Sharplink: Q3 Net Income Reaches $751.4 Million As Ethereum Strategy Expands

Sharplink reported third-quarter 2026 revenue of $13.5 million, an increase of 24% from $10.8 million a year earlier, as staking revenue and its Ethereum treasury strategy supported results. Staking revenue increased 27% to $13.1 million from $10.3 million.

Net income rose to $751.4 million, or $3.45 per diluted share, from $104.3 million, or $0.62 per diluted share, a year earlier. The increase was driven primarily by realized and unrealized gains on crypto assets, making reported earnings sensitive to movements in the value of Ethereum. Selling, general, and administrative expenses declined 8% to $11 million from $12 million.

During the quarter, Sharplink completed a $200 million allocation to Lido staking and began deploying capital through the Galaxy Sharplink Onchain Yield Fund. These initiatives are designed to treat Ethereum as a productive treasury asset that can generate staking and other blockchain-based returns instead of relying only on price appreciation.

The company’s permanent-capital model allows it to pursue longer-duration deployments, but it also creates direct exposure to cryptocurrency prices, protocol performance, counterparty considerations, and regulatory developments. Revenue growth and lower operating costs improved the underlying treasury platform, while most of the increase in net income came from asset gains rather than recurring operations.

Sharplink plans to continue pursuing incremental Ethereum yield and growth in Ethereum per share while maintaining institutional risk controls. Its scale and ecosystem relationships could support additional opportunities as blockchain adoption expands. Investors evaluating the quarter will need to distinguish between recurring staking revenue and market-driven gains, because those components have different durability and volatility profiles.

KEY QUOTES

“Our strong third quarter performance reflects our progress in executing our Ethereum treasury strategy and further strengthening our institutional-grade treasury platform.”

Joseph Chalom, Chief Executive Officer of Sharplink