Juice two blood oranges into a small bowl and slice the remaining two oranges into thin rounds.
Pour the red wine into a large pitcher. Add the blood orange juice, triple sec, and granulated sugar.
Stir the mixture until the sugar fully dissolves.
Add the blood orange slices to the pitcher and let the base chill in the refrigerator for at least 30 minutes.
Just before serving, pour in the chilled sparkling water and stir gently.
Fill glasses with ice cubes, ladle the punch over the ice, and top each glass with a blood orange slice.