Good morning, everyone, and thank you for participating in today's conference call to discuss Sharplink's financial and operating results for the year ended December 31, 2025. By now, everyone should have access to the full year 2025 earnings press release, which was issued this morning at approximately 8:00 a.m. Eastern Time. This release is available in the Investor Relations section of Sharplink's website. This call will also be available for webcast replay on the company's website. Following management's remarks, we'll open up the call for Q&A. I'll now hand the call over to Sharplink's Vice President of Business and Legal Affairs, Dodi Handy for introductory comments.

Thank you, operator. Please see Sharplink's annual report on Form 10-K filed last Friday afternoon with the SEC and the earnings press release which crossed this morning. These documents list some of the factors that may cause the results of Sharplink to differ materially from what we say today and which identify risks and uncertainties that could affect our business, prospects and future results. Sharplink assumes no duty and does not undertake to update any forward-looking statements. Any forward-looking statement made by us during this call is based only on information currently available to us and speaks only as of the date when it is made. In addition, we may be discussing or providing certain metrics today, such as ETH per share that are not GAAP metrics. Please see our earnings press release and SEC filings for further information regarding these metrics. To set the agenda for today's call, we will begin with Sharplink's Chairman, Co-Founder of Ethereum and Founder and CEO of Consensys, Joseph Lubin. Joe will be providing a broader perspective on Ethereum's continued evolution and institutional adoption shaping the digital asset economy. Next, Sharplink's Chief Executive Officer, Joseph Chalom, will discuss the company's strategy and execution as an institutional-grade ETH treasury platform, including key accomplishments from the full year and our priorities looking ahead. Finally, our Chief Financial Officer, Bob DeLucia, will review Sharplink's results for the year ended December 31, 2025, and key performance metrics related to our ETH treasury. So with that said, I'd now like to turn the call over to Sharplink's Chairman of the Board, Joseph Lubin. Joe, the floor is yours.

Thank you, Dodi, and good morning, everyone. As Dodi mentioned, I'm the Chairman of Sharplink, Co-Founder of Ethereum and Founder and CEO of Consensys. I've been involved with Ethereum since its inception, and I want to start by grounding today's discussion in what has fundamentally changed and why 2025 represented a decisive moment in Ethereum's evolution. This journey has not been and will not be linear. We can't ignore that price volatility is present but it does not negate progress. Volatility is a feature of new financial architectures, particularly in their formative years. ETH is a foundational element of a start-up economy. And when that economy becomes larger and more established, ETH will become far more valuable and much less volatile. Even today, with the price volatility we've seen, it could not be clearer that Ethereum has become the financial backbone of on-chain markets and the dominant settlement layer for global digital finance. Ethereum and its Layer 2 ecosystem secure approximately 60% of all stablecoins, tokenize real-world assets and secure over two-thirds of total DeFi value. For much of the past decade, Ethereum and decentralized infrastructure were often described as an experiment or an impractical vision. With the adoption we're seeing, it is clear that phase is now firmly behind us. The decentralized trust that the credibly neutral Ethereum platform uniquely provides has scaled just in time for a financial system that desperately needs better forms of trust, inter-operation and collaboration. What we saw in 2025 is that institutional adoption profoundly accelerated. This is visible in the media with the constant drumbeat of announcements from financial institutions, large and small. But what is visible is only the tip of the iceberg. Institutions have gained experience with private permissioned Ethereum networks for years. In 2025, global regulators and legislators began to give institutions permission to build on and use public permissionless Ethereum in addition to more private and confidential networks, which will increasingly take the form of Ethereum Layer 2. Top financial firms are not just facilitating investment in ETH, they are actively building on it. For example, just in the latter half of 2025, Fidelity launched a tokenized money market fund and built its stablecoin FIDD on Ethereum. BNY Mellon partnered with Securitize to launch a tokenized AAA-rated collateral loan obligation fund on the public Ethereum blockchain. And JPMorgan Asset Management launched its first tokenized money market fund on the public Ethereum blockchain. BNP Paribas, Santander, ING and other global banks started piloting stablecoin and tokenized deposit projects, leveraging Ethereum and Ethereum Layer 2 solutions. Exchange-traded products have expanded access, while tokenized funds, deposits and even equities are increasingly settling on Ethereum rails. This distinction matters. Institutions are now using Ethereum infrastructure, creating long-term structural demand for both the network and its native asset, ETH. From a technology standpoint, Ethereum is scaling to meet the needs of major institutional players. Ethereum continues to advance performance and throughput through core protocol upgrades. The Pectra upgrade delivered meaningful improvements to validator performance, efficiency and overall network capacity. The Fusaka upgrade, which went live in December, pushed that further with enhancements to data availability and execution. And Ethereum is becoming the settlement and coordination layer for agentic transactions as well. I'm excited to see the Ethereum Foundation's recent support of infrastructure to support this natural fit. As AI agents begin to transact for their humans or autonomously, whether executing payments, managing portfolios or coordinating across protocols, they require a settlement and operating environment that is programmable and permissionless. The combination of smart contract composability, deep liquidity and battle-tested security makes Ethereum the most credible infrastructure for agent-facilitated and agent-to-agent economic activity at scale. As on-chain transaction volume grows, it represents a meaningful new source of settlement demand that flows directly through the Ethereum network and, of course, accrues value to ETH. Ethereum has done the hard work: liquidity, decentralization, security, uptime and developer adoption over more than a decade of continuous, never-down operation. What we are seeing now is a convergence of technological maturity, regulatory clarity and institutional appreciation and adoption. And this huge ramp in attention from institutions is providing forcing functions that will rapidly drive improvements across the Ethereum ecosystem from shorter staking execution to fast and synchronous composability across the Layer 1 and Layer 2. With that, I'd like to turn the call over to our Chief Executive Officer, Joseph Chalom, to go further on how Sharplink will capitalize on this momentum. Joseph?

Thank you, Joe, and good morning, everyone. As Joe outlined, Ethereum has entered a new phase of institutional adoption and Sharplink was purpose built to operate with focus and discipline at both this moment in the market and for the long term. From the outset of our ETH treasury strategy, our approach has been deliberate and measured, prioritizing long-term value creation over growth of holdings for its own sake. Our objective is to accumulate ETH through accretive means and manage it responsibly with an institutionally governed public company framework. That performance and discipline are increasingly being recognized by the market. According to the latest Form 13F filings, our institutional shareholder ownership has grown to approximately 46% as of December 31, 2025 — the highest percentage of institutional holders of any Ethereum treasury company. We believe this demonstrates that investors are actively differentiating Sharplink from the broader digital asset treasury category. As the space matures, we are seeing a clear rotation toward platforms that combine productivity, governance and shareholder alignment. We believe we are positioned at the forefront of that shift. At a high level, Sharplink's value proposition rests on three pillars: first, structural ETH accumulation that is growing ETH per share in an accretive manner; second, productive treasury management, generating yield above native staking rates through partnerships and innovation. This aims to ensure that the ETH we hold actively contributes to shareholder value rather than remain idle on our balance sheet; and third, strong public company governance and transparency. These are institutional controls and disclosures that our expert in-house team has put in place. Our north star is clear: to compound ETH per share over time and maximize productivity of our balance sheet. It is not to accumulate ETH at all costs or passively wait for ETH price appreciation. We approach this by redefining the efficient frontier of institutional yield, evaluating staking, re-staking, selective DeFi and actively managed allocation opportunities through an institutional risk management lens. We believe our differentiated treasury management approach will outperform other digital asset treasuries that are not engaging in active portfolio construction and management. Our scale, permitting capital base and internal expertise enable us to structure bespoke multiyear deployment arrangements that are generally unavailable to individual investors or passive exposure vehicles. These deployments are designed to enhance ETH-denominated returns while maintaining disciplined standards around custody, liquidity, compliance and risk control. A great example of this initiative is our deployment into Consensys' Linea Layer 2 chain, where we allocated $200 million in ETH in partnership with ether.fi and EigenLayer to generate ETH-denominated returns that exceed standard staking rates. This institutional-grade, risk-managed structure is secured with Anchorage digital bank, our regulated qualified custodian, and reflects the type of innovative opportunities we intend to continue pursuing and replicating as the ecosystem evolves. On the regulatory front, the passage of the Genius Act and continued progress around the Clarity Act and related market structure legislation represent meaningful steps toward distinguishing decentralized digital commodities, like Ethereum's native asset ETH, from centralized token issuers. While the Clarity Act has not yet passed and legislative outcomes remain subject to process, the overall direction is constructive. Greater clarity around market structure and digital asset classification will reduce uncertainty for public companies, asset managers and regulated intermediaries. For institutions, regulatory ambiguity has historically been a gating factor more than market volatility. Clear statutory definitions and emerging market structure frameworks will allow boards, compliance teams and risk committees to further evaluate participation in the crypto ecosystem with greater confidence. As regulatory guardrails solidify, capital that has been sitting on the sidelines can engage through familiar governance, reporting and custody standards. Regulatory clarity would lower friction, reduce perceived legal risk and broaden institutional participation in the Ethereum ecosystem. And as more institutional market participants are able to enter on-chain capital markets, Sharplink plans to continue growing its lead and executing on opportunities created by regulatory tailwinds through partnerships, on-chain deployments and compounding yield strategies. We're on our way to becoming the world's most sophisticated bridge between traditional finance and crypto-native deployments. To execute on these opportunities, Sharplink has assembled a dedicated in-house, institutionally experienced team with deep sophistication across capital markets, risk management and digital asset operations. Unlike many participants in this space, we manage the majority of our treasury activities in-house rather than relying on third-party discretionary managers or outsourced treasury platforms. We believe this is a structural differentiator for Sharplink and for our shareholders. Many digital asset treasury companies externalized treasury management to third-party sponsors under exclusive long-term arrangements that include high fees or revenue sharing. That structure can create a compounding value leakage that works against stockholders over time. We built our platform internally with more of a fixed cost base so that the value we generate stays within the treasury and compounds for our stockholders. Our economics are aligned directly with our shareholders. This internal treasury model gives us greater control over execution, tightens risk oversight and has better alignment with public company governance. We believe this structure will become increasingly important as investors differentiate digital asset treasuries based on governance, cost efficiency and true value creation per share. Ethereum, like all transformative technologies in their early adoption, experiences periods of heightened volatility. We have all felt the recent drawdown in ETH price and other crypto assets and Sharplink is not immune to that. Our financial results will naturally reflect this volatility through unrealized gains and losses that can move materially from quarter-to-quarter. But our strategy is designed to operate through up cycles and down cycles, not to react to them. We believe Sharplink is both a procyclical and countercyclical investment: in strong markets, we can efficiently access capital markets to grow ETH per share in an accretive manner. We demonstrated this in 2025, raising roughly $2.1 billion in equity capital via our at-the-market facility. Our constant focus on productive treasury management is important regardless of the market regime. Putting our ETH to work and generating incremental ETH enables us to grow our ETH per share metric in both bull and bear markets alike. In more challenging markets like we have seen in the last few months, this focus on productivity and risk-adjusted yield becomes even more important and is a key differentiator for Sharplink. We believe it's important for the market to distinguish between short-term price movements and the long-term value creation. Our belief is that a lot of the volatility we have experienced recently is related to the ripple effects of the liquidations and deleveraging we saw on October 10 of last year. That day was the single largest deleveraging event in our industry's history. Similar to what we saw at the end of 2022, it can take several months for the system to fully unwind and rebound following an event like this. We believe strongly in the long-term Ethereum opportunity, and our premise is simple. You can get beta exposure to ETH by investing in Sharplink and own more ETH per share tomorrow than you do today through our disciplined active capital management. It's also important to emphasize we don't attempt to call bottoms or predict short-term market movements in the price of ETH. Ethereum remains a volatile asset class and periods of drawdown are part of its historical cycles. What gives us conviction is not short-term price action, but structural macro trends: institutional adoption, regulatory clarity, the growth in stablecoins, tokenized assets and DeFi participation. Whether this crypto price consolidation proves to be temporary noise or a longer-term cycle, our focus remains unchanged. We compound ETH per share through disciplined capital allocation and productive treasury management. Volatility is not a flaw of this asset class. It's a byproduct of monetizing a rapidly emerging and innovative new financial system. Our role is to harness that volatility through disciplined capital allocation rather than simply react to it. We have also taken steps to ensure that our name and brand accurately reflect who we are today. Last month, we formally updated our branding and digital presence, including the launch of a new website and adoption of our new tagline, "Ethereum with an edge." As part of this process, we've also removed the word "gaming" from our corporate identity, reflecting that our strategy, capital allocation and long-term value proposition are now centered on Ethereum and the Digital Asset Treasury Management segment. This rebranding is not cosmetic. It is fully aligned with what Sharplink has been building since June of last year and a signal of our continued commitment to building an institutional-grade ETH treasury company. We would be honored if you thought of us as your sharpest link to growing your exposure to ETH, the foundational asset of the emerging decentralized economy. Looking ahead, we remain focused on executing with consistency and clarity as the Ethereum ecosystem continues to grow and scale. We believe Sharplink is uniquely positioned to provide investors with institutional-grade exposure to Ethereum through a transparent publicly traded company, offering stockholders a disciplined and risk-managed way to participate in the long-term growth of the Ethereum network and opportunity. We are also prioritizing the expansion of productive ETH deployment strategies, deepening institutional partnerships and maintaining capital market flexibility to increase ETH per share. Finally, I'd like to really acknowledge the stellar efforts of our entire team for working relentlessly over the past year and in a really focused manner to build our new ETH treasury strategy. Importantly, we do it in an investor-aligned manner. With that, I'll turn the call over to our Chief Financial Officer, Bob DeLucia, to walk through our full 2025 financial results. Bob?

Thank you, Joseph. I'd like to remind our listeners to review our annual report on Form 10-K as of and for the year ended December 31, 2025, which we filed Friday afternoon with the SEC. The 10-K provides detailed footnotes and related disclosures that complement our discussion today, offering stockholders and investors a comprehensive view of Sharplink's financial position, liquidity and ETH treasury performance. We will now go through the financial results for the year ended December 31, 2025. As I review our full year results, I'd like to remind everyone that all comparisons and variance commentary refer to the prior year period, unless otherwise noted. As of December 31, 2025, Sharplink held 640,026 ETH, with a net fair value of $1.9 billion. In addition, we held 204,409 LsETH, or liquid-staked ETH, with a cost value of $501 million. Subsequent to year-end, our combined ETH holdings have climbed, standing at 604,618 ETH, 208,893 as-if-converted LsETH and 55,188 as-if-converted wETH for a total of 868,699 ETH as of Monday, March 1, 2026. Revenue for the year ended December 31, 2025 was $28.1 million compared to $3.7 million for the year ended December 31, 2024. The increase was due to the success of our ETH staking strategy during the year with staking revenues increasing to $15.3 million in the fourth quarter from $10.3 million in the third quarter of 2025, an increase of nearly 50% between the third and fourth quarters. We achieved this growth even as the ETH market price was falling. We also had a net realized gain for the year ended 2025 of $55.2 million. That was due to the conversion of ETH into LsETH and the redemption of LsETH in the fourth quarter. Further, we had a $616.2 million unrealized loss at December 31, 2025, due to the ETH market conditions that deteriorated during the second half of 2025. SG&A expenses for the year were $42.3 million compared to $5.7 million for the year ended December 31, 2024. The increase in SG&A was due to the expenses incurred in the implementation of our ETH treasury strategy during 2025. Net loss for the year ended December 31, 2025 totaled $734.6 million versus net income of $10.1 million in the previous year. The net loss was primarily driven by a $140.2 million impairment charge related to the lower pricing of LsETH and the previously mentioned $616.2 million unrealized loss. These charges and losses were offset by a realized gain on the conversion of ETH to LsETH and LsETH redemptions during 2025 of $55.2 million. It is important to emphasize that the impairment charges and unrealized losses reflect market pricing and follow the current U.S. GAAP accounting standards. They do not represent realized economic losses on our ETH position nor do they reduce the number of units of ETH we hold. The success of our treasury strategy is measured in disciplined ETH accumulation, measuring its productivity over time and not based on short-term market fluctuations. As of December 31, 2025, cash on hand was $28.5 million compared to cash on hand of $1.4 million as of December 31, 2024. Additionally, at December 31, 2025, we held $1.9 million in USDC stablecoins as a financial asset. For additional details, our complete official audited financial statements and accompanying footnotes including all required disclosures, risk factors and management discussion and analysis are contained in our annual report on Form 10-K for the period ended December 31, 2025 filed with the SEC. This concludes our prepared remarks. We now open it up for questions from those participating on the call. Operator, back to you.

We will now open the lines for questions. Our first question comes from the line of Fedor Shabalin with B. Riley Securities.

My first one is on capital raising. If the stock remains range-bound at these levels, are you evaluating alternative capital raising ways such as secured lending against the ETH treasury or non-dilutive instruments just to continue growing ETH concentration, and how do you view pressure on the equity? Or more broadly, can you frame for us what the 2026 capital plan looks like in terms of magnitude and mix?

Sure, I'll take that. Good morning, Fedor. Our approach to raising capital is actually very straightforward and disciplined. We will access the equity markets when doing so is clearly accretive to our ETH concentration per share. That is our governing metric, our north star. If the issuance of new equity capital increases ETH concentration on a per-share basis, we'll act decisively. But if it does not, we won't. And capital markets activity is therefore very, very market dependent and not strategy dependent. We do not issue equity to grow the balance sheet or simply to pursue scale for its own sake. The $2.5 billion we raised earlier in 2025 was executed under really favorable market conditions and increased our ETH per share in a meaningful way. And going forward, we're going to use the same discipline and apply it whatever the market condition is. Growth and accumulation is a byproduct of accretion. Growth and accumulation for its own sake is not the objective. So our north star continues to remain compounding ETH per share over time. The second question was about essentially leveraging our balance sheet to borrow against our ETH to raise capital. At this point, we haven't decided to do that, but we've maintained the flexibility and relationships with the market to do that if it made sense.

That's helpful. And my follow-up: in the context of one of your strategic objectives for 2026 specifically on the expansion of partnership opportunities within the Ethereum ecosystem — and I guess this one is for Joe Lubin — given your history as an Ethereum co-founder, alongside Vitalik Buterin, could you help us understand the nature of your current working relationship with Vitalik? Specifically, does your proximity to the core technical leadership give Sharplink any information or strategic advantage when it comes to anticipating protocol-level changes, like upgrades or shifts in the ETH roadmap that could impact the value or utility of the treasury? More broadly, should investors see Sharplink as having a collaborative relationship with Ethereum's technical leadership, or is the treasury strategy operating independently of those efforts?

Yes. Thank you for that question. To the extent that our company, Consensys, is deeply expert in the Ethereum protocol, our Layer 1 execution teams and Layer 2 zkEVM protocol teams, including the Linea team and MetaMask teams, are constantly in contact with foundation researchers and other leaders across the ecosystem regarding the advancement of the protocol. We have contributed — I think second only to the Ethereum Foundation — in terms of advancement of the protocol. We certainly believe that we have, if not an advantage, at least deep awareness of what's going on in the ecosystem and the ability to shape it for the benefit of the ecosystem, which is really all about maintaining rigorous decentralization, credible neutrality and censorship resistance. So the stronger Ethereum is, the more it will continue to win. And Sharplink is 100% dedicated to the health of the Ethereum technology. We believe that Sharplink shareholders will benefit from that perspective.

Our next question comes from the line of Devin Ryan with Citizens Bank.

First question just on price. A lot of the price action still feels dominated by positioning and macro flows. I ask frequently, when will we see correlations break down where everything doesn't just trade with Bitcoin's price? I'm curious if there's a threshold you are thinking about where fundamental ETH demand becomes large enough to offset some of the speculative flows that are impacting price. Are there any metrics of real demand that you would point out as key indicators we should be tracking? And how does that inform the treasury management decisions as well?

Sure. Thanks, Devin. We recognize that, first of all, ETH is very volatile. It's actually a feature of this asset class. For a long time, ETH traded pretty linearly uncorrelated with Bitcoin. We are seeing more correlation actually with macro factors than we had in a long time. And obviously, we're going through a period of deleveraging since October 10, and that typically takes months or even up to two quarters to work its way through the system. I think the leading indicator we would ask our investors to focus on is that macro Ethereum adoption opportunity, what we like to call — and others refer to as — the super cycle. So there seems to be a bit of short-term divergence between the price of crypto and the adoption that we're seeing. I feel pretty strongly that we've never had a period of time in the history of crypto where institutions are more attuned and institutions are allocating, no longer experimenting in the Ethereum ecosystem. Joe laid out in his introduction, just a handful of institutional use cases. We're seeing it across stablecoin growth where most of the stablecoin activity is happening in the Ethereum ecosystem by a large margin relative to the next two largest blockchains. Second, we're seeing tokenization at what I think is a very early stage of a step-function shift. Historically, we've seen individual funds and individual assets get tokenized on disparate platforms. Now we're hearing about the largest asset managers essentially saying that they have plans to tokenize broad sets of assets. I think we're looking for signals, and they're loud and clear that we're talking about potential tokenization at scale of fund complexes. The reason this matters is Ethereum is the leading ecosystem for tokenization. Finally, DeFi — what we like to refer to as institutional DeFi — is starting to see larger and larger institutions participate. All of this bodes well for the Ethereum network, for activity and for total value locked, and that should benefit the price of Ether. That said, we're not in the business of calling bottoms or making price predictions. We don't drive our business model based on the price of ETH. We wake up every day trying to give our investors smarter beta exposure to the price of ETH, and then we make it productive with what we think of as an alpha overlay strategy that is more productive than retail investors can typically do themselves or that they can achieve through, for example, an ETF.

That's great color. As a follow-up, I want to hit on yield above native staking. In the prepared remarks you outlined some focus areas and an action plan. Can you give us a sense of how we should think about the yield stack evolving through 2026? Is there a way to quantify the different buckets and orders of magnitude? And interrelated, you spoke about potential partnerships you're working on — how could those help accelerate the strategy?

Sure. It's a great question. We want to be a little more transparent now that our strategy is growing and maturing. Native staking of our ETH remains our baseline. Since inception in June, we've been staking nearly 100% of our ETH because if you have a productive asset like ETH, it's respectful to investors to stake as much as you can. Not all of our competitors have been doing that. Beyond that, we've selectively deployed some of our ETH capital into institutional-grade structures. We shared publicly that we did a large $200 million deployment from our balance sheet into a partnership with Consensys, their Linea blockchain, and two blue-chip DeFi protocols, ether.fi and EigenLayer, to permit multiyear deployments. You get the liquid restaking rate, but on top of that you get economic incentives denominated in ETH, and we didn't have to compromise on operational risk. We were one of the first public companies to deploy into DeFi within our regulated qualified custodian at Anchorage. As we think about 2026, we are going to move further along the efficient frontier to drive additional yield for our investors. But we do it through four lenses. First, counterparty risk controls, which are really important in the crypto ecosystem. Second, maintaining operational protections through our regulated custodians. Third, liquidity parameters of the partnership or protocol. And fourth, regulatory considerations. No matter what the staking yield is, it's our hurdle rate. Our objective is to generate yield on a risk-adjusted basis above the native staking rate in a very disciplined manner. You'll see more partnerships in the ecosystem because we have something quite rare in the digital asset space, which is permitting capital, and we'll make it useful on behalf of our investors. That is actually our comparative advantage.

Our next question comes from the line of Brian Kinstlinger with Alliance Global Partners.

Can you talk about the pipeline of the yield-generating deployments and partnerships and help us understand the time it takes to do due diligence on the associated risks? And my second question, which is related, does the pressure on ETH make these types of deals more or less attractive to either side of the transaction? Or does it have no impact on demand for such transactions?

Sure. We have built an internal team that has both investment management capabilities from traditional finance and digitally native members. We have a DeFi team focused on sourcing these opportunities. I would emphasize what Joe Lubin said earlier: many of these opportunities are being sourced in conjunction with our strategic partners at Consensys. They have deep access to these protocols. We are looking at, I would say, almost a dozen different protocols and opportunities, and it takes at least a couple of months to do proper due diligence. First, you need to get comfortable that they have the risk controls you would expect. We diligence smart contract risk, counterparty risk, liquidity risk and sometimes depegging risk. Then we negotiate commercial relationships to try to leverage our scale and permitting capital to get a better yield or return on a risk-adjusted basis. Finally, we often work directly with our custodians to see if they can support it within the qualified custodial wrapper. It's important because in crypto, where there's heavy risk in DeFi protocols, if you can reduce your custody and operational risk, we think of that as ops alpha. Regarding your second question, the rate of return on staking will vary over time. You're seeing very high staking utilization rates currently, driven in part by ETFs and staking demand. But that is our hurdle rate. Our ability to generate returns is less sensitive to short-term movements in the price of ETH or staking rates because we're negotiating and deploying under multiyear agreements. We're making a lot of progress, but we'll do it in a very disciplined manner. That's who we are and that's our strategy.

Let me add that some of the best teams and capabilities in DeFi at Consensys are available to Sharplink, and some teams have actually moved from Consensys to Sharplink to help execute this strategy.

Our next question comes from the line of Gareth Gacetta with Cantor Fitzgerald.

Can you provide any color on the difference in staking yields you guys earned in the fourth quarter between native staking and liquid staking? More specifically, just how much greater is the liquid staking yield on top of native staking?

We haven't yet disclosed that. Part of the fourth quarter was still in deployment, and we've also been, in many cases, renegotiating our staking rates and incentives. I don't have those numbers at hand. I think what you're going to see later this year, as we reach a steady state, is that we will likely start disclosing more frequently how we're doing in terms of our overall portfolio: native staking, liquid restaking, Linea and any other capital allocations. We think of it as a portfolio of returns.

Great. That makes sense. As a follow-up, could you talk about the willingness to explore DeFi opportunities on ETH Layer 1 itself versus Layer 2s, like Linea, going forward?

I think today most of our staking is done through Anchorage and Coinbase on a delegated basis; they use a series of diversified validators that are generating optimal yield. That largely happens on mainnet, to my knowledge, but we're very flexible whether it's Layer 1 or Layer 2 in order to achieve the highest risk-adjusted returns. As Joe mentioned earlier, we are starting to see good opportunities in DeFi but we're being patient and doing proper due diligence because it does introduce risks beyond native staking. We're thinking of this as a portfolio of allocations and we're trying to push the efficient frontier, but to do so in an institutional-grade manner.

Our next question comes from the line of Joseph Vafi with Canaccord Genuity.

Just wanted to double-click on Clarity and what it may mean for the broader ecosystem. You mentioned it, but maybe drill down a little bit on how that evolves post-Clarity. And I know you mentioned AI and the like — are you seeing any pilot projects related to AI entering into maybe DeFi, or more permissionless payment schemes or algorithms?

Sure. I'll take the first question on regulatory clarity, and then I'll pass it over to Joe to handle the agentic dimension and what we're seeing. On regulatory clarity, the Genius Act was a very good step, not only in clarifying stablecoins in the U.S. but also setting off a bit of a geopolitical race because we're starting to see countries around the world focus on locally denominated stablecoins. The growth in stablecoins from what today is around $310 billion to what many expect will be several trillion over the next few years is going to happen globally, not only in the U.S. We're seeing that in Korea, Japan, Hong Kong and, to a lesser extent, Europe. I would say the Clarity Act, which is trying to provide both market structure and token classification, is important not only substantively but as a signal to make sure institutional investors are comfortable that when they invest in crypto, they have regulatory clarity behind them. I won't predict whether the Clarity Act will pass before the midterms, but I think there's a high level of confidence it will pass this year. Even if it does not pass, we've heard from both the SEC and the CFTC, the two primary U.S. regulators, that they are coordinating, have put working groups together, and if necessary they can pursue rulemaking to address some of these issues. So I think institutional adoption is a tailwind and regulatory developments are a tailwind that will be very positive for stablecoins, tokenization of traditional assets, and institutional participation in DeFi. We may need to be patient, but the trend is behind us. Joe, I'll turn it over to you to speak about what we're seeing in the agentic economy on-chain and specifically in Ethereum.

Thanks, Joseph. There is a lot to discuss at the intersection of AI and crypto. The bottom line is that AI and crypto, in my opinion, badly need each other. These are two foundational technologies that could each reformat society alone, but they are complementary. Decentralized trust, as represented by blockchains, and the unprecedented centralized intelligence power that AI enables can be combined to empower a healthier evolution of human and machine intelligence and economic and financial agency. The crypto space will empower decentralized compute, data sourcing, training and inference on decentralized physical infrastructure networks (DePIN) via zero-knowledge proof technology. Crypto can enable secure data and private data markets through federated learning and zero-knowledge machine learning so AI can be trained on sensitive proprietary data without ever exposing the underlying information. At Consensys, we are doing work with protocols enabling micropayments for agent-to-agent commerce and human-to-agent commerce. We've participated in EIP-8004, which is essentially a registry system for agents to register themselves, their capabilities and reputation systems that people, companies and agents can feed back on. AI also helps solve crypto's usability problem: AI will enable intent-based user interfaces and user experiences. AI can explain and handle complex, highly technical blockchain transactions in natural language. Users can simply say or type what they want to achieve and their AI agents, which might be their digital twin, will translate that and execute it for the human. AI will help transform crypto wallets into neobanks and intelligent financial advisers that users fully own and control, while helping to protect users from security risks. The AI-enabled velocity of software development is accelerating; developers at Consensys and across the Ethereum ecosystem are seeing 2x or more speedups in development velocity. Look for continued acceleration and quality improvements in software.

Our next question comes from the line of Kevin Dede with H.C. Wright.

Thanks for having me on the call. Joseph, you offered some color on the Consensys partnership and Consensys people joining your staff and working with ether.fi and EigenLayer. Could you break down how you're approaching DeFi strategically given partnerships and internal personnel? And specifically, how are you leveraging liquid staking versus restaking?

Sure. There's a word in crypto that's used quite often, composability. When we approach partnerships it's often not to a single protocol. The example we gave was working with Consensys, their Linea Layer 2, as well as two blue-chip DeFi partners. That model is repeatable. Many crypto protocols are starved of liquidity, especially since October 10, and they are looking for permitting capital. The ecosystem has too many short-duration liquidity providers who chase quick yield and then move on. We're being approached by virtually every sophisticated DeFi protocol and vault provider to find ways to partner, and that puts us in a pole position. Over time, we are building an actively managed portfolio, which is in contrast with how individuals or ETFs provide productivity exposure to ETH. The focus is less around the wrapper — native staking versus liquid restaking — and more about the risk-adjusted return and how each deployment fits into a diversified portfolio allocation framework. It is a portfolio of capital, and we're going to deploy it to our comparative advantage. If done right, it's respectful and beneficial for our investors.

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Chalom for any final comments.

Well, before we close, I want to emphasize that we are building Sharplink for a world where Ethereum is at the core of future innovative financial infrastructure. Our job is to be the stewards of our stockholders' capital and our ETH treasury with the north star that we say over and over: to increase ETH per share responsibly. We believe Sharplink is the smartest way for investors to participate in this long-term Ethereum opportunity. At our core, we are "Ethereum with an edge." Thank you all for joining us today and for your continued support and confidence in our vision and strategy. I'm really proud of the work our team has accomplished in 2025 and I'm optimistic and excited for the opportunities ahead in 2026. We look forward to speaking with you again on our next earnings call, and have a great day, everyone.

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.