SharpLink Announces $104M Profit on the Back of Its Ethereum Strategy

After BitMine, it’s now SharpLink’s turn to shine the spotlight on Ethereum. These two giants, with distinct profiles, now share a common obsession: accumulating ETH. And the results are quick to show. Amid a gloomy market, while others grit their teeth, they rake in millions. Their recipe? Crypto-compatible management of their treasury. It seems that, for the bold, ETH is no longer just an asset line, but a growth engine.

SharpLink sells nothing, but earns everything: Ethereum as a pillar of its model

It’s a model that disturbs or even confuses. SharpLink is not an exchange, nor a marketplace, nor a crypto service provider. Yet, the company announced a net profit of $104.3 million in Q3 2025. A performance driven by… Ethereum.

Its strategy? A treasury of 861,251 ETH placed to yield, between native staking and liquid staking (LsETH). In other words, SharpLink transforms its digital safe into a cash cow. To diversify flows, the company deployed $200 million of ETH on Linea, the Layer 2 from Consensys, in partnership with ether.fi and EigenCloud. All managed via Anchorage Digital Bank.

For Joseph Chalom, co-CEO of SharpLink:

we’ve doubled our ETH per share concentration from 2.0 to 4.0 since inception of the treasury and continue to focus on long-term value accretion for our stockholders.

Behind the scenes: tokenization, share buyback and rising momentum 

It’s not only the gross performance that intrigues, but also the boldness of the maneuvers. SharpLink didn’t just cash in gains on Ethereum, it used its treasury as a strategic lever.

Between August and September, the company repurchased 1.94 million shares for $31.6 million, injecting value into its own capital. Simultaneously, a $76.5 million fundraising was completed at a price 12% above the share price. A strong market signal: confidence reigns internally, and it is monetized.

Another milestone: the tokenization of its SBET share on Ethereum, via a partnership with Superstate. A first for a publicly listed company. SharpLink doesn’t just bet on ETH: it integrates it into its own governance and valuation mechanisms.

And to better steer this transformation, the company surrounded itself with a trio of experts from FalconX, Bain Capital Crypto, and JPMorgan. Objective: professionalize the management of a model which, until now, was more of a bold bet than an institutional strategy.

Key data to remember about SharpLink and Ethereum

• 861,251 ETH held by SharpLink as of November 9, 2025;
• $3 billion in digital assets for the company;
• $104.3M net profit in one quarter;
• ETH price at $3,193 at the time of writing;
• $76.5M raised at a price above market.

The more SharpLink and BitMine expose their capital to Ethereum, the more this crypto gains momentum. The shadow of a new ATH looms, driven by the ambitions of these heavyweights. In a hesitant market, their boldness could well trigger a major shift.