Sharplink, Inc. reported $751.4 million in third-quarter net income, largely reflecting an unrealized gain on crypto assets that dwarfed revenue from its Ether (ETH) staking business.
The company recorded $676.7 million in unrealized fair-value gains on crypto assets. Those gains reflected changes in the value of its holdings rather than cash proceeds, Sharplink said. It separately reported $75.2 million in net realized gains from crypto assets.
Revenue for the three months ended Sept. 30 rose 24% to $13.5 million from $10.8 million a year earlier. Staking generated $13.1 million of that total. Net income in the third quarter of 2025 was $104.3 million, the company's SEC filing shows.
Despite the quarterly profit, Sharplink recorded a $328.4 million net loss for the first nine months of 2026. Its filing lists $151 million in unrealized crypto-asset losses and $268.8 million in impairment charges on liquid-staking tokens for that period.
The company carries those liquid-staking tokens at cost, so a later price recovery does not reverse an impairment charge, according to the filing. That accounting treatment helps explain how Sharplink could report a large third-quarter gain while retaining a nine-month loss.
At Sept. 30, Sharplink held approximately 892,708 ETH and ETH equivalents. A later snapshot, dated Nov. 2, put its holdings at approximately 895,117 ETH and equivalents, including 603,953 native ETH. The liquid-staking tokens in the totals were counted on an as-if-redeemed basis.
The Nov. 2 figure is a later measure of holdings, while the reported income and revenue cover the quarter that ended Sept. 30. Sharplink completed its $200 million ETH staking allocation through Lido on Sept. 28. The Galaxy Sharplink Onchain Yield Fund began investing during the quarter.
