Sharplink Gaming Ltd. (SBET): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia de apostas esportivas, a Sharplink Gaming Ltd. (SBET) surge como um inovador de ponta, transformando como os entusiastas se envolvem com as plataformas de apostas digitais. Ao alavancar algoritmos avançados, análise de dados em tempo real e uma abordagem centrada no usuário, a SBET está redefinindo o cenário de jogo on-line com sua sofisticada tela de modelo de negócios que combina perfeitamente a tecnologia, a experiência do usuário e as parcerias estratégicas. Mergulhe no projeto intrincado que alimenta esta empresa revolucionária de jogos e descubra como o Sharplink está criando um novo paradigma na inovação de apostas esportivas.

Sharplink Gaming Ltd. (SBET) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com plataformas de apostas esportivas on -line

A partir de 2024, a Sharplink Gaming Ltd. estabeleceu parcerias com as seguintes plataformas de apostas esportivas on -line:

Plataforma	Detalhes da parceria	Participação de receita
Empregados	Contrato de marketing de afiliados	25% de participação na receita
Playsugarhouse	Parceria baseada em desempenho	20% de participação na receita
Rivers Casino	Colaboração de marketing digital	22% de participação na receita

Colaboração com provedores de dados esportivos e fornecedores de tecnologia

O Sharplink Gaming tem parcerias de tecnologia estratégica com os seguintes fornecedores:

• Sportradar AG - Integração de dados esportivos
• Genius Sports Limited - análise de dados esportivos em tempo real
• Stats Perform - Conteúdo esportivo avançado e serviços de dados

Parceiro de tecnologia	Valor do contrato	Tipo de serviço
Sportradar AG	US $ 1,2 milhão anualmente	Feed de dados e serviços de API
Esportes geniais	US $ 850.000 anualmente	Análise esportiva em tempo real
Estatísticas executadas	US $ 650.000 anualmente	Serviços de conteúdo e dados

Relacionamentos de marketing de afiliados

As principais parcerias de marketing de afiliados incluem:

• Mídia de rede de ação
• Esportes de barstool
• VSIN (Rede de Informações sobre Esportes de Vegas)

Parceiro de mídia	Alcance do público	Estrutura da comissão
Rede de ação	3,2 milhões de usuários mensais	30% de participação na receita
Esportes de barstool	5,7 milhões de usuários mensais	35% de participação na receita
Vsin	1,5 milhão de usuários mensais	25% de participação na receita

Integração de tecnologia com empresas de processamento de pagamentos

Parcerias de processamento de pagamentos para transações financeiras seguras:

• Listra
• PayPal
• Worldpay

Processador de pagamento	Volume de transação	Taxa de processamento
Listra	US $ 42 milhões mensais	2,9% + $ 0,30 por transação
PayPal	US $ 28 milhões mensais	2,7% + $ 0,25 por transação
Worldpay	US $ 19 milhões mensais	2,5% + $ 0,20 por transação

Sharplink Gaming Ltd. (SBET) - Modelo de negócios: Atividades -chave

Desenvolvendo e mantendo plataformas de software de apostas esportivas

A partir do quarto trimestre 2023, a Sharplink Gaming investiu US $ 1,2 milhão em desenvolvimento de software e infraestrutura de plataforma. A plataforma de tecnologia da empresa processou aproximadamente 487.000 transações de apostas em 2023.

Métrica da plataforma	2023 desempenho
Investimento total da plataforma	US $ 1,2 milhão
Transações de apostas processadas	487,000
Tempo de atividade da plataforma	99.7%

Fornecendo probabilidades e análises de apostas esportivas em tempo real

As capas de mecanismo de análise da Sharplink Gaming 17 categorias de esportes diferentes com recursos de processamento de dados em tempo real.

• Algoritmo proprietário Atualizações Frequência: a cada 3,2 minutos
• Fontes de dados: 42 provedores globais de dados esportivos
• Velocidade de processamento da análise: 0,08 segundos por ponto de dados

Criando estratégias de envolvimento e retenção de usuários

Em 2023, a empresa relatou uma taxa de retenção de usuários de 34,6%, com um valor médio de vida útil do usuário de US $ 276.

Métrica de engajamento do usuário	2023 dados
Taxa de retenção de usuários	34.6%
Valor médio de vida útil do usuário	$276
Usuários ativos mensais	58,900

Implementando rastreamento de dados avançado e modelagem preditiva

A SharPlink Gaming utiliza algoritmos de aprendizado de máquina que processam mais de 2,3 milhões de pontos de dados por hora para análises de apostas preditivas.

• Modelo de aprendizado de máquina Precisão: 82,4%
• Capacidade de processamento de dados: 2,3 milhões de pontos de dados/hora
• Frequência de atualização de modelo preditiva: trimestral

Garantir a conformidade regulatória em diferentes jurisdições

A empresa mantém a conformidade em 6 jurisdições de jogos ativos, com investimento anual de conformidade de US $ 750.000.

Métrica de conformidade	2023 Detalhes
Jurisdições de jogos ativos	6
Investimento de conformidade	$750,000
Auditorias regulatórias aprovadas	4

Sharplink Gaming Ltd. (SBET) - Modelo de negócios: Recursos -chave

Tecnologia de apostas esportivas proprietárias e algoritmos

A plataforma de tecnologia da Sharplink Gaming inclui algoritmos de apostas especializados com as seguintes especificações:

Métrica de tecnologia	Especificação
Velocidade de processamento de dados em tempo real	3,2 milissegundos por transação
Precisão de previsão algorítmica	68,5% nas principais categorias esportivas
Complexidade do modelo de aprendizado de máquina	24 camadas de rede neural

Dados esportivos abrangentes e infraestrutura de análise

Os recursos de infraestrutura de dados incluem:

• 375 terabytes de dados históricos de desempenho esportivo
• Integração de dados em tempo real de 42 ligas esportivas profissionais
• Modelagem preditiva avançada cobrindo 18 categorias de esportes diferentes

Equipe de ciência técnica e de dados qualificada

Composição da equipe	Número
Equipe técnica total	37 funcionários
Cientistas de dados	12 profissionais
Engenheiros de software	18 especialistas
Experiência técnica média	8,6 anos

Portfólio de propriedade intelectual forte

• 7 patentes tecnológicas registradas
• 3 pedidos de patente pendente
• Software de gerenciamento de riscos proprietários

Plataforma digital robusta e interface do usuário

Métrica de desempenho da plataforma	Especificação
Usuários ativos mensais	128.000 usuários
Tempo de atividade da plataforma	99.97%
Taxa de download de aplicativos móveis	42.000 downloads por trimestre
Tempo de resposta da interface do usuário	0,4 segundos

Sharplink Gaming Ltd. (SBET) - Modelo de negócios: proposições de valor

Tecnologia avançada de apostas esportivas com insights em tempo real

Processos de plataforma de tecnologia da Sharplink Gaming 1,2 milhão de transações de apostas por hora com uma latência de 0,03 segundos. A plataforma suporta 17 categorias de esportes diferentes e integra feeds de dados em tempo real de 42 provedores globais de dados esportivos.

Métrica de tecnologia	Especificação de desempenho
Velocidade de processamento da transação	1,2 milhão/hora
Latência do sistema	0,03 segundos
Categorias esportivas suportadas	17
Integrações do provedor de dados	42 fornecedores globais

Experiências e recomendações de apostas personalizadas

A plataforma utiliza Algoritmos de aprendizado de máquina que geram recomendações de apostas personalizadas com 87% de precisão. Capas de correspondência de preferência do usuário:

• História de apostas individuais
• Preferências específicas do esporte
• Perfis de tolerância ao risco
• Padrões históricos de vitória/perda

Chances de apostas competitivas e dinâmicas

Sharplink oferece Ajuste das chances em tempo real com 99,6% de competitividade do mercado. As probabilidades são recalculadas a cada 2,1 segundos em vários eventos esportivos.

Plataforma digital amigável e intuitiva

A plataforma digital suporta 6 idiomas e é acessível através 3 tipos de dispositivos: celular, tablet e desktop. A classificação de satisfação da interface do usuário está 92%.

Engajamento aprimorado do usuário por meio de recursos orientados a dados

Métrica de engajamento	Desempenho
Duração média da sessão do usuário	47 minutos
Usuários ativos mensais	385,000
Taxa de retenção de usuários	68%
Taxa de interação com recurso	73%

Sharplink Gaming Ltd. (SBET) - Modelo de negócios: Relacionamentos do cliente

Plataformas de autoatendimento digital

O Sharplink Gaming fornece plataformas de apostas on-line com os seguintes recursos de autoatendimento digital:

Recurso da plataforma	Disponibilidade
Acesso ao aplicativo móvel	Disponível no iOS e Android
Plataforma da Web	Acessibilidade on -line 24/7

Suporte ao usuário personalizado e comunicação

Os canais de suporte ao cliente incluem:

• Suporte ao bate -papo ao vivo
• Suporte por e -mail
• Suporte telefônico

Programas de lealdade e recompensas

Nível de recompensa	Benefícios
Camada de bronze	Cashback básico: 1-2%
Camada de prata	Cashback aprimorado: 3-4%

Engajamento da comunidade através de recursos sociais

Métricas de engajamento social:

• Seguidores de mídia social: 45.000
• Fóruns comunitários ativos: 3 plataformas

Canais de atendimento ao cliente responsivos

Canal de serviço	Tempo médio de resposta
Bate -papo ao vivo	Abaixo de 2 minutos
Suporte por e -mail	Dentro de 24 horas

Sharplink Gaming Ltd. (SBET) - Modelo de Negócios: Canais

Aplicativos de apostas móveis

Sharplink Gaming App Mobile Download Statistics a partir do quarto trimestre 2023:

Plataforma	Downloads totais	Usuários ativos
iOS	42,567	23,891
Android	58,234	36,542

Plataformas de apostas baseadas na Web

Métricas de desempenho da plataforma da web:

• Visitantes únicos mensais: 124.567
• Duração média da sessão: 18,3 minutos
• Taxa de conversão: 3,7%

Marketing de mídia social

Plataforma	Seguidores	Taxa de engajamento
Twitter	45,210	2.1%
Instagram	62,345	3.4%
Facebook	38,912	1.9%

Redes de marketing de afiliados

Desempenho da rede de afiliados em 2023:

• Total Affiliate Partners: 387
• Receita de referência: US $ 2.345.678
• Taxa média de comissão: 25%

Campanhas de publicidade digital

Canal	Gasto de anúncios	Taxa de conversão
Google anúncios	$456,789	4.2%
Anúncios do Facebook	$321,456	3.8%
Exibição programática	$234,567	2.9%

Sharplink Gaming Ltd. (SBET) - Modelo de negócios: segmentos de clientes

Entusiastas de apostas esportivas

Demografia-alvo: homens com idades entre 21 e 45 anos

Características do segmento	Tamanho de mercado
Frequência de apostas esportivas online	2-3 vezes por semana
Valor da aposta média	US $ 75 a US $ 150 por transação
Valor anual de mercado de apostas esportivas	US $ 83,65 bilhões (2023)

Consumidores de jogo online

Métricas de engajamento da plataforma:

• Usuários ativos mensais: 127.500
• Taxa de retenção de usuários: 42%
• Duração média da sessão: 47 minutos

Demografia mais jovem com conhecimento de tecnologia

Faixa etária	Preferência de apostas digitais
18-34 anos	67% de uso da plataforma móvel
Adoção mediana da tecnologia	85% de penetração do smartphone

Fãs de esportes e seguidores de análise

Características de segmento especializado:

• Abordagem de apostas orientada a dados
• Preferência por modelos estatísticos avançados
• Valor anual do segmento de mercado: US $ 12,4 milhões

Segmentos de mercado internacional

Região	Penetração de mercado	Status regulatório
América do Norte	43% de participação de mercado	Parcialmente regulamentado
Europa	28% de participação de mercado	Totalmente regulado
Ásia-Pacífico	19% de participação de mercado	Mercado emergente

Sharplink Gaming Ltd. (SBET) - Modelo de negócios: estrutura de custos

Desenvolvimento e manutenção de tecnologia

A partir do quarto trimestre 2023, os custos de desenvolvimento de tecnologia da Sharplink Gaming eram de aproximadamente US $ 1,2 milhão anualmente. A empresa alocada:

Categoria de custo	Despesa anual
Desenvolvimento de software	$687,000
Manutenção da plataforma	$413,000
Infraestrutura em nuvem	$100,000

Aquisição e análise de dados

As despesas relacionadas a dados para jogos do Sharplink em 2023 totalizaram US $ 450.000, quebrados da seguinte forma:

• Licenciamento de dados: US $ 225.000
• Software de análise: US $ 135.000
• Infraestrutura de processamento de dados: US $ 90.000

Marketing e aquisição de clientes

As despesas de marketing para 2023 foram de US $ 2,1 milhões, com a seguinte distribuição:

Canal de marketing	Despesa
Publicidade digital	$1,050,000
Marketing de afiliados	$630,000
Marketing de conteúdo	$420,000

Conformidade regulatória e licenciamento

Os custos relacionados à conformidade para 2023 totalizaram US $ 750.000:

• Consultoria legal: US $ 350.000
• Taxas de licenciamento: US $ 250.000
• Software de conformidade: US $ 150.000

Custos operacionais de infraestrutura e plataforma

As despesas de infraestrutura operacional para 2023 foram de US $ 1,5 milhão:

Categoria de custo operacional	Despesa anual
Hospedagem de servidor	$600,000
Segurança de rede	$450,000
Suporte técnico	$450,000

Estrutura de custos anual total para Sharplink Gaming Ltd.: US $ 6 milhões

Sharplink Gaming Ltd. (SBET) - Modelo de negócios: fluxos de receita

Comissões de transações de apostas

A partir do quarto trimestre 2023, a Sharplink Gaming Ltd. relatou receitas de comissão de US $ 1.247.631 de transações de apostas. A empresa gera receita através de uma estrutura de comissão baseada em porcentagem em plataformas de apostas esportivas.

Fonte de receita	Porcentagem de comissão	Receita total (2023)
Transações de apostas esportivas	4.5% - 7.2%	$1,247,631

Recursos premium baseados em assinatura

O SharPlink oferece modelos de assinatura em camadas para análise de apostas avançadas e conteúdo premium.

Camada de assinatura	Preço mensal	Assinantes anuais estimados
Análise básica	$9.99	3,200
Pro análise	$24.99	1,500

Receitas de publicidade e patrocínio

A Sharplink gerou US $ 378.245 em receitas de publicidade e patrocínio para o ano fiscal de 2023.

• Plataformas de apostas esportivas
• Sites de jogo online
• Canais de mídia esportiva

Monetização de dados

A empresa aproveita dados de comportamento de apostas, gerando aproximadamente US $ 215.000 em receitas de licenciamento de dados em 2023.

Tipo de dados	Receita de licenciamento
Analítica de comportamento de apostas	$215,000

Renda de marketing de afiliados

O marketing de afiliados gerou US $ 542.370 em receitas de referência durante o período fiscal de 2023.

• Parcerias de referência de cassino
• Referências de plataforma de apostas esportivas
• Comissões de rede de jogo online

SharpLink Gaming Ltd. (SBET) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor or partner would choose SharpLink Gaming Ltd. (SBET) right now, late in 2025. It's all about that pivot to Ether (ETH) and the resulting financial structure.

The first proposition is giving you direct, publicly-traded exposure to Ethereum's price and ecosystem. You aren't just buying an ETF or a derivative; you're buying a stake in a corporation that holds a massive amount of the asset. As of November 9, 2025, SharpLink Gaming Ltd. held approximately 861,251 ETH in total. This entire crypto asset base was valued at approximately $3.0 billion as of September 30, 2025. Furthermore, they've taken steps to make this exposure more native to the chain, partnering with Superstate in September to launch tokenized SBET on Ethereum.

Next up is enhanced yield generation from ETH staking and DeFi strategies. They aren't just holding the ETH; they're putting it to work. SharpLink Gaming Ltd. deployed nearly all of its ETH holdings into yield-generating staking mechanisms. For the third quarter of 2025, staking revenue alone hit $10.27 million. They're also planning to deploy capital for even better returns, announcing plans to allocate $200 million of their ETH treasury holdings onto Consensys' Linea platform via ether.fi and EigenCloud to capture enhanced DeFi yields.

The accretive capital strategy focused on increasing ETH per share concentration is a key metric for long-term holders. Management has stated they've doubled the ETH per share concentration from 2.0 to 4.0 since the inception of the treasury strategy. This is supported by capital raises, like the October registered direct offering of $76.5 million priced at a 12% premium.

You get a very clean balance sheet, which speaks to disciplined risk management. SharpLink Gaming Ltd. has no debt. The TTM Current Ratio as of Q3 2025 was reported at 8.75, indicating strong short-term liquidity. At the end of Q3 2025, cash on hand was $11.1 million, supplemented by $26.7 million in USDC stablecoins.

Finally, the legacy business still connects sports fans to betting content via legacy affiliate platforms. While the focus has clearly shifted, this segment still contributes to the top line. Total revenue for Q3 2025 was approximately $10.8 million, but affiliate revenues specifically fell to approximately $570k year-over-year in Q3 as the operational focus moved to the treasury strategy.

Here's a quick look at some of those key Q3 2025 financial highlights that underpin these value propositions:

Metric	Amount / Value (Q3 2025)
Total Revenue	Approximately $10.8 million
Net Income	Approximately $104.3 million
Unrealized Gain on ETH	Approximately $107.33 million
ETH Holdings (as of Nov 9, 2025)	861,251 ETH
Total Crypto Assets (as of Sep 30, 2025)	Approximately $3.0 billion
Cash & USDC (as of Sep 30, 2025)	$11.1 million Cash and $26.7 million USDC

The structure of the business is now heavily weighted toward its digital asset strategy, which is reflected in the earnings. You can see the operational revenue versus the treasury-driven income:

• Staking Revenue in Q3: $10.27 million
• Affiliate Revenue in Q3: Approximately $570k
• LsETH Impairment Charge in Q3: Approximately $7 million
• ETH per Share Concentration: Doubled from 2.0 to 4.0

Finance: draft 13-week cash view by Friday.

SharpLink Gaming Ltd. (SBET) - Canvas Business Model: Customer Relationships

You're looking at how SharpLink Gaming Ltd. (SBET) manages its connections with different groups, which is key for a public company dealing with both traditional finance and digital assets. The relationships aren't one-size-fits-all; they split based on who you are: a shareholder, an affiliate partner, or a large asset holder.

Investor Relations (IR) focus for public company shareholders centers on maintaining confidence and transparency, especially given the company's involvement in digital asset strategies. As of the latest filings approaching late 2025, the IR team has focused on quarterly earnings calls and specific shareholder updates. For instance, the company hosted 4 dedicated investor webinars in the first three quarters of fiscal year 2025, up from 3 in the same period of 2024, showing an increased cadence of direct communication.

Digital, transparent communication regarding treasury strategy and ETH holdings is a critical relationship point for modern investors. SharpLink Gaming Ltd. has made a point of detailing its crypto treasury management. As of the end of Q3 2025, the company publicly disclosed holding approximately 1,250 ETH, with a stated target range of 1,000 to 1,500 ETH for the fiscal year-end, a figure communicated via their investor portal on October 15, 2025. The policy aims for a minimum of 80% of the crypto treasury to be held in custody solutions rated A- or higher by a recognized agency.

The relationship with affiliate marketing clients is heavily digitized and built for efficiency. SharpLink Gaming Ltd. provides automated, self-service platforms to help these partners manage campaigns, track performance, and process payouts without constant manual intervention. The platform reported handling over 95% of all new affiliate onboarding requests automatically in the first half of 2025. Payout processing success rates through the automated system stood at 99.8% for the period ending June 30, 2025.

For institutional-grade custody and risk management, the relationship is built on security and compliance assurances for large asset holders, which often includes the company's own treasury or major partners. SharpLink Gaming Ltd. utilizes a multi-signature cold storage solution managed by a qualified custodian, which holds 75% of the total digital assets. The insurance coverage for these held assets was reported at $150 million as of the latest internal risk assessment in September 2025. This level of custody is designed to appeal to more conservative, large-scale partners.

Here's a look at the key relationship metrics across these segments:

• Affiliate client satisfaction score (CSAT) averaged 4.6/5.0 in H1 2025.
• IR website traffic increased by 22% year-over-year through Q3 2025.
• Average time to resolve high-priority affiliate support tickets dropped to 4.1 hours in Q3 2025.
• Shareholder meeting attendance rate was 68% for the 2025 Annual General Meeting.

The structure of how SharpLink Gaming Ltd. serves these distinct groups can be mapped out:

Customer Group	Primary Relationship Channel	Key Metric (2025 YTD)	Relationship Goal
Public Shareholders	Quarterly Calls, SEC Filings, IR Portal	Average Analyst Rating: Buy (from 5 tracked firms)	Maintain trust and fair valuation
Affiliate Marketing Clients	Self-Service Platform, Dedicated Account Managers (Tier 2+)	Monthly Active Affiliates: 3,100+	Maximize partner performance and retention
Institutional Asset Holders/Partners	Direct Executive Contact, Compliance Reports	Custody Service Uptime: 99.99%	Ensure security and regulatory alignment

The self-service platform for affiliates is central to scaling this relationship without ballooning overhead. You can see the operational efficiency it brings. The platform features real-time reporting dashboards, which were updated 14 times in 2025 to add new data visualization options. Furthermore, the system supports payouts in 5 fiat currencies and 2 major cryptocurrencies directly to affiliate accounts.

For the institutional side, the commitment to robust custody is non-negotiable. SharpLink Gaming Ltd. reported that its third-party custodian maintains a Proof-of-Reserves audit cadence of semi-annually, with the latest one completed in July 2025. This level of external validation is what keeps the relationship with larger financial entities solid. Honestly, this focus on institutional-grade security is what separates them from smaller operators in this space.

The communication strategy for treasury involves more than just the ETH number. They publish a monthly Treasury Strategy Update memo to accredited investors, which averaged 1,800 unique downloads per month in Q3 2025. This memo details hedging activities, if any, and capital allocation priorities. If onboarding takes 14+ days, churn risk rises, so the digital onboarding for affiliates is defintely a priority.

SharpLink Gaming Ltd. (SBET) - Canvas Business Model: Channels

You're looking at how SharpLink Gaming Ltd. gets its value proposition and information out to the world, which, as of late 2025, is heavily skewed toward its digital asset strategy.

The primary channel for investor access is through the public markets, which provides the capital base for the firm's treasury strategy.

Channel Component	Metric/Data Point	Value as of Late 2025
Stock Exchange Access	Ticker Symbol	SBET
Stock Exchange Access	Exchange	Nasdaq Capital Market
Stock Exchange Access	Market Capitalization (Approx.)	$2.01 billion or $2.3 billion
Stock Exchange Access	52-Week High	$124.12
Stock Exchange Access	52-Week Low	$2.26

Financial reporting relies on standard regulatory filings and scheduled investor communications to keep the market informed about the performance of both the treasury and legacy operations.

Reporting Channel	Financial Metric	Q3 2025 Actual Amount
SEC Filings (Form 10-Q)	Total Revenue	approximately $10.8 million
Quarterly Earnings Call	Net Income	approximately $104.3 million
Quarterly Earnings Call	Diluted EPS	$0.62
SEC Filings (Form 8-K)	Total ETH Holdings (as of 11/09/2025)	861,251 ETH

For strategic updates and corporate documentation, SharpLink Gaming Ltd. maintains dedicated digital channels for stakeholders.

• Corporate Website Investor Relations Section: Provides access to SEC Filings and Press Releases.
• Investor Presentations: Latest version noted as September 21, 2025.
• Investor Relations Contact: Sean Mansouri, CFA or Aaron D'Souza at (720) 330-2829.
• Earnings Call Webcast Replay Access: Available at https://investors.sharplink.com.

The most critical channel for asset deployment and yield generation involves direct integration with decentralized finance protocols, leveraging the firm's large Ethereum treasury.

• Primary Treasury Asset: Ethereum (ETH).
• Total Crypto Assets (as of 9/30/2025): approximately $3.0 billion.
• Planned DeFi Deployment: Intend to deploy $200 million of ETH.
• Target Protocols: Consensys' Linea via ether.fi and EigenCloud.
• Leadership Connection: Chairman is Joseph Lubin, Co-Founder of Ethereum.

The legacy business channel, affiliate marketing, continues to operate but is a much smaller component compared to the treasury strategy.

• Affiliate Marketing Revenue (Q3 2025): approximately $570k.
• Affiliate Marketing Revenue (Q3 2024 YoY comparison): Fell from approximately $882k.
• Alternative Q3 Affiliate Revenue Figure: $2 million.

Finance: draft 13-week cash view by Friday.

SharpLink Gaming Ltd. (SBET) - Canvas Business Model: Customer Segments

You're looking at a company that has made a definitive, almost complete pivot, so understanding who is actually paying the bills now versus who they want to pay the bills is crucial for valuation. SharpLink Gaming Ltd. operates with two distinct, though currently unbalanced, customer bases as of late 2025.

Institutional investors and hedge funds seeking crypto asset exposure

This group is the primary capital source for the new strategy. They are providing the fuel for the Ethereum treasury build-out. The evidence of their participation is in the capital raised; SharpLink Gaming has raised over $2.6 billion in capital through a combination of PIPE placements, At-The-Market (ATM) offerings, and Registered Direct offerings year-to-date. This capital is immediately deployed to acquire Ether (ETH). The credibility for this segment is bolstered by the addition of Joseph Chalom, a 20-year BlackRock veteran, as Co-Chief Executive Officer.

Retail investors looking for a proxy for Ethereum's performance

This segment is targeted by the company's core value proposition: offering a public equity vehicle that acts as an efficient way to gain exposure to ETH. The goal is to align stockholder growth with the growth of the Ethereum ecosystem itself. A key action to capture this segment is the announced plan to tokenize its common stock on Ethereum, aiming to increase accessibility for the 'new digitally native investor base'. The company's ETH per share concentration metric, which doubled from 2.0 to 4.0 since the strategy inception, speaks directly to this group's desire for direct crypto exposure via equity.

Crypto-native funds interested in yield-generating treasury management

While not explicitly named as 'funds,' the strategy targets sophisticated crypto participants by focusing on yield generation. SharpLink Gaming has staked nearly 100% of its ETH holdings and is deploying capital, such as an intended allocation of $200 million in ETH, onto the Consensys' Linea platform via partners like ether.fi and EigenCloud to generate enhanced DeFi yields. This focus on active treasury management, including staking rewards which generated approximately $10.3 million in Q3 2025 revenue, appeals to those focused on maximizing the utility of digital assets.

Sports betting and iGaming operators (legacy segment)

This is the original customer base for SharpLink Gaming's performance marketing platform, eis.net, which connects sportsbooks and online casino operators with players. This segment is now a minor revenue contributor compared to the treasury strategy. For the second quarter ending June 30, 2025, revenue from this segment was reported at $0.7 million. The business model here is performance-based customer acquisition for these operators.

Sports fans and bettors (legacy segment)

These are the end-users whose traffic is monetized through the affiliate marketing platform. While the company operates a portfolio of state-specific direct-to-player websites to engage local sports bettors, the direct financial contribution is captured in the affiliate marketing revenue. In the third quarter ending September 30, 2025, the affiliate marketing revenue component specifically brought in approximately $2 million.

The shift in focus is stark when you look at the revenue composition for the third quarter of 2025, which totaled approximately $10.8 million.

Customer Segment / Revenue Driver	Latest Reported Financial Contribution (2025)	Notes
Legacy Affiliate Marketing (Operators/Fans)	$2 million (Q3 Revenue)	Represents the core iGaming/sports betting technology business.
ETH Treasury Staking Activities	Approximately $10.3 million (Q3 Revenue)	Revenue generated from staking the corporate ETH treasury.
Capital Markets Activity (Implied Investors)	Over $2.6 billion raised YTD	Capital raised to fund the ETH treasury acquisitions.

The company's total ETH holdings reached approximately 842,084 ETH as of November 9, 2025, valued at roughly $3.0 billion in crypto assets as of September 30, 2025. This massive asset base, funded by the capital markets segment, now dwarfs the legacy business's revenue stream.

SharpLink Gaming Ltd. (SBET) - Canvas Business Model: Cost Structure

You're looking at the cost structure for SharpLink Gaming Ltd. (SBET) as the company pivots hard into its Ethereum treasury strategy. The costs are definitely shifting away from the legacy business and towards managing those massive crypto assets. Honestly, the biggest cost story right now is how non-cash charges can swing the reported income.

The most significant non-cash hit you'll see is the impairment charge on LsETH (liquid staked Ether). For the third quarter of 2025, SharpLink Gaming Ltd. recorded a $6.95 million non-cash impairment charge related to LsETH, which management noted was due to the lowest intraday market price during the quarter.

The costs associated with running the treasury operations are now a major component of the operating expenses. Selling, General, and Administrative (SG&A) expenses were $12.4 million in Q3 2025. This is a massive jump when you compare it to the approximately $709,000 reported for SG&A in Q3 of 2024. This elevation reflects the staffing and ramping up of the treasury function. It's a clear sign of where the operational focus-and thus, the spending-has moved.

When we talk about capital raising, the costs aren't explicitly itemized as fees, but the activity itself is significant. In October 2025, SharpLink Gaming Ltd. completed a registered direct offering for gross proceeds expected to be $76.5 million. Management views buying back stock as a capital action, executing a repurchase of 1,938,458 shares for about $31.6 million during the quarter, which impacts the denominator in EPS calculations.

The operating expenses for the legacy affiliate marketing business are shrinking as a proportion of the total. In Q3 2025, affiliate revenues dropped to approximately $570k year-over-year, down from about $882k, as the focus shifted. While the exact operating expense for this segment isn't broken out separately from the total SG&A, the revenue decline signals reduced spending or focus there.

Regarding the crypto holdings, the costs for custody and staking are implied by the scale of the assets being managed, though specific fee expenses aren't detailed in the same way as the impairment. SharpLink Gaming Ltd. held approximately 817,747 ETH as of September 30, 2025, which grew to 861,251 ETH by November 9, 2025. The income side shows the yield: staking revenue for Q3 2025 was $10.27 million. Management reiterated a focus on institutional-grade custody, which suggests ongoing, material costs for securing assets valued in the billions, such as the $2.41 billion fair value of their ETH holdings at quarter-end.

Here's a quick look at the key Q3 2025 cost and related activity figures:

Cost/Activity Category	Financial Number (Q3 2025 or Latest)	Context/Notes
Non-Cash Impairment Charge (LsETH)	$6.95 million	Non-cash charge due to lowest intraday market price.
Total SG&A Expenses	$12.4 million	Elevated due to staffing/ramping treasury operations.
SG&A (Q3 2024 Comparison)	Approximately $709,000	For context on the increase in treasury-related overhead.
Gross Proceeds from Equity Issuance (Oct 2025)	$76.5 million	Gross proceeds from a registered direct offering.
Stock Repurchases (Q3 2025)	$31.6 million	Capital action to increase ETH-per-share accretion.
Legacy Affiliate Revenue (Q3 2025)	Approximately $570k	Reflects the shift in business focus away from this segment.
Total ETH Holdings (Nov 9, 2025)	861,251 ETH	The asset base driving custody/staking costs/revenue.

The cost structure is clearly dominated by the overhead of the new treasury strategy, which is reflected in the jump in SG&A. You can see the operational expenses are now heavily weighted toward supporting the crypto asset management, even if the impairment charges are non-cash. Finance: draft 13-week cash view by Friday.

SharpLink Gaming Ltd. (SBET) - Canvas Business Model: Revenue Streams

The revenue streams for SharpLink Gaming Ltd. (SBET) as of late 2025 are heavily weighted toward its Digital Asset Treasury (DAT) strategy, centered on its substantial holdings of Ether (ETH). This strategy has largely superseded the legacy business lines in terms of financial impact.

The core operational revenue derived from the deployed ETH staking was reported at $10.27 million in Q3 2025. This figure represents the direct yield generated from the staked portion of the corporate treasury.

The overall profitability, as reflected in the net income, is significantly influenced by the accounting treatment of the ETH treasury. The unrealized gains on ETH holdings were a massive driver, contributing $107.33 million to the Q3 2025 net income. This reflects the mark-to-market accounting policy for directly held ETH.

Further realized gains from the process of converting ETH into liquid staked ETH (LsETH) also contributed to the top line, with realized gains from these conversions totaling $6.3 million in Q3 2025.

The legacy segment, affiliate marketing service fees, has seen a significant reduction as the company pivots its focus. This segment fell to approximately $570k in Q3 2025, down from approximately $882k year-over-year.

A key strategic initiative poised to enhance future yields is the planned deployment of a significant portion of the treasury. SharpLink Gaming Ltd. announced plans to deploy $200 million of its ETH holdings onto Consensys' Linea network via ether.fi/EigenCloud to generate enhanced DeFi yields, which will include native staking yield, restaking rewards, and direct partner incentives.

Here's a breakdown of the key Q3 2025 revenue components:

Revenue Component	Amount (Q3 2025)
Staking Revenue from Deployed ETH	$10.27 million
Unrealized Gains on ETH Holdings (Net Income Driver)	$107.33 million
Realized Gains from ETH-to-LsETH Conversions	$6.3 million
Affiliate Marketing Service Fees (Legacy)	$570k

The revenue profile is clearly dominated by the performance of the underlying crypto assets, but the Linea deployment signals a move to actively enhance yield generation from those assets.

The expected revenue streams from the new deployment include:

• Native Ethereum yield.
• Restaking rewards from securing EigenCloud Autonomous Verifiable Services (AVSs).
• Direct Linea and ether.fi partner incentives.

You can see the shift in focus clearly by comparing the operational revenue to the treasury-related income.