SharpLink Reports $751 Million Third-Quarter Profit, Almost All of It Unrealized ETH Gains

Ethereum treasury company SharpLink reported net income of about $751.4 million for the quarter ended September 30, 2026, according to its quarterly report filed with the U.S. Securities and Exchange Commission. Crypto Insiders headlined the result as a profit of roughly 673 million euros, which appears to be the same figure expressed in euros; the filing itself reports dollars. Basic earnings per share were $3.46 and diluted earnings per share were $3.45.

The profit was driven overwhelmingly by accounting rather than operations. The filing shows an unrealized gain on crypto assets at fair value of about $676.7 million for the quarter, a non-cash item that depends on the ETH price at the reporting date and can reverse in later periods. Actual revenue was small: $13.5 million in total, of which $13.1 million came from staking and $0.4 million from affiliate marketing.

On the balance sheet, ETH held at fair value stood at about $1.62 billion at the end of September, while liquid staking tokens such as LsETH, wstETH and weETH were carried at cost of about $482 million. The company had 217.3 million shares outstanding as of November 3.

The result contrasts with Bitmine, another large ETH treasury firm, which reported a $3.8 billion quarterly loss in April on unrealized ETH declines, as CoinDesk and The Block covered. The swings show how closely treasury companies’ reported earnings track the token price rather than their underlying business.

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Sources:

• SEC: SharpLink Form 10-Q for the quarter ended Sept. 30, 2026

• CoinDesk: Ethereum treasury firm Bitmine reports $3.8 billion Q1 loss in latest filing