Sharplink Posts $751.4 Million Q3 Net Income
Gains on ether holdings drove the crypto treasury firm's third-quarter results, which included a $200 million staking allocation through Lido.
Updated on Nov. 9, 2026 in Public Companies
Sharplink reported third-quarter net income of $751.4 million on revenue of $13.5 million, up 24% year over year. The company also completed a $200 million ETH staking allocation through Lido.
Why it matters
Sharplink's earnings were driven largely by unrealized gains on its ether holdings rather than operating revenue, highlighting how crypto-treasury companies' results track token prices. The staking deployments show the company putting its ETH to work to generate yield.
Net income of $751.4 million included $676.7 million in unrealized ether gains and $75.2 million in realized crypto gains, versus $104.3 million a year earlier. Staking revenue rose 27% to $13.1 million, while cash and cash equivalents reached $47.9 million.
The players
Sharplink
Sharplink is a crypto treasury company that holds ether and stakes it to generate yield.
Lido
Lido is a liquid staking protocol on the Ethereum network that lets holders stake ETH while receiving a tradable token in return.
The details
Sharplink held approximately 892,708 ETH as of Sept. 30, with overall crypto assets valued at $2.1 billion. The company began deployments through its $125 million Galaxy Sharplink Onchain Yield Fund alongside the $200 million Lido staking allocation.
Timeline
Sept. 30, 2026: Date of the ETH holdings and crypto asset valuation.
Dec. 31, 2025: Comparison date for the cash and cash equivalents balance, which rose from $28.5 million.
Market Landscape
Sharplink's staking deployments reflect a broader move by corporate ether holders toward liquid staking as a way to earn yield on digital asset treasuries. Its results also show how heavily these firms' reported earnings depend on the market price of the tokens they hold.
Investors in Sharplink's shares face a stock that has declined 36% year to date and trades near $6.20, so the reported net income is largely a function of ether's price. Readers tracking crypto treasury firms should weigh unrealized gains separately from operating revenue.
The takeaway
Net income at crypto treasury companies can swing sharply with token prices, so operating revenue is the more stable measure of performance. Comparing unrealized gains against realized income gives a clearer picture of a quarter's results.
Further reading
For more on how corporate balance sheets are tracked, see Public Companies.
