Sharplink Reports Third Quarter 2026 Financial and Operating Results
Quarterly crypto gains accompanied a nine-month net loss, while Sharplink completed its $200 million Lido staking allocation.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Sharplink (Nasdaq: SBET) reported third-quarter 2026 net income of $751.4 million, driven principally by gains on its crypto assets. Revenue rose 24% year over year to $13.5 million, including $13.1 million from staking. Diluted earnings reached $3.45 per share, versus $0.62 a year earlier. Crypto gains included $676.7 million unrealized and $75.2 million realized; unrealized gains do not provide cash proceeds.
For the nine months ended September 30, revenue reached $37.042 million, but the net loss widened to $328.392 million. Cash totaled $47.9 million at quarter-end. ETH holdings reached approximately 892,708 at September 30 and 895,117 at November 2. Sharplink completed a $200 million Lido staking allocation on September 28. The Galaxy Sharplink Onchain Yield Fund began deploying capital in the quarter, following $125 million in initial commitments, including $100 million from Sharplink.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Major pointQ3 net income rose to $751.4 million from $104.3 million; diluted EPS increased to $3.45 from $0.62.
- Moderate pointQ3 revenue increased 24% year over year to $13.5 million from $10.8 million.
- Moderate pointQ3 selling, general and administrative expenses decreased 8% year over year to $11.0 million.
- Moderate pointNine-month revenue increased to $37.042 million from $12.282 million a year earlier.
- Moderate pointNine-month realized crypto gains increased to $88.653 million from $11.681 million a year earlier.
- Moderate point$200 million Lido staking allocation completed September 28, 2026, receiving wrapped staked ETH. 15% of market cap
- Moderate pointGalaxy Sharplink Onchain Yield Fund began deploying capital in Q3 after $125 million in initial commitments. 9.2% of market cap
12 minor points
- Minor pointQ3 staking revenue grew 27% year over year to $13.1 million from $10.3 million.
- Minor pointQ3 realized crypto gains increased to $75.215 million from $6.308 million a year earlier.
- Minor pointQ3 unrealized crypto gains increased to $676.695 million from $107.326 million; these gains provide no cash proceeds.
- Minor pointQ3 crypto impairment charges fell to $1.040 million from $6.950 million a year earlier.
- Minor pointAffiliate marketing costs fell year over year to $0.280 million in Q3 and $0.970 million for nine months.
- Minor pointRelated-party stock compensation fell to zero for Q3 and nine months, versus $0.131 million and $16.510 million.
- Minor pointNine-month staking revenue increased to $35.718 million from $10.302 million a year earlier.
- Minor pointInterest income increased year over year to $0.516 million in Q3 and $0.897 million for nine months.
- Minor pointCash rose to $47.902 million at September 30, 2026, from $28.539 million at December 31, 2025.
- Minor pointTotal liabilities decreased to $6.103 million at September 30, 2026, from $12.749 million at December 31, 2025.
- Minor pointETH holdings reached 895,117 on November 2, 2026, versus approximately 892,708 on September 30, 2026.
- Minor pointBlockspace equity investment added exposure to Ethereum validation and staking infrastructure.
Negative
- Major pointNine-month net loss widened to $328.392 million from $0.127 million; diluted loss per share was $1.55.
- Moderate pointNine-month selling, general and administrative expenses increased to $29.954 million from $15.523 million a year earlier.
- Moderate pointCrypto assets at fair value fell to $1,615.154 million at September 30, from $1,899.683 million at December 31, 2025.
- Moderate pointStockholders’ equity fell to $2,165.682 million at September 30, from $2,419.017 million at December 31, 2025.
- Moderate pointOutstanding common shares increased to 217,267,066 at September 30, 2026, from 196,707,797 at December 31, 2025.
5 minor points
- Minor pointNine-month unrealized crypto loss was $150.971 million, versus a $104.889 million gain a year earlier.
- Minor pointNine-month crypto impairment charges increased to $268.803 million from $94.763 million a year earlier.
- Minor pointAffiliate marketing revenue fell year over year to $0.400 million in Q3 and $1.324 million for nine months.
- Minor pointIncome tax expense rose year over year to $2.104 million in Q3 and $4.284 million for nine months.
- Minor pointCrypto assets at cost fell to $481.958 million at September 30, from $500.912 million at December 31, 2025.
News Explained
At
Key Figures
- Revenue
- $13.5 million (+24% YoY)
- Three months ended September 30, 2026
- Staking revenue
- $13.1 million (+27%)
- Third quarter 2026
- Net income
- $751.4 million
- Third quarter 2026; increase driven principally by crypto-asset gains
- Diluted EPS
- $3.45 per diluted share
- Third quarter 2026
- Unrealized gains
- $676.7 million
- Third quarter 2026; non-cash fair-value gains on crypto assets
- ETH holdings
- 895,117 ETH
- As of November 2, 2026
- Lido staking allocation
- $200 million
- ETH staking completed September 28, 2026
- Fund initial commitments
- $125 million
- Galaxy Sharplink Onchain Yield Fund; $100 million from Sharplink and $25 million from Galaxy
Key Terms
liquid staking technical
unrealized gains financial
u.s. gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Strong Financial Performance Reflects Continued Execution of Active
Treasury Management and Disciplined Capital Allocation
Revenue up
MIAMI, FL, Nov. 09, 2026 (GLOBE NEWSWIRE) -- Sharplink, Inc. (Nasdaq: SBET) (“Sharplink” or the “Company”), one of the world’s largest corporate holders of Ether (“ETH”) and prominent industry advocate of Ethereum adoption, today reported financial and operating results for the three and nine months ended September 30, 2026, along with an update on its ETH treasury strategy.
“Our strong third quarter performance reflects our progress in executing our Ethereum treasury strategy and further strengthening our institutional-grade treasury platform,” said Joseph Chalom, Chief Executive Officer of Sharplink. “We are focused on maximizing the productivity of our ETH holdings, maintaining a disciplined approach to capital allocation and supporting the broader Ethereum ecosystem. Our relentless focus translates into tangible financial results, highlighted by double-digit revenue growth, improved operating leverage and a material increase in net income. We believe these results reinforce the strength of our strategy and the opportunities ahead as Ethereum continues to gain traction across global financial markets.”
Continuing, Chalom noted, “During the quarter, we made meaningful progress putting our ETH treasury to work, completing our
Third Quarter 2026 Highlights
Income Statement and Balance Sheet
- Total revenue increased
24% to$13.5 million for the three months ended September 30, 2026, compared with$10.8 million in the prior-year quarter. Staking revenue grew27% to$13.1 million from$10.3 million , reflecting Sharplink’s ongoing ETH treasury management activities. - SG&A expenses decreased
8% to$11.0 million , compared with$12.0 million in the prior-year quarter, as the Company continued to carefully manage the operating costs of its treasury platform. - Net income increased to
$751.4 million , or$3.45 per diluted share, compared with net income of$104.3 million , or$0.62 per diluted share, in the prior year quarter. The increase was driven principally by unrealized and realized gains on crypto assets.- Unrealized gains:
$676.7 million primarily reflecting ETH market conditions in the third quarter of 2026. - Net realized gain:
$75.2 million primarily related to ETH treasury activities, including liquid staking transactions. - Unrealized gains reflect changes in the fair value of the Company's ETH holdings and do not represent cash proceeds or a change in the number of ETH and ETH-equivalent tokens held; however, impairment charges reduce the carrying value of LsETH, weETH, and wstETH under U.S. GAAP and are not reversed for subsequent market recoveries.
- Unrealized gains:
- Cash and cash equivalents totaled
$47.9 million as of September 30, 2026, compared with$28.5 million as of December 31, 2025.
Joseph Lubin, Chairman of Sharplink and Co-Founder of Ethereum, added, “Ethereum is rapidly evolving into foundational infrastructure for the next generation of global finance, supported by accelerating institutional adoption and continued advancements in its underlying technology. From JPMorgan’s expansion of its institutional deposit token to Ethereum mainnet to the growing tokenization of financial assets by leading global asset managers, these developments underscore Ethereum’s expanding role across payments, asset management and financial-market infrastructure. Combined with its ongoing technological advancements, deep liquidity and commitment to security, we believe Ethereum is uniquely positioned to support the next generation of global financial activity. As institutional adoption accelerates and more economic activity moves onchain, Sharplink is well-positioned to participate in Ethereum’s continued growth through its actively managed ETH treasury and commitment to supporting the broader ecosystem.”
Ethereum Treasury and Operational Highlights
- Sharplink’s ETH holdings totaled approximately 892,708 ETH1 as of September 30, 2026, and 895,117 ETH2 as of November 2, 2026.
- Crypto assets totaled approximately
$2.1 billion as of September 30, 2026, valued in accordance with U.S. GAAP. - Completed the staking of
$200 million of ETH through Lido on September 28, 2026, receiving wrapped staked ETH (wstETH) and expanding Sharplink’s liquid staking capabilities. The allocation is designed to generate protocol staking rewards while providing access to additional onchain opportunities. - The Galaxy Sharplink Onchain Yield Fund (the “Fund”), launched in August 2026 with
$125 million in initial commitments consisting of$100 million from Sharplink and$25 million from Galaxy Digital. The Fund began deploying capital into select onchain opportunities in Q3. - Made a strategic equity investment in Blockspace, an Ethereum infrastructure company focused on validation and staking infrastructure.
Conference Call Details
Sharplink's executive team will host a conference call, followed by a question-and-answer period this morning, Monday, November 9, 2026, beginning at 8:30 AM ET. Please use one of the following methods to access the call:
- Date: Monday, November 9, 2026
- Time: 8:30 AM ET
- Toll-free dial-in number: (877) 407-2988
- International dial-in number: (201) 389-0923
- Webcast: Sharplink's Q3 2026 Earnings Call
Participants can also access Sharplink’s earnings call using the call me option here for instant telephone access to the event, which will be active 15 minutes before the scheduled start time.
A telephonic replay will be available approximately three hours after the conference call concludes through Monday, November 23, 2026.
- Toll-free replay number: (877) 660-6853
- International replay number: (201) 612-7415
- Replay ID: 13762953
A link to the live webcast and replay will also be available at https://www.sharplink.com/investors.
For more detailed information, please refer to the Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2026, filed with the U.S. Securities and Exchange Commission, and accessible at www.sec.gov or on Sharplink's website found at www.sharplink.com.
About Sharplink, Inc.
Sharplink (Nasdaq: SBET) is a leading institutional-grade Ethereum treasury platform designed to give public market investors smarter, more productive exposure to ETH. Ethereum underpins the majority of global stablecoin, tokenized real-world assets and decentralized finance settlement. Sharplink was founded in 2019 and is headquartered in Miami, Florida. Learn more at www.sharplink.com.
Forward-Looking Statements
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and these forward-looking statements are subject to various risks and uncertainties. Such statements include, but are not limited to, goals and expectations regarding the Company's strategy and potential partnerships; the Company's Ethereum treasury strategy and expected common stock per-share effects; the Company’s staking activities and investment in the Fund, and other statements accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words, but the absence of these words does not mean that a statement is not forward looking. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the potential use of the Company's ATM facility; the Company's ability to repurchase additional shares of its common stock under its stock repurchase program; the Company's ability to achieve and sustain profitable operations; volatility in the market price of ETH and its resulting impact on the Company's accounting and financial reporting; changes in government regulation of cryptocurrencies and online betting; changes in securities laws or other applicable regulations; fluctuations in customer demand and overall economic conditions; competitive pressures, including competing products, pricing, and sales cycles; the protection and enforcement of the Company's proprietary rights; and other risks and uncertainties described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and other filings with the SEC. Under U.S. GAAP entities are generally required to measure certain crypto assets at fair value, with changes reflected in net income each reporting period. Changes in the fair value of crypto assets could result in significant fluctuations to the balance sheet and income statement results. Additionally, for certain other types of crypto assets, the Company uses the historical costs less impairment model. This model may require the Company to record an associated impairment charge reflected in net income as a result of a decrease in the market price of the crypto assets below the cost value at which the Company's crypto assets are carried on its balance sheet. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update the forward-looking statements in this press release.
CONTACT:
Sharplink’s Investor Relations Contact:
Sean Mansouri, CFA or Aaron D’Souza | Elevate IR
Phone: (720) 330-2829
Email: ir@sharplink.com
Sharplink’s Media Contact:
Email: media@sharplink.com
SHARPLINK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
| September 30, 2026 | December 31, 2025 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash | $ | 47,902 | $ | 28,539 | ||||
| USDC stablecoin | - | 1,882 | ||||||
| Accounts receivable, net of allowance for credit losses of | 649 | 221 | ||||||
| Prepaid expenses and other current assets | 565 | 511 | ||||||
| Total current assets | 49,116 | 31,153 | ||||||
| Crypto assets at fair value | 1,615,154 | 1,899,683 | ||||||
| Crypto assets at cost | 481,958 | 500,912 | ||||||
| Investments at fair value | 24,840 | - | ||||||
| Other assets | 717 | 18 | ||||||
| Total assets | $ | 2,171,785 | $ | 2,431,766 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued expenses | $ | 6,078 | $ | 12,749 | ||||
| Total current liabilities | 6,078 | 12,749 | ||||||
| Long-Term Liabilities | ||||||||
| Other long-term liabilities | 25 | - | ||||||
| Total liabilities | 6,103 | 12,749 | ||||||
| Commitments and Contingencies (Note 11) | ||||||||
| Stockholders’ Equity | ||||||||
| Common Stock, | 22 | 20 | ||||||
| Treasury stock, 4,071,231 and 1,938,458 shares of Common Stock at cost | (41,743 | ) | (31,721 | ) | ||||
| Additional paid-in capital | 3,348,191 | 3,263,114 | ||||||
| Accumulated deficit | (1,140,788 | ) | (812,396 | ) | ||||
| Total stockholders’ equity | 2,165,682 | 2,419,017 | ||||||
| Total liabilities and stockholders’ equity | $ | 2,171,785 | $ | 2,431,766 | ||||
SHARPLINK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except share and per share data)
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue from staking | $ | 13,056 | $ | 10,274 | $ | 35,718 | $ | 10,302 | ||||||||
| Revenue from affiliate marketing | 400 | 570 | 1,324 | 1,980 | ||||||||||||
| Total revenue | 13,456 | 10,844 | 37,042 | 12,282 | ||||||||||||
| Gains (losses) from operations | ||||||||||||||||
| Realized gain on crypto assets, net | 75,215 | 6,308 | 88,653 | 11,681 | ||||||||||||
| Unrealized gain (loss) on crypto assets at fair value, net | 676,695 | 107,326 | (150,971 | ) | 104,889 | |||||||||||
| Total gains (losses) from operations, net | 751,910 | 113,634 | (62,318 | ) | 116,570 | |||||||||||
| Operating expenses | ||||||||||||||||
| Cost of revenues from affiliate marketing | 280 | 431 | 970 | 1,529 | ||||||||||||
| Selling, general, and administrative expenses | 11,013 | 12,024 | 29,954 | 15,523 | ||||||||||||
| Stock-based compensation, related party | - | 131 | - | 16,510 | ||||||||||||
| Impairment of crypto assets at cost | 1,040 | 6,950 | 268,803 | 94,763 | ||||||||||||
| Total operating expenses | 12,333 | 19,536 | 299,727 | 128,325 | ||||||||||||
| Operating income (loss) | 753,033 | 104,943 | (325,003 | ) | 527 | |||||||||||
| Other income | ||||||||||||||||
| Interest income | 516 | 119 | 897 | 168 | ||||||||||||
| Other income (expense) | (2 | ) | - | (2 | ) | - | ||||||||||
| Total other income | 514 | 119 | 895 | 168 | ||||||||||||
| Net income (loss) before income taxes | 753,547 | 105,062 | (324,108 | ) | 695 | |||||||||||
| Income tax expense | (2,104 | ) | (792 | ) | (4,284 | ) | (822 | ) | ||||||||
| Net income (loss) | $ | 751,443 | $ | 104,270 | $ | (328,392 | ) | $ | (127 | ) | ||||||
| Denominator for net income (loss) per share: | ||||||||||||||||
| Basic weighted average shares | 217,248,324 | 149,056,400 | 212,017,112 | 63,214,826 | ||||||||||||
| Diluted weighted average shares | 217,516,138 | 167,172,597 | 212,017,112 | 63,214,826 | ||||||||||||
| Net income (loss) per share - basic | $ | 3.46 | $ | 0.70 | $ | (1.55 | ) | $ | (0.00 | ) | ||||||
| Net income (loss) per share - diluted | $ | 3.45 | $ | 0.62 | $ | (1.55 | ) | $ | (0.00 | ) | ||||||
1 Total ETH holdings held as of September 30, 2026, comprised of 602,361 native ETH, 135,516 ETH as-if redeemed from LsETH, 73,334 ETH as-if redeemed from weETH, and 81,497 ETH as-if-redeemed from wstETH, using a conversion date of September 30, 2026.
2 Total ETH holdings held as of November 2, 2026, comprised of 603,953 native ETH, 135,868 ETH as-if redeemed from LsETH, 73,601 ETH as-if redeemed from weETH, and 81,695 ETH as-if-redeemed from wstETH, using a conversion date of November 2, 2026.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Sharplink’s Q3 2026 earnings and revenue?
Sharplink reported $751.4 million in net income, or $3.45 per diluted share, and $13.5 million in revenue. A year earlier, net income was $104.3 million, or $0.62 per diluted share, and revenue was $10.8 million. The earnings increase was driven principally by unrealized and realized crypto gains.
How much ETH did Sharplink hold after Q3 2026?
Sharplink held 895,117 ETH as of November 2, 2026, compared with approximately 892,708 ETH at September 30, 2026. These holdings include native ETH and ETH represented by liquid staking tokens on an as-if-redeemed basis.
Can Sharplink reverse impairment charges on its liquid staking tokens?
Impairment charges on LsETH, weETH and wstETH reduce their carrying value under U.S. GAAP and are not reversed when market values subsequently recover. This treatment differs from unrealized fair-value gains on ETH holdings, which reflect market-value changes without providing cash proceeds or changing token quantities.
Who committed capital to the Galaxy Sharplink Onchain Yield Fund?
Sharplink committed $100 million and Galaxy Digital committed $25 million to the fund’s $125 million in initial commitments. The fund launched in August 2026 and began deploying capital into selected onchain opportunities during the third quarter.