SharpLink's ETH Treasury Down $686M as Galaxy Launches Onchain Yield Fund to Put the Position to Work!

SharpLink's aggressive Ethereum treasury strategy has produced a $686 million unrealized loss, putting the public company's balance sheet under intense scrutiny. The scale of the drawdown places it among the most painful institutional crypto bets on record for a listed company.

Galaxy Digital's Mike Novogratz is framing the moment differently. Galaxy has announced the Galaxy SharpLink Onchain Yield Fund — a partnership with SharpLink and CEO Joe Chalom designed to put what Novogratz called "one of the most significant ETH treasuries among public companies" to work generating yield. The move is either a vote of confidence in Ethereum's long-term value or a damage-control pivot to offset paper losses with income — likely both.

Novogratz's endorsement carries weight: Galaxy is one of the largest institutional crypto asset managers, and its willingness to co-brand a yield product on…