Historical report: November 9, 2026, at 23:39:28 UTC+8.
Sharplink reported third-quarter net income of $751.4 million, compared with $104.3 million a year earlier, according to The Block. The increase was largely driven by $676.7 million in unrealized gains on its ether holdings and $75.2 million in realized crypto gains—a distinction that matters when assessing the Ethereum treasury company’s operating growth.
Treasury holdings and staking activity
As of September 30, Sharplink held approximately 892,708 ETH. Its overall crypto assets were valued at approximately $2.1 billion under U.S. GAAP measures.
The company said it had completed a $200 million ETH staking allocation through Lido and begun deployments through its $125 million Galaxy Sharplink Onchain Yield Fund.
Third-quarter revenue reached $13.5 million, slightly above estimates. Staking revenue rose 27% to $13.1 million, although the supplied report does not specify the comparison period for that increase.
The report also contains an unresolved comparison-period discrepancy: its summary describes total revenue growth of 24% year over year, while the main text describes 24% quarter over quarter.
Cash and cash equivalents stood at $47.9 million, compared with $28.5 million on December 31, 2025.
What the results show—and what they do not
CEO Joseph Chalom said Sharplink was focused on making its ETH holdings more productive, maintaining disciplined capital allocation and supporting the Ethereum ecosystem. Chairman and Ethereum cofounder Joseph Lubin framed the company’s actively managed treasury as positioned to participate in Ethereum’s growth as institutional adoption and onchain economic activity expand.
Those are management’s assessments. The reported figures document Sharplink’s treasury exposure, staking revenue and capital deployment; they do not measure Ethereum-wide user growth or retention. The profit increase also should not be treated as equivalent to recurring operating growth, given the substantial contribution from unrealized ether gains.
At the original article’s publication, SBET shares traded around $6.20, little changed on the day and down 36% year to date.
