Ethereum treasury Sharplink's Q3 net income hits $751 million on unrealized ether gains

Sharplink reported third-quarter revenue of $13.5 million, up 24% year over year, and net income of $751.4 million, compared with $104.3 million a year earlier. That was largely driven by $676.7 million in unrealized gains on the company's ether holdings and $75.2 million in realized crypto gains.

The Ethereum treasury company held approximately 892,708 ETH as of Sept. 30 and said it completed a $200 million ETH staking allocation through Lido while beginning deployments through its $125 million Galaxy Sharplink Onchain Yield Fund.

"We are focused on maximizing the productivity of our ETH holdings, maintaining a disciplined approach to capital allocation and supporting the broader Ethereum ecosystem," CEO Joseph Chalom said in a release. "Our relentless focus translates into tangible financial results, highlighted by double-digit revenue growth, improved operating leverage and a material increase in net income."

Total revenue increased 24% quarter over quarter to $13.5 million, which slightly beat estimates, while staking revenue grew 27% to $13.1 million. The company's cash and cash equivalents totaled $47.9 million, compared with $28.5 million as of Dec. 31, 2025.

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Sharplink's overall crypto assets totaled approximately $2.1 billion as of Sept. 30, valued in accordance with U.S. GAAP measures.

"As institutional adoption accelerates and more economic activity moves onchain, Sharplink is well-positioned to participate in Ethereum’s continued growth through its actively managed ETH treasury and commitment to supporting the broader ecosystem," said Joseph Lubin, Sharplink chairman and cofounder of Ethereum.

SBET shares traded hands around $6.20 at publication time, little changed on the day. The stock is down 36% year to date.