Crypto: SharpLink Profits Skyrocket 620% on Ethereum Gains

Sharplink posted a net profit of $751.4 million in the third quarter of 2026, an increase of 620% year-on-year. The American company listed on Nasdaq attributes this performance to its crypto treasury strategy focused on Ethereum. But nearly 90% of the profits come from unrealized gains on its ETH. Its holdings now reach 895,117 ETH, while staking revenues continue to grow.

Sharplink multiplies its profits by seven thanks to Ethereum

The results published on November 9 mark a significant change for Sharplink. One year after announcing $104 million in profits thanks to Ethereum, the company shows a net profit of $751.4 million. Diluted earnings per share reach $3.45, compared to $0.62 in the third quarter of 2025.

The increase is spectacular. It mainly comes from the valuation of crypto assets held by the company. Sharplink records $676.7 million in unrealized gains on its cryptocurrencies, in addition to $75.2 million in realized gains.

The first represents about 90% of the quarterly net profit. In other words, these $676.7 million do not correspond to cash received after selling ETH. They primarily reflect the increase in the book value of the cryptocurrencies held during the quarter.

The realized gains mainly come from treasury management operations, especially liquid staking. The ongoing business is also growing. Sharplink reports $13.5 million in revenue, compared to $10.8 million a year earlier. An increase of 24%, much more modest than the net profit increase.

Administrative and general expenses simultaneously decrease by 8%, to $11 million. Available cash reaches $47.9 million at the end of September, compared to $28.5 million at the end of December 2025.

Nearly 900,000 ETH in the crypto treasury

Sharplink continues to accumulate Ethereum. As of September 30, the company held approximately 892,708 ETH, including positions represented by liquid staking tokens. The total rises to 895,117 ETH as of November 2. Its crypto assets were valued at around $2.1 billion at the end of the third quarter, according to U.S. accounting rules.

But Sharplink no longer only accumulates cryptocurrencies. The company also aims to generate revenue from the ETH it already holds. In August, it notably placed an additional $91 million of Ether in staking.

This activity now brings in $13.1 million per quarter, compared to $10.3 million a year earlier. The growth reaches 27%. Staking thus represents nearly 97% of its quarterly revenue. Sharplink also completed on September 28 an allocation of $200 million in ETH on Lido. The operation allows it to receive wstETH, tokens representing ETH placed in staking.

The company also participates in the Galaxy Sharplink Onchain Yield Fund. This fund, launched in August with initial commitments of $125 million, aims to invest in various yield strategies on Ethereum. Sharplink contributes $100 million and Galaxy Digital provides the remaining $25 million.

The first capital deployments occurred in the third quarter. The objective is to transform crypto reserves into income-generating assets, without depending solely on a rise in the price of ETH.

Crypto profits are still exposed to the price of ETH

The results are impressive, but they hide a more mixed financial situation. Despite the $751.4 million earned in the third quarter, Sharplink still shows a cumulative net loss of $328.4 million over the first nine months of 2026.

This figure appears in its financial statements. The company notably incurred significant accounting impairments on certain crypto assets during previous quarters. The contrast illustrates the sensitivity of its business model to Ethereum fluctuations.

When ETH rises, valuation gains can greatly improve results. A market decline produces the opposite effect. Income from staking provides an additional source of revenue, but amounts remain modest compared to the value fluctuations of a treasury worth several billion.

Investors also seem to remain somewhat cautious. On November 9, Sharplink’s stock (SBET) ended the session around $6.13, down 1.76%. It also showed a nearly 29% decline over one month.

Joseph Chalom, CEO of Sharplink, nevertheless defends this active management of reserves. The company wants to increase its revenue in ETH and develop its investments in Ethereum infrastructure.

The strategy continues despite crypto market volatility. Sharplink had already incurred a $394.3 million loss in the second quarter due to its exposure to Ethereum. Three months later, it posts a profit seven times higher than the previous year. Future results will still largely depend on the price of ETH, even though staking is beginning to provide a steady contribution.