SharpLink’s total revenue increased 1,100% year over year in the third quarter of 2025.
SharpLink Gaming’s Ethereum (ETH) bet appears to be paying off, as the company reported a sharp turnaround in Q3 2025 results after a strong treasury performance. The company’s total revenue rose to $10.8 million for the third quarter of 2025, which ended on September 30. This is an increase of 1,100% year over year from the $0.9 million reported in the same period last year.
The sharp increase was primarily attributed to the strong performance of SharpLink’s ETH holdings and its strategic deployment within the Ethereum ecosystem.
Third quarter results demonstrate ETH strategy at Core
According to the official press release, net income for the quarter rose to $104.3 million, or $0.62 per fully diluted share, a sharp turnaround from a net loss of $885,000 in the third quarter of 2024. As of September 30, the company’s crypto assets stood at $3.0 billion, including 817,747 ETH, which included both native and liquid staking tokens.
By November 9, SharpLink’s ETH position had grown further to 861,251 ETH. The company also reported $11.1 million in cash and $26.7 million in USDC stablecoins on its balance sheet.
Commenting on the financial results, company co-CEO Joseph Chalom said said,
“SharpLink is pioneering a new model for publicly traded ETH treasury companies – one that combines the agility of an active asset manager with the transparency of a publicly traded company. Our ability to dynamically manage capital, pursue advanced compounding return strategies, and partner with many of the most respected names in the Ethereum ecosystem puts SharpLink in pole position as Ethereum’s institutional supercycle accelerates.”
SharpLink’s strategic steps
On the operational side, SharpLink made several moves throughout the quarter to strengthen its position as the leading Ethereum treasury operator. In August, the Board of Directors approved a $1.5 billion share repurchase program, with 1.94 million shares repurchased by the end of the quarter for approximately $31.6 million.
In September, the Nasdaq-listed company partnered with Superstate to launch tokenized SBET on Ethereum. The following month, SharpLink brought on Matthew Sheffield as Chief Investment Officer, Mandy Campbell as Chief Marketing Officer and Michael Camarda as Chief Data Officer. Around the same time, the company completed a registered direct offering of $76.5 million, priced at a 12% premium to the stock price and above the intrinsic value of its ETH treasury.
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SharpLink too revealed plans to deploy $200 million worth of ETH from the company’s treasury on Linea, an Ethereum Layer 2 network developed by Consensys. The funds will be managed through Anchorage Digital Bank, its custodian, and invested in staking, restaking and AI-driven return strategies on Linea’s zkEVM framework. This approach is designed to generate diversified ETH-based returns by combining Ethereum staking rewards, EigenCloud recovery incentives, and Linea’s own return programs.
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