SharpLink's third-quarter revenue was $13.5 million, net profit was $751.4 million
SharpLink (Nasdaq: SBET) announced on November 9, 2026 that the company’s revenue for the third quarter of 2026 was $13.5 million, up 24% from $10.8 million in the same period last year; of that, staking revenue was $13.1 million, up 27% year over year. Net profit for the quarter was $751.4 million, and diluted earnings per share were $3.45, compared with net profit of $104.3 million in the same period last year (diluted earnings per share of $0.62).
The sharp increase in profit mainly came from $676.7 million in unrealized gains from the increase in the fair value of the ETH it held, as well as $75.2 million in realized gains on crypto assets. Selling, general and administrative expenses fell to $11.0 million, down 8% year over year. As of September 30, 2026, the company held $47.9 million in cash and cash equivalents.
Original sources:
Title: Sharplink Reports Third Quarter 2026 Financial and Operating Results Publisher: Sharplink, Inc. (GlobeNewswire) Publication date: 2026-11-09 URL: https://seekingalpha.com/pr/20718585-sharplink-reports-third-quarter-2026-financial-and-operating-results Source nature: company announcement Verification status: the full text was actually read in this instance, verification date 2026-11-09, no access restrictions Supporting content: supports revenue of $13.5 million (+24%), staking revenue of $13.1 million (+27%), net profit of $751.4 million (diluted EPS $3.45), unrealized gains of $676.7 million and realized gains of $75.2 million, SG&A expenses of $11.0 million (-8%), and cash and cash equivalents of $47.9 million
ABAB AI Insight
As an institutional-grade Ethereum treasury platform, SharpLink’s third-quarter revenue came almost entirely from ETH staking activity (the staking portion of the $13.1 million), while affiliate marketing revenue was only about $400,000. The $676.7 million unrealized gain in net profit corresponded to the fair-value change during the quarter as ETH prices rose from about $1,563 to about $2,681 (an increase of roughly 72%); the $75.2 million in realized gains mainly came from treasury operations such as liquid staking. The company explicitly stated that unrealized gains do not represent cash inflows or a change in the amount of ETH held.
As of September 30, the company held a total of about 892,708 ETH (including native and liquid-staking equivalents), rising further to 895,117 ETH on November 2; crypto assets were measured at about $2.1 billion under U.S. GAAP. On September 28, the company completed staking $200 million of ETH through Lido and received wstETH, and its Onchain Yield Fund with Galaxy Digital (with an initial commitment of $125 million, of which SharpLink contributed $100 million) has begun deployment. Selling, general and administrative expenses fell to $11.0 million, indicating some improvement in operating leverage.
For the first nine months, the company generated $37 million in revenue but recorded a net loss of $328.4 million, mainly weighed down by LST impairment and unrealized losses, underscoring the high sensitivity of quarterly profitability to ETH price swings. Cash and cash equivalents rose from $28.5 million at the end of 2025 to $47.9 million. Observable follow-up indicators include the impact of ETH price changes on next quarter’s fair-value gains, the actual yields from Lido staking and the Onchain Yield Fund, and whether the company further increases its ETH holdings or adjusts capital allocation.
ABAB News · Cognitive Law
For a company whose main business is an ETH treasury, quarterly net profit can fluctuate sharply due to fair-value changes and does not directly correspond to the scale of cash revenue.
Staking income is its main recurring revenue source, but fair-value gains and impairments still dominate the income statement.