SharpLink Posts $751 Million Profit on Unrealized Ether Gains

SharpLink recorded $751.4 million in net income for the third quarter, a 620.7% increase from a year earlier, as gains in the fair value of its Ether (ETH) holdings drove most of the result.

The company booked $676.7 million in net unrealized gains on ETH and $75.2 million in net realized gains on crypto assets. The unrealized gains made up about 90% of quarterly net income and reflected fair-value changes, not cash proceeds.

Revenue totaled $13.5 million, including $13.1 million from staking, up from $10.8 million a year earlier. Staking accounted for 97% of revenue. Diluted earnings were $3.45 per share, compared with 62 cents in the year-earlier quarter.

SharpLink held about 892,708 ETH on Sept. 30 and 895,117 on Nov. 2. Its reported ETH total includes liquid-staking positions counted on an “as-if-redeemed” basis. The company valued its crypto assets at about $2.1 billion at quarter-end.

Chief Executive Joseph Chalom said, “ETH should be managed as a productive operating asset.” SharpLink recorded a net loss of $328.4 million for the first nine months of 2026.