Sharplink says Q3 net income rose sevenfold to $751m on ether gains

Key points

• Net income of $751m for the three months ended 30 Sept, against $104m a year earlier, including $677m in unrealised gains
• Staking revenue rose 27% to $13.1m and made up about 97% of the $13.5m total revenue
• Held about 892,708 ETH at 30 Sept, valued at roughly $2.1bn under US GAAP, rising to about 895,117 ETH by 2 Nov

Sharplink reported third-quarter net income of $751m, more than seven times the $104m it posted a year earlier, according to results released on 9 Nov. Most of that profit came from unrealised gains on the company's cryptocurrency holdings rather than from cash-generating operations. The Nasdaq-listed ether treasury company booked $677m in unrealised gains, about 90% of net income, plus $75.2m in net realised gains tied mainly to its Ethereum treasury work, including liquid staking.

Revenue growth was more modest. Total revenue rose 24% to $13.5m from $10.8m, with staking revenue up 27% to $13.1m and accounting for roughly 97% of the total. Selling, general and administrative expenses fell 8% to $11m, and cash and cash equivalents stood at $47.9m at 30 Sept, up from $28.5m at the end of December 2025.

Staking and treasury

Sharplink held about 892,708 ETH at 30 Sept, valued at approximately $2.1bn, and about 895,117 ETH by 2 Nov. It completed a $200m ETH staking allocation through Lido on 28 Sept and contributed $100m to the $125m Galaxy Sharplink Onchain Yield Fund, launched in August with Galaxy Digital committing the rest. It also took an equity stake in Blockspace, an Ethereum infrastructure firm.

CEO Joseph Chalom said the quarter reflected progress in executing the ether treasury strategy, and chairman Joseph Lubin pointed to institutional adoption of Ethereum. Shares closed down 1.76% at $6.13, leaving SBET down nearly 29% over the month and almost 49% over the year.

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