Sharplink reported $751.4 million in net profit in the third quarter of 2026, an increase of 620% year-on-year. The American company listed on Nasdaq owes this performance to its crypto treasury strategy centered on Ethereum. But almost 90% of profits come from latent gains on its ETH. Its holdings now reach 895,117 ETH, while staking revenues continue to grow.
In brief
- Sharplink reports $751.4 million in third-quarter net profit, up 620%.
- Nearly $677 million corresponds to unrealized crypto gains.
- The company holds 895,117 ETH as of November 2 and is expanding its staking activities.
Sharplink multiplies its profits sevenfold thanks to Ethereum
The results released on November 9 mark a significant change for Sharplink. A year after announcing $104 million in profits from Ethereum, the company posts a net profit of $751.4 million. Earnings per diluted share reached $3.45, compared to $0.62 in the third quarter of 2025.
The progress is spectacular. It essentially comes from the valuation of crypto assets held by the company. Sharplink records $676.7 million in unrealized gains on its cryptocurrencies, to which are added $75.2 million in realized gains.
The former represent around 90% of quarterly net profit. In other words, these 676.7 million do not correspond to money collected after the sale of ETH. They mainly reflect the increase in the book value of cryptocurrencies held during the quarter.
The gains made mainly come from cash management operations, particularly liquid staking. Current activity is also progressing. Sharplink announces $13.5 million in turnover, compared to 10.8 million a year earlier. An increase of 24%, much more modest than that of net profit.
Administrative and general expenses fell at the same time by 8%, to $11 million. Available cash reached $47.9 million at the end of September, compared to $28.5 million at the end of December 2025.
Nearly 900,000 ETH in crypto treasury
Sharplink continues its accumulation of Ethereum. As of September 30, the company held approximately 892,708 ETH, including positions represented by liquid staking tokens. The total climbs 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 US accounting rules.
But Sharplink is no longer content with accumulating cryptocurrencies. The company also seeks to generate revenue from ETH already held. In August, it notably placed an additional $91 million worth of Ether in staking.
This activity now brings in $13.1 million per quarter, compared to $10.3 million a year earlier. The increase reached 27%. Staking thus represents nearly 97% of its quarterly turnover. Sharplink also finalized a $200 million allocation of ETH on Lido on September 28. The operation allows him 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 $125 million in initial commitments, is to invest in different return strategies on Ethereum. Sharplink contributes $100 million and Galaxy Digital the remaining $25 million.
The first capital was deployed in the third quarter. The goal is to transform crypto reserves into income-generating assets, without depending solely on an increase in the price of ETH.
Crypto Profits Remain Exposed to ETH Price
The results are impressive, but they hide a more contrasting financial situation. Despite the $751.4 million earned in the third quarter, Sharplink still posts a cumulative net loss of $328.4 million over the first nine months of 2026.
This figure appears in its financial statements. The company had notably suffered significant accounting impairments on certain crypto assets during previous quarters. The contrast illustrates the sensitivity of its economic model to variations in Ethereum.
When ETH advances, valuation gains can greatly improve results. A decline in the market has the opposite effect. Income from staking offers an additional source of revenue, but their amounts remain modest compared to variations in the value of a treasury worth several billions.
Investors also seem to maintain a certain caution. On November 9, Sharplink (SBET) stock ended the session around $6.13, down 1.76%. It also showed a drop of close to 29% over one month.
Joseph Chalom, general manager of Sharplink, nevertheless defends this active management of reserves. The company wants to increase its ETH revenue and expand its investments in Ethereum infrastructure.
The strategy therefore continues despite the volatility of the crypto market. Sharplink had already suffered a loss of $394.3 million in the second quarter due to its exposure to Ethereum. Three months later, it published a profit seven times higher than the previous year. Future results will still largely depend on the price of ETH, even if staking begins to make a regular contribution.
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