) 293-0619

**MAIL ADDRESS:**
- **STREET 1:** 200 S. BISCAYNE BOULEVARD
- **CITY:** MIAMI
- **STATE:** FL
- **ZIP:** 33131

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SharpLink Gaming, Inc.
- **DATE OF NAME CHANGE:** 20230614

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **May 11, 2026**

**SHARPLINK, INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-41962** | **87-4752260** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **200 S. Biscayne Boulevard, Floor 20, Miami, Florida** | **33131** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(612) 293-0619**

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol | Name of each exchange on which registered |
| **Common Stock, $0.0001 per share** | **SBET** | **The Nasdaq Stock Market, LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On May 11, 2026, Sharplink, Inc. (the "Company") issued a press release regarding its financial results for the quarter ended March 31, 2026. A copy of this press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 7.01 Regulation FD Disclosure.**

On May 11, 2026, the Company also issued a press release announcing the Company's entrance into a non-binding planned formation of the Galaxy Sharplink Onchain Yield Fund, LP, a private investment vehicle. The press release is attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated into this item 7.01 by reference.

The information in this Item 7.01 of this Current Report on Form 8-K, including the information contained in Exhibit 99.2 is being furnished to the U.S. Securities and Exchange Commission, and shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by a specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release, dated May 11, 2026](ex99-1.htm) |
| 99.2 | [Press Release, dated May 11, 2026](ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: | May 11, 2026 | **SHARPLINK, INC.** |
|  |  | */s/ Joseph Chalom* |
|  |  | Joseph Chalom |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Sharplink Reports First Quarter 2026 Financial and Operating Results; Now Holds 872,984 ETH in Treasury**

*Total Staking Rewards Since Inception Increase to 18,800 ETH as of May 4, 2026*

 

*Continues to Expand ETH Productivity Through Active Treasury* 

*Management and Onchain Deployments*

 

***MIAMI, FL — May 11, 2026*** — Sharplink, Inc. (Nasdaq: SBET) ("Sharplink" or the "Company"), one of the world's largest corporate holders of Ether ("ETH") and prominent industry advocate of Ethereum adoption, today reported financial and operating results for the three months ended March 31, 2026.

"Generating risk-adjusted, ETH-denominated returns through active treasury management is the foundation of everything we do at Sharplink," said Joseph Chalom, Chief Executive Officer of Sharplink. "During the quarter, we deployed our ETH capital with discipline, internalized the majority of our asset management platform, and have moved beyond foundational staking into a broader set of onchain opportunities. With a growing permanent capital base and a comprehensive risk-management framework, we have built a platform designed to provide shareholder value across market cycles."

"We were incredibly excited to announce plans to launch the Galaxy Sharplink Onchain Yield Fund. Through our partnership with Galaxy Digital, we are deploying ETH capital through institutional-grade strategies to provide long-term liquidity to high-quality protocols while generating returns for our shareholders. This is just one important example of a robust pipeline of ETH productivity opportunities," added Chalom.

**First Quarter 2026 Highlights**

***Income Statement and Balance Sheet***

 ****

● Total revenue increased materially to $12.1 million in Q1 2026, compared to $0.7 million for the three months ended March 31, 2025. The increase was primarily driven by the continued success of Sharplink's actively managed ETH treasury strategy, which was launched on June 2, 2025.

● SG&A expenses were $9.9 million for the three months ended March 31, 2026, compared to $1.1 million in the prior year's first quarter. The increase was primarily due to expenditures for investments in infrastructure, talent and systems required to scale and actively manage Sharplink's institutional-grade ETH treasury platform.

● Net loss was $685.6 million in Q1 2026, compared to $1.0 million for the three months ended March 31, 2025. The increase in net loss was primarily driven by non-cash unrealized losses and impairments offset by net realized gains.

○ Unrealized loss: $506.7 million due to ETH market conditions in the first quarter of 2026.

○ LsETH impairment charge: $191.7 million.

○ Net realized gain: $12.0 million from ETH-to-LsETH conversions and redemptions and incentives and rebates.

○ Unrealized losses and impairment charges reflect US GAAP accounting treatment and do not represent realized economic losses on ETH holdings nor reduce the number of ETH held by the Company.

● Cash and cash equivalents totaled $16.9 million as of March 31, 2026, compared to $28.5 million as of December 31, 2025.

Joseph Lubin, Sharplink Chairman, Founder and CEO of Consensys and Co-Founder of Ethereum, noted, "What we are witnessing is the continued maturation of Ethereum into a programmable financial infrastructure, powering a new class of global markets built on transparency, composability and trust minimization. Institutional adoption continues to accelerate as leading financial organizations build directly on Ethereum across stablecoins, tokenized assets and decentralized finance, reinforcing its position as the dominant settlement layer for onchain economic activity. With ongoing advancements across Layer 2 scalability, security and network resilience, Ethereum is evolving into a high-performance coordination layer for a rapidly expanding digital economy. We believe Sharplink is uniquely positioned to translate that growth into long-term shareholder value."

***Ethereum Treasury and Operational Highlights***

● The Company's ETH holdings totaled approximately 870,821 ETH<sup>1</sup> as of March 31, 2026, increasing to 872,984 ETH<sup>2</sup> as of May 4, 2026.

● Crypto assets totaled approximately $1.7 billion as of March 31, 2026 valued on a U.S. GAAP basis.

● ETH per share ("ETH Concentration")<sup>3</sup> has more than doubled since the inception of Sharplink's Ethereum treasury strategy in June 2025 from 2.0 to 4.02.

● Since June 2025, Sharplink has generated 18,800 ETH (on an as-if redeemed basis for LsETH and weETH) in total staking rewards through both native and liquid staking programs.

● The Company has transitioned the majority of its ETH treasury management in-house, leveraging its institutional-grade team to source and execute ETH productivity opportunities to enhance yield and long-term ETH per share accretion.

● On May 9, 2026, Sharplink entered into a non-binding Memorandum of Understanding with Galaxy Digital, subjective to definitive agreement, to establish the Galaxy Sharplink Onchain Yield Fund, an approximate $125 million initiative designed to deploy capital into selective onchain opportunities capable of generating strong risk-adjusted returns while providing critical liquidity to emerging protocols.

**Conference Call Details**

Sharplink's leadership will host a conference call followed by a question-and-answer period this morning, Monday, May 11, 2026, beginning at 8:30 AM ET. Please use one of the following methods to access the call:

● Date: Monday, May 11, 2026

● Time: 8:30 A.M. Eastern Time

● Toll-free dial-in number: (877) 407-2988

● International dial-in number: (201) 389-0923

● Webcast: <u>Sharplink's Q1 2026 Earnings Call</u> 

Participants can also access the Company's earnings call using the call me option here for instant telephone access to the event, which will be active 15 minutes before the scheduled start time.

<sup>1</sup> Total ETH holdings held as of March 31, 2026, were comprised of 589,305 native ETH, 209,361 ETH as-if redeemed from LsETH and 72,155 ETH as-if redeemed from WeETH.

<sup>2</sup> Total ETH holdings held as of May 4, 2026, were comprised of 590,823 native ETH, 209,789 ETH as-if redeemed from LsETH and 72,372 ETH as-if redeemed from WeETH.

<sup>3</sup> To enhance transparency into the Company's yield performance, Sharplink tracks a reporting metric called "ETH Concentration," which is also referred to as "ETH per share." This metric is calculated by dividing the number of ETH, including the as-if redeemed LsETH, Sharplink holds by each 1,000 assumed diluted shares issued and outstanding ("Assumed Diluted Shares Outstanding"). Assumed Diluted Shares Outstanding represents the sum of (i) Sharplink's actual shares of common stock issued and outstanding as of the end of each reporting period, inclusive of disclosed ATM sales, plus (ii) the additional shares that would be issued upon the assumed exercise or settlement of all outstanding warrants, pre-funded warrants, stock option awards, and restricted stock units. Notably, Assumed Diluted Shares Outstanding is not calculated using the treasury stock method. It does not account for equity award vesting conditions, stock option exercise prices, or contractual restrictions limiting the convertibility of debt instruments. Additionally, it excludes any assumed share repurchases that would ordinarily be considered under the treasury stock method. Cash-converted basis assumes full cash deployment into ETH at week-ending closing price.

A telephonic replay will be available approximately three hours after the conference call concludes through Monday, May 25, 2026.

● Toll-free replay number: (877) 660-6853

● International replay number: (201) 612-7415

● Replay ID: 13759980

A link to the live webcast and replay will also be available at <u>https://www.sharplink.com/investors</u>.

For more detailed information, please refer to the Quarterly Report on Form 10-Q for the three months ended March 31, 2026 filed with the U.S. Securities and Exchange Commission, and accessible at <u>www.sec.gov</u> or on SharpLink's website found at <u>www.sharplink.com</u>.

**About Sharplink, Inc.**

Sharplink is a leading institutional-grade Ethereum treasury platform designed to give public market investors smarter, more productive exposure to ETH. Ethereum underpins the majority of global stablecoin, tokenized real-world assets and decentralized finance settlement, making ETH a unique native yield generation and long-term network growth opportunity. In addition to its Ethereum treasury platform, Sharplink operates an online affiliate marketing business. Sharplink was founded in 2019 and is headquartered in Miami, Florida. Learn more at <u>www.sharplink.com</u>.

**Forward-Looking Statement**

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and these forward-looking statements are subject to various risks and uncertainties. Such statements include, but are not limited to, goals and expectations regarding the Company's strategy and potential partnerships, and other statements accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words, but the absence of these words does not mean that a statement is not forward-looking. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company's ability to repurchase additional shares of Sharplink's common stock through its stock repurchase program, potential use of the Company's ATM facility, the Company's ability to achieve profitable operations, fluctuations in the market price of ETH that will impact the Company's accounting and financial reporting (see accounting rules discussed below), government regulation of cryptocurrencies and online betting, risks related to the launch and operation of the Galaxy Sharplink Onchain Yield Fund (the "Fund"), including the risk that the Fund may not launch on the anticipated timeline or at all, that commitments may not be funded, that the Fund may not achieve its investment objectives and that the Fund's strategies may result in losses, changes in securities laws or regulations, customer acceptance of new products and services, the demand for its products and its customers' economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company, changes in applicable laws or regulations, and its competitors, general economic conditions and other risk factors detailed in the Company's annual report and other filings with the SEC. Under U.S. generally accepted accounting principles ("GAAP"), entities are generally required to measure certain crypto assets at fair value, with changes reflected in net income each reporting period. Changes in the fair value of crypto assets could result in significant fluctuations to the balance sheet and income statement results. Additionally, for other certain types of crypto assets, the Company uses the historical costs less impairment model. This model may require the Company to record an associated impairment charge reflected in net income as a result of a decrease in the market price of the crypto assets below the cost value at which the Company's crypto assets are carried on its balance sheet. In addition, certain metrics in this release, including "ETH Concentration," "ETH per share" and "Assumed Diluted Shares Outstanding" are KPI measures and should not be considered substitutes for GAAP financial measures. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company does not undertake any responsibility to update the forward-looking statements in this press release.

**CONTACT:**

Sharplink's Investor Relations Contact:<br> Sean Mansouri, CFA or Aaron D'Souza \| Elevate IR<br> Phone: (720) 330-2829<br> Email: <u>ir@sharplink.com</u>

Sharplink's Media Contact:<br> Email: <u>media@sharplink.com</u>

**SHARPLINK, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(unaudited)** | |
| Assets |  |  |
| Current Assets |  |  |
| Cash | $16875 | $28539 |
| USDC stablecoin |  | 1882 |
| Accounts receivable, net of allowance for credit losses of $0 | 461 | 221 |
| Prepaid expenses and other current assets | 689 | 329 |
| Current assets from discontinued operations | - | 182 |
| Total current assets | 18025 | 31153 |
| Crypto assets at fair value | 1239140 | 1899683 |
| Crypto assets at cost | 486852 | 500912 |
| Equipment, net | 14 | 10 |
| Intangible assets, net | 7 | 8 |
| Total assets | $1744038 | $2431766 |
| Liabilities and Stockholders' Equity |  |  |
| Current Liabilities |  |  |
| Accounts payable and accrued expenses | 4243 | 12748 |
| Current liabilities from discontinued operations | $- | $1 |
| Total current liabilities | 4243 | 12749 |
| Total liabilities | 4243 | 12749 |
| Commitments and Contingencies (Note 10) |  |  |
| Stockholders' Equity |  |  |
| Series A-1 preferred stock, $0.0001 par value; authorized shares: 260,000; issued and outstanding shares: 0 |  |  |
| Series B preferred stock, $0.0001 par value; authorized shares: 370,000; issued and outstanding shares: 0 |  |  |
| Common stock, $0.0001 par value; authorized shares 2,500,000,000 and 100,000,000; issued 201,063,967 and 200,584,713, respectively; outstanding shares: 199,125,509 and 198,646,255 respectively | 20 | 20 |
| Treasury stock, 1,938,458 of common stock at cost | (31721) | (31721) |
| Additional paid-in capital | 3268259 | 3263114 |
| Accumulated deficit | (1496763) | (812396) |
| Total stockholders' equity | 1739795 | 2419017 |
| Total liabilities and stockholders' equity | $1744038 | $2431766 |

---

*See accompanying notes to these condensed consolidated financial statements*

 

 ****

**SHARPLINK, INC.** 

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(UNAUDITED)**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Revenue from staking | $11501 | $- |
| Revenue from affiliate marketing | 557 | 742 |
| &nbsp;&nbsp;&nbsp;Total revenue | 12058 | 742 |
| Gains and (losses) from operations |  |  |
| &nbsp;&nbsp;&nbsp;Realized gain on crypto assets, net | 12005 |  |
| &nbsp;&nbsp;&nbsp;Unrealized loss on crypto assets at fair value, net | (506664) | - |
| Total losses from operations, net | (494659) |  |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Cost of revenues from affiliate marketing | 432 | 610 |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | 9876 | 1058 |
| &nbsp;&nbsp;&nbsp;Impairment of crypto assets at cost | 191670 | - |
| Total operating expenses | 201978 | 1668 |
| Operating loss | (684579) | (926) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 203 | 12 |
| &nbsp;&nbsp;&nbsp;Other expense | (2) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income, net | 201 | 12 |
| Net loss before income taxes | (684378) | (914) |
| Income tax expense | (1183) | (3) |
| Net loss from continuing operations | (685561) | (917) |
| Net loss from discontinued operations, net of tax | - | (58) |
| Net loss | $(685561) | $(975) |
| Numerator for net loss per share - basic and diluted: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss from continuing operations | $(685561) | $(917) |
| &nbsp;&nbsp;&nbsp;Net loss from discontinued operations | - | (58) |
| &nbsp;&nbsp;&nbsp;Net loss | $(685561) | $(975) |
| Denominator for net loss per share - basic and diluted: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted weighted average shares for continuing and discontinued operations | 210865894 | 531226 |
| Net loss per share - basic and diluted |  |  |
| &nbsp;&nbsp;&nbsp;Net loss from continuing operations per share - basic and diluted | $(3.25) | $(1.73) |
| &nbsp;&nbsp;&nbsp;Net loss from discontinued operations per share – basic and diluted | - | (0.11) |
| &nbsp;&nbsp;&nbsp;Net loss per share - basic and diluted | $(3.25) | $(1.84) |

---

 ****

*See accompanying notes to these condensed consolidated financial statements*

 

 ****

## Exhibit 99.2

**Exhibit 99.2**

---

| | |
|:---|:---|
| ![](ex99-2_001.jpg) | ![](ex99-2_002.jpg) |

---

**Galaxy and Sharplink Plan to Launch First of its Kind, Institutional Onchain Yield Fund with $125 Million in Commitments**

***Proposed partnership designed to make Sharplink's Ethereum treasury even more productive in institutional onchain yield fund managed by Galaxy***

 ****

**NEW YORK — May 11, 2026 —** Galaxy Digital Inc. (Nasdaq: GLXY) and Sharplink Inc. (Nasdaq: SBET) today announced their entry into a non-binding memorandum of understanding, subject to definitive documentation, regarding the formation of the Galaxy Sharplink Onchain Yield Fund, LP, (the "Fund"), a private investment vehicle that will deploy capital across decentralized finance liquidity protocols and other onchain yield-generating strategies. Galaxy will serve as investment manager.

The Fund, planned to launch in the coming weeks, will receive commitments totaling $125 million, consisting of $100 million from Sharplink's staked Ethereum treasury and $25 million from Galaxy.

The Fund will pursue a strategy designed to capture high-yielding opportunities in blockchain-based financial markets by allocating to promising applications. The structure is built to allow Sharplink to preserve its core Ethereum exposure while putting balance-sheet capital to productive use — extending the role of digital asset treasuries beyond passive holding and into actively managed onchain strategies.

Protocol selection, exposure sizing, and ongoing monitoring are governed by Galaxy's institutional research and risk management framework — the same discipline applied across the firm's lending, trading, and asset management businesses, and a defining feature of how Galaxy has operated onchain across multiple market cycles. Galaxy has been actively deploying hundreds of millions of dollars of capital onchain since 2020 and is among the largest publicly traded companies actively allocating to onchain strategies today.

"Institutional capital is moving onchain, and the infrastructure to support it has matured to a point where allocators can access yield, liquidity, and risk management with the same rigor they expect in traditional markets," said Mike Novogratz, Founder and CEO of Galaxy. "Sharplink has built one of the most significant Ethereum treasuries among public companies, and we're proud to partner with them to put that capital to work in a strategy designed to compound their core position."

Sharplink CEO Joseph Chalom said, "Sharplink's strategy has always been to make our ETH maximally productive while upholding the highest standard of risk management. This fund is the clearest expression of that conviction. By partnering with Galaxy to deploy a portion of our staked Ethereum treasury into institutional onchain yield strategies, we aim to compound our treasury while contributing to the deepening of the onchain financial ecosystem. Galaxy's institutional infrastructure and Sharplink's treasury scale are a natural fit. This partnership will prove to be a direct demonstration of what it looks like when public company capital meets onchain finance with discipline and institutional standards."

"The structure of this fund reflects Sharplink's ideal framework for active capital allocation," added Matthew Sheffield, Sharplink's Chief Investment Officer. "We aim to preserve our core staked Ethereum exposure while generating excess returns that accrues back to our shareholders. Galaxy's research, investment diligence and risk management infrastructure demonstrated a rigorous commitment to the institutional standards Sharplink embodies. This marks an extension of our treasury strategy into more active strategies, aimed at providing sustainable term structures to great projects. Generating yield while aiming to be a positive force in the ecosystem continues to be our goal."

**About Galaxy**

Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.6 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia. Additional information about Galaxy's businesses and products is available on www.galaxy.com.

**About Sharplink**

Sharplink is a leading institutional-grade Ethereum treasury platform designed to give public market investors smarter, more productive exposure to ETH. Ethereum underpins the majority of global stablecoin, tokenized real-world assets and decentralized finance settlement, making ETH a unique native yield generation and long-term network growth opportunity. In addition to its Ethereum treasury platform, Sharplink operates an online affiliate marketing business. Sharplink was founded in 2019 and is headquartered in Miami, Florida. Learn more at www.sharplink.com.

**CAUTION ABOUT FORWARD-LOOKING STATEMENTS**

The information in this document may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future, including with respect to the formation, launch, investment strategy, expected returns and operation of the Fund. Statements that are not historical facts, including statements about the Fund, its anticipated investment strategy, expected commitments, targeted yield opportunities, and onchain business, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "aim," "anticipate," "believe," "continue," "could," "design," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "seek" "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) risks related to our blockchain infrastructure and staking business; (2) any delay or failure in successfully integrating the acquired company; (3) changes in applicable laws or regulations, including laws and regulations applicable to digital assets, decentralized finance protocols, staking, and onchain yield strategies; (4) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (5) changes or events that impact the cryptocurrency and AI/HPC industry, including potential regulation, that are out of our control; (6) the risk that our business will not grow in line with our expectations or continue on its current trajectory; (7) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (8) any delay or failure to consummate the business mandates or achieve its business pipeline goals; (9) liquidity or economic conditions impacting our business; (10) technological challenges, cyber incidents or exploits; (11) risks related to the formation, launch and operation of the Fund, including the risk that the Fund may not launch on the anticipated timeline or at all, that commitments may not be funded, that the Fund may not achieve its investment objectives, and that the Fund's strategies may result in losses; (12) risks related to decentralized finance protocols, including smart contract vulnerabilities, protocol failures, liquidity risks, impermanent loss, governance risks, regulatory uncertainty, and the potential for total loss of capital deployed onchain; (13) risks related to the volatility of digital asset prices, including Ethereum, which may materially and adversely affect the value of the Fund's holdings and Sharplink's treasury; (14) counterparty, custodial, and operational risks associated with onchain transactions and decentralized finance protocols; and (15) those other risks contained in filings we make with the Securities and Exchange Commission (the "SEC") from time to time, including in our Quarterly Report on Form 10-Q, available at www.sec.gov. Factors that could cause actual results to differ materially from those described in such forward-looking statements include, but are not limited to, a decline in the digital asset market or general economic conditions; a delay or failure in developing infrastructure for our business or our businesses achieving our mandates; delays in integration of the acquired business; changes in applicable law or regulation and adverse regulatory developments; smart contract exploits or failures in decentralized finance protocols in which the Fund invests; and changes in the price of Ethereum or other digital assets that materially affect the value of Sharplink's treasury or the Fund's holdings. Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from the forward-looking statements. Except as required by law, we assume no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.

**CONTACTS AT GALAXY**

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| | |
|:---|:---|
| **Investor Relations Contact** | **Media Relations Contact** |
| Jonathan Goldowsky | Michael Wursthorn |
| <u>Investor.Relations@galaxy.com</u> | <u>media@galaxy.com</u> |

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**CONTACTS AT SHARPLINK, INC.**

**Investor Relations Contact**

Sean Mansouri, CFA or Aaron D'Souza \| Elevate IR

Phone: (720) 330-2829

Email: <u>ir@sharplink.com</u>

**Media Contact**

Email: <u>media@sharplink.com</u>