Ethereum treasury company Sharplink reported third-quarter revenue of $13.5 million and net income of $751.4 million, compared with $104.3 million in the same quarter a year earlier, according to The Block, as cited by TechFlow on November 9, 2026.
What drove the profit
The reported profit was primarily driven by two items:
- $676.7 million in unrealized gains on ETH holdings.
- $75.2 million in realized gains on crypto assets.
For valuation analysis, the distinction matters: the reported net income largely reflected crypto asset gains rather than revenue. The unrealized component represents gains on holdings, not realized proceeds, so the headline profit should not be treated as a measure of recurring operating earnings.
ETH holdings and yield deployment
As of September 30, Sharplink held approximately 892,708 ETH, with total crypto assets valued at approximately $2.1 billion.
The company had also completed the allocation of $200 million worth of ETH for staking through Lido and had begun deploying capital through its $125 million Galaxy Sharplink on-chain yield fund. These deployment figures are not reported yield or revenue figures; the source does not provide a separate earnings contribution from either activity.
Original publication: November 9, 2026, at 23:43:10 UTC+8. Original TechFlow article, citing The Block.