<p>Sharplink Gaming Ltd. ((SBET)) 已召开其 2026 年第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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<p>Sharplink Gaming 最近的财报电话会议显示，激增的基于质押的收入与因以太坊价格波动而导致的重大会计亏损形成鲜明对比。管理层采取了谨慎乐观的语气，强调了长期的以 ETH 为中心的战略和强有力的风险控制，尽管头条净亏损、费用增加和现金储备减少对短期表现造成了压力。</p>
<h2>质押红利推动收入激增</h2>
<p>Sharplink 报告称，2026 年第一季度收入为 1210 万美元，较去年同期的 70 万美元大幅增长，这得益于其以太坊质押计划。收入的激增主要源于在 Linea Layer 2 网络上的 2 亿美元投资，以及来自 LsETH 和 WEETH 赎回和转换的 1200 万美元净实现收益，突显了其以质押为首的模式的收入潜力。</p>
<h2>扩大 ETH 国库支撑战略</h2>
<p>截至 3 月 31 日，Sharplink 持有 589,305 个原生 ETH，公允价值为 12 亿美元，并在 LsETH 和 WEETH 中持有大量头寸，合计成本为 4.87 亿美元。到 5 月初，总 ETH 曝露量攀升至 872,984 个 ETH，自季度末以来，整体持有量增加了约 3.35%，进一步强化了管理层在建立大型、有效的 ETH 国库方面的关注。</p>
<h2>以质押为首的国库管理方法</h2>
<p>公司从第一天起几乎将所有 ETH 进行质押，将质押和流动质押视为其国库战略的低风险支柱。管理层表示，Sharplink 至今的表现超过了基准以太坊质押利率，得益于将大部分国库运营内部化，并将质押收益视为评估任何新 ETH 生产力机会的基准。</p>
<h2>Galaxy 合作伙伴关系旨在增强链上收益</h2>
<p>Sharplink 揭示了一项与 Galaxy Digital 的非约束性协议，计划推出 Galaxy Sharplink 链上收益基金，目标资产约为 1.25 亿美元。Sharplink 计划作为有限合伙人贡献约 1 亿美元，而 Galaxy 管理该基金以寻求超过标准质押回报的收益，结构设计旨在通过 LsETH 保持 ETH 曝露。</p>
<h2>宏观和生态系统顺风支持 ETH 论点</h2>
<p>管理层强调了正在进行的以太坊升级，包括最近的 Pectra 和 Fusaka 硬分叉以及计划中的 Glamsterdam 更新，增强了网络的基本面。他们还指出，稳定币供应量超过 3200 亿美元、现实资产的代币化增长以及机构参与的增加是长期以太坊需求的结构性驱动因素。</p>
<h2>机构级风险控制和报告</h2>
<p>Sharplink 强调，其尽职调查、保管实践和合作伙伴选择帮助避免了最近 DeFi 黑客攻击和漏洞带来的直接损失。公司还指出，来自会计标准制定者的提议变更可能最终为流动质押代币带来更一致的处理，可能在不改变基础风险控制的情况下平滑报告结果。</p>
<h2>未实现的市场损失对结果造成压力</h2>
<p>尽管运营上有所增长，Sharplink 截至 3 月 31 日录得 5.067 亿美元的未实现损失，原因是季度内以太坊市场价格疲软。这些按市值计的损失严重扭曲了公司的报告业绩，尽管管理层将其视为暂时的价格失调，并未改变其对以太坊的多年信念。</p>
<h2>由于减值而导致的净亏损扩大</h2>
<p>公司报告称，2026 年第一季度净亏损为 6.856 亿美元，而去年同期为 100 万美元，反映了市场驱动的会计费用的影响。与 LsETH 和 WEETH 的最低日内定价相关的 1.917 亿美元减值是主要因素，突显了当前会计规则如何放大流动质押持有的波动性。</p>
<h2>随着战略扩展，运营成本上升</h2>
<p>销售、一般和行政费用在第一季度激增至 990 万美元，较去年同期的 110 万美元大幅增加，因 Sharplink 扩大其 ETH 国库平台。管理层将约 800% 的增长与设计、实施和积极管理质押和收益战略的成本联系在一起，表明公司仍处于投资密集型阶段。</p>
<h2>现金水平下降导致流动性紧缩</h2>
<p>Sharplink 的现金余额在 3 月 31 日降至 1690 万美元，较年末的 2850 万美元下降约 1160 万美元。流动性减少凸显了在公司继续扩大其 ETH 足迹时，纪律性资本部署和获取外部资金或收益合作伙伴的重要性。</p>
<h2>市场去杠杆化和 DeFi 压力</h2>
<p>高管们提到，多季度的去杠杆化周期和一系列 DeFi 漏洞对生态系统内的代币价格和收益施加了压力。尽管 Sharplink 报告称未因这些事件遭受直接资产损失，管理层承认这些事件确实抑制了近期的表现和情绪，尽管他们仍在继续追求选择性的链上机会。</p>
<h2>流动质押代币的会计波动性</h2>
<p>当前的会计规则迫使 Sharplink 识别 LsETH 和 WEETH 的减值和公允价值波动，这可能与基础经济曝露不匹配。管理层指出，标准制定者的讨论可能最终会使这些工具的处理与原生 ETH 对齐，但在此之前，报告收益将继续对流动质押市场的短期价格波动敏感。</p>
<h2>指导意见：尽管波动性，ETH 仍在复合增长</h2>
<p>展望未来，Sharplink 重申其主要目标是通过风险管理的收益超过质押基准来复合每股 ETH。管理层预计将进一步分配 ETH，逐步扩大内部和合作策略，并可能从未来的以太坊升级和会计变更中受益，同时承认短期结果将继续受到市场波动和高昂运营支出的影响。</p>
<p>Sharplink 的财报电话会议描绘了一幅公司坚定追求以太坊愿景的图景，质押收入激增，ETH 储备不断增长，但却被会计驱动的亏损和更高的成本所抵消。对于投资者而言，故事的关键在于 Sharplink 的纪律性、以质押为先的策略是否能够将波动的市值结果转化为持久的、长期的每股 ETH 增长。</p>

ETHE

SBET

FETH

<p>Sharplink Gaming Ltd. 报告称，2026 年第一季度收入激增至 1210 万美元，这得益于其以太坊质押计划，尽管由于以太坊价格波动造成的未实现损失，公司净亏损达 6.856 亿美元。该公司持有大量以太坊资产，并与 Galaxy Digital 合作以提升链上收益。管理层对以太坊的长期潜力持乐观态度，指出持续的升级和机构投资者的兴趣，同时也承认运营成本增加和流动性紧缩。该公司在市场挑战和影响流动质押代币的会计波动中，专注于有序的资本部署</p>

<p>Sharplink Gaming Ltd. ((SBET)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Sharplink Gaming Ltd. ((SBET)) 已召开其 2026 年第一季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Sharplink Gaming’s latest earnings call delivered a stark contrast between surging staking-driven revenues and heavy accounting losses tied to Ethereum price volatility. Management struck a cautiously optimistic tone, underscoring a long-term, ETH-centric strategy and robust risk controls, even as headline net losses, higher expenses and slimmer cash reserves weighed on short-term optics.</p>
<div class="lb-trans"><p>Sharplink Gaming 最近的财报电话会议显示，激增的基于质押的收入与因以太坊价格波动而导致的重大会计亏损形成鲜明对比。管理层采取了谨慎乐观的语气，强调了长期的以 ETH 为中心的战略和强有力的风险控制，尽管头条净亏损、费用增加和现金储备减少对短期表现造成了压力。</p>
</div><h2>Staking Windfall Drives Revenue Surge</h2>
<div class="lb-trans"><h2>质押红利推动收入激增</h2>
</div><p>Sharplink reported Q1 2026 revenue of $12.1 million, up from just $0.7 million a year earlier, fueled by its Ethereum staking program. The jump was driven largely by a $200 million deployment on the Linea Layer 2 network and a $12.0 million net realized gain from LsETH and WEETH redemptions and conversions, highlighting the income potential of its staking-first model.</p>
<div class="lb-trans"><p>Sharplink 报告称，2026 年第一季度收入为 1210 万美元，较去年同期的 70 万美元大幅增长，这得益于其以太坊质押计划。收入的激增主要源于在 Linea Layer 2 网络上的 2 亿美元投资，以及来自 LsETH 和 WEETH 赎回和转换的 1200 万美元净实现收益，突显了其以质押为首的模式的收入潜力。</p>
</div><h2>Expanding ETH Treasury Anchors Strategy</h2>
<div class="lb-trans"><h2>扩大 ETH 国库支撑战略</h2>
</div><p>As of March 31, Sharplink held 589,305 native ETH with a fair value of $1.2 billion, plus sizable positions in LsETH and WEETH acquired at a combined cost of $487 million. By early May, total ETH exposure climbed to 872,984 ETH, marking a roughly 3.35% increase in aggregated holdings since quarter-end and reinforcing management’s focus on building a large, productive ETH treasury.</p>
<div class="lb-trans"><p>截至 3 月 31 日，Sharplink 持有 589,305 个原生 ETH，公允价值为 12 亿美元，并在 LsETH 和 WEETH 中持有大量头寸，合计成本为 4.87 亿美元。到 5 月初，总 ETH 曝露量攀升至 872,984 个 ETH，自季度末以来，整体持有量增加了约 3.35%，进一步强化了管理层在建立大型、有效的 ETH 国库方面的关注。</p>
</div><h2>Staking-First Treasury Management Approach</h2>
<div class="lb-trans"><h2>以质押为首的国库管理方法</h2>
</div><p>The company stakes nearly all of its ETH from day one, presenting staking and liquid staking as the lower-risk backbone of its treasury strategy. Management said Sharplink has outperformed the baseline Ethereum staking rate to date, aided by bringing most treasury operations in-house, and framed staking yields as the benchmark for evaluating any new ETH productivity opportunities.</p>
<div class="lb-trans"><p>公司从第一天起几乎将所有 ETH 进行质押，将质押和流动质押视为其国库战略的低风险支柱。管理层表示，Sharplink 至今的表现超过了基准以太坊质押利率，得益于将大部分国库运营内部化，并将质押收益视为评估任何新 ETH 生产力机会的基准。</p>
</div><h2>Galaxy Partnership Targets Enhanced On-Chain Yield</h2>
<div class="lb-trans"><h2>Galaxy 合作伙伴关系旨在增强链上收益</h2>
</div><p>Sharplink unveiled a nonbinding agreement with Galaxy Digital to launch the Galaxy Sharplink on-chain yield fund targeting about $125 million in assets. Sharplink plans to contribute roughly $100 million as a limited partner, while Galaxy manages the vehicle to seek yields above standard staking returns, with the structure designed to preserve ETH exposure through LsETH.</p>
<div class="lb-trans"><p>Sharplink 揭示了一项与 Galaxy Digital 的非约束性协议，计划推出 Galaxy Sharplink 链上收益基金，目标资产约为 1.25 亿美元。Sharplink 计划作为有限合伙人贡献约 1 亿美元，而 Galaxy 管理该基金以寻求超过标准质押回报的收益，结构设计旨在通过 LsETH 保持 ETH 曝露。</p>
</div><h2>Macro and Ecosystem Tailwinds Support ETH Thesis</h2>
<div class="lb-trans"><h2>宏观和生态系统顺风支持 ETH 论点</h2>
</div><p>Management highlighted ongoing Ethereum upgrades, including the recent Pectra and Fusaka hard forks and the planned Glamsterdam update, as strengthening the network’s fundamentals. They also pointed to rising stablecoin supply above $320 billion, growing tokenization of real-world assets and increasing institutional participation as structural drivers of long-term Ethereum demand.</p>
<div class="lb-trans"><p>管理层强调了正在进行的以太坊升级，包括最近的 Pectra 和 Fusaka 硬分叉以及计划中的 Glamsterdam 更新，增强了网络的基本面。他们还指出，稳定币供应量超过 3200 亿美元、现实资产的代币化增长以及机构参与的增加是长期以太坊需求的结构性驱动因素。</p>
</div><h2>Institutional-Grade Risk Controls and Reporting</h2>
<div class="lb-trans"><h2>机构级风险控制和报告</h2>
</div><p>Sharplink emphasized that its due diligence, custody practices and partner selection helped avoid direct losses from recent DeFi hacks and exploits. The company also noted that proposed changes from accounting standard setters could eventually bring more consistent treatment for liquid staking tokens, potentially smoothing reported results without altering underlying risk controls.</p>
<div class="lb-trans"><p>Sharplink 强调，其尽职调查、保管实践和合作伙伴选择帮助避免了最近 DeFi 黑客攻击和漏洞带来的直接损失。公司还指出，来自会计标准制定者的提议变更可能最终为流动质押代币带来更一致的处理，可能在不改变基础风险控制的情况下平滑报告结果。</p>
</div><h2>Unrealized Market Losses Weigh on Results</h2>
<div class="lb-trans"><h2>未实现的市场损失对结果造成压力</h2>
</div><p>Despite operational gains, Sharplink booked a $506.7 million unrealized loss as of March 31 due to weaker Ethereum market prices during the quarter. These mark-to-market losses heavily distorted the company’s reported performance, even though management framed them as temporary price dislocations that do not change its multi-year conviction in Ethereum.</p>
<div class="lb-trans"><p>尽管运营上有所增长，Sharplink 截至 3 月 31 日录得 5.067 亿美元的未实现损失，原因是季度内以太坊市场价格疲软。这些按市值计的损失严重扭曲了公司的报告业绩，尽管管理层将其视为暂时的价格失调，并未改变其对以太坊的多年信念。</p>
</div><h2>Net Loss Swells on Impairments</h2>
<div class="lb-trans"><h2>由于减值而导致的净亏损扩大</h2>
</div><p>The company posted a Q1 2026 net loss of $685.6 million, compared with a $1.0 million loss in the prior-year period, reflecting the impact of market-driven accounting charges. A $191.7 million impairment tied to the lowest intraday pricing of LsETH and WEETH was a major contributor, underscoring how current accounting rules amplify volatility around liquid staking holdings.</p>
<div class="lb-trans"><p>公司报告称，2026 年第一季度净亏损为 6.856 亿美元，而去年同期为 100 万美元，反映了市场驱动的会计费用的影响。与 LsETH 和 WEETH 的最低日内定价相关的 1.917 亿美元减值是主要因素，突显了当前会计规则如何放大流动质押持有的波动性。</p>
</div><h2>Operating Costs Climb With Strategy Build-Out</h2>
<div class="lb-trans"><h2>随着战略扩展，运营成本上升</h2>
</div><p>Selling, general and administrative expenses surged to $9.9 million in Q1 from $1.1 million a year earlier as Sharplink scaled its ETH treasury platform. Management linked the roughly 800% increase to the cost of designing, implementing and actively managing the staking and yield strategy, signaling that the company is still in an investment-heavy phase.</p>
<div class="lb-trans"><p>销售、一般和行政费用在第一季度激增至 990 万美元，较去年同期的 110 万美元大幅增加，因 Sharplink 扩大其 ETH 国库平台。管理层将约 800% 的增长与设计、实施和积极管理质押和收益战略的成本联系在一起，表明公司仍处于投资密集型阶段。</p>
</div><h2>Tighter Liquidity as Cash Levels Fall</h2>
<div class="lb-trans"><h2>现金水平下降导致流动性紧缩</h2>
</div><p>Sharplink’s cash balance declined to $16.9 million at March 31 from $28.5 million at year-end, a drop of about $11.6 million. The reduced liquidity underscores the importance of disciplined capital deployment and access to external funding or yield partnerships as the company continues to expand its ETH footprint.</p>
<div class="lb-trans"><p>Sharplink 的现金余额在 3 月 31 日降至 1690 万美元，较年末的 2850 万美元下降约 1160 万美元。流动性减少凸显了在公司继续扩大其 ETH 足迹时，纪律性资本部署和获取外部资金或收益合作伙伴的重要性。</p>
</div><h2>Market Deleveraging and DeFi Stress</h2>
<div class="lb-trans"><h2>市场去杠杆化和 DeFi 压力</h2>
</div><p>Executives cited a multi-quarter deleveraging cycle and a string of DeFi exploits as adding pressure to token prices and yields across the ecosystem. While Sharplink reported no direct asset losses from these incidents, management acknowledged that such events have dampened near-term performance and sentiment, even as they continue to pursue selective on-chain opportunities.</p>
<div class="lb-trans"><p>高管们提到，多季度的去杠杆化周期和一系列 DeFi 漏洞对生态系统内的代币价格和收益施加了压力。尽管 Sharplink 报告称未因这些事件遭受直接资产损失，管理层承认这些事件确实抑制了近期的表现和情绪，尽管他们仍在继续追求选择性的链上机会。</p>
</div><h2>Accounting Volatility Around Liquid Staking Tokens</h2>
<div class="lb-trans"><h2>流动质押代币的会计波动性</h2>
</div><p>Current accounting rules force Sharplink to recognize impairments and fair-value swings on LsETH and WEETH that may not match underlying economic exposure. Management noted that standard-setter discussions could eventually align treatment of these instruments with native ETH, but until then, reported earnings will remain sensitive to short-term price moves in liquid staking markets.</p>
<div class="lb-trans"><p>当前的会计规则迫使 Sharplink 识别 LsETH 和 WEETH 的减值和公允价值波动，这可能与基础经济曝露不匹配。管理层指出，标准制定者的讨论可能最终会使这些工具的处理与原生 ETH 对齐，但在此之前，报告收益将继续对流动质押市场的短期价格波动敏感。</p>
</div><h2>Guidance: Compounding ETH Despite Volatility</h2>
<div class="lb-trans"><h2>指导意见：尽管波动性，ETH 仍在复合增长</h2>
</div><p>Looking ahead, Sharplink reiterated that its primary goal is to compound ETH per share through risk-managed yield above the staking baseline. Management expects further ETH allocations, gradual scaling of both in-house and partnered strategies and potential benefits from future Ethereum upgrades and accounting changes, while acknowledging that near-term results will remain exposed to market swings and elevated operating spend.</p>
<div class="lb-trans"><p>展望未来，Sharplink 重申其主要目标是通过风险管理的收益超过质押基准来复合每股 ETH。管理层预计将进一步分配 ETH，逐步扩大内部和合作策略，并可能从未来的以太坊升级和会计变更中受益，同时承认短期结果将继续受到市场波动和高昂运营支出的影响。</p>
</div><p>Sharplink’s earnings call painted a picture of a company leaning hard into its Ethereum vision, with booming staking revenue and a growing ETH stack counterbalanced by accounting-driven losses and higher costs. For investors, the story hinges on whether Sharplink’s disciplined, staking-first approach can translate volatile mark-to-market results into durable, long-term ETH growth per share.</p>
<div class="lb-trans"><p>Sharplink 的财报电话会议描绘了一幅公司坚定追求以太坊愿景的图景，质押收入激增，ETH 储备不断增长，但却被会计驱动的亏损和更高的成本所抵消。对于投资者而言，故事的关键在于 Sharplink 的纪律性、以质押为先的策略是否能够将波动的市值结果转化为持久的、长期的每股 ETH 增长。</p>
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Sharplink Gaming 在以太坊质押上押下重注