After BitMine, it is now SharpLink's turn to shine the spotlight on Ethereum. These two giants, although with distinct profiles, now share a common obsession: the accumulation of ETH. And the results are not long in coming. In the midst of market gloom, while others are gritting their teeth, they are raking in millions. Their recipe? Crypto-compatible management of their cash flow. It seems that, for the bold, ETH is no longer an asset line, but an engine of growth.
In brief
- SharpLink holds 861,251 ETH valued via staking, restaking and yield on the Linea network.
- The company generated $104.3M in net profits from its crypto treasury alone.
- Raising funds at 12% above the market demonstrates its displayed confidence.
- Tokenization of SBET action on Ethereum in partnership with Superstate, a first among listed companies.
SharpLink sells nothing, but earns everything: Ethereum as the pillar of its model
It is a model that is disturbing, even disconcerting. SharpLink is not an exchange, marketplace, or crypto service provider. And yet the company announced net profit of $104.3 million in the third quarter of 2025. A performance powered by… Ethereum.
His strategy? Cash of 861,251 ETH placed at yield, between native staking and liquid staking (LsETH). In other words, SharpLink is turning its digital safe into a cash cow. To diversify flows, the company deployed $200 million of ETH on Linea, Consensys Layer 2, in partnership with ether.fi and EigenCloud. All managed via Anchorage Digital Bank.
For Joseph Chalom, co-CEO of SharpLink:
We have doubled our concentration of ETH per share from 2.0 to 4.0 since our treasury launch, and we remain focused on creating long-term value for our shareholders.
Behind the scenes: tokenization, share buybacks and scaling up
It's not just the raw performance that intrigues, but the audacity of the maneuvers. SharpLink not only cashed in on Ethereum, it used its cash flow as strategic leverage.
Between August and September, the company repurchased 1.94 million shares for $31.6 million, injecting value into its own capital. At the same time, a $76.5 million raise was concluded at a price 12% above the share price. A strong signal for the market: trust reigns internally, and it is monetized.
Another significant step: the tokenization of its SBET action on Ethereum, via a partnership with Superstate. A first for a listed company. SharpLink doesn't just bet on ETH: it integrates it into its own governance and valuation mechanisms.
And to better manage this change, the company has surrounded itself with a trio of experts from FalconX, Bain Capital Crypto and JPMorgan. Objective: to professionalize the management of a model which, until now, was more of a bold bet than an institutional strategy.
Key facts 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;
- $104.3 million in net profit in one quarter;
- ETH price at $3,193 at the time of writing;
- $76.5M raised at above-market price.
The more SharpLink and BitMine expose their capital to Ethereum, the more this crypto regains color. The shadow of a new ATH looms large, carried by the ambitions of these heavyweights. In a hesitant market, their audacity could well trigger a major shift.
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