SharpLink’s total revenue jumped 1,100% year-over-year in Q3 2025.
SharpLink Gaming’s Ethereum (ETH) bet appears to have paid off, as the company reported a sharp turnaround in its third-quarter 2025 results following strong cash flow performance. The company’s total revenue jumped to $10.8 million for the third quarter of 2025, ended September 30. This is a 1,100% year-over-year increase from the $0.9 million reported for the same period last year.
This sharp rise is primarily attributed to the strong performance of SharpLink’s ETH holdings and its strategic deployment within the Ethereum ecosystem.
Third Quarter Results Show ETH Strategy at Core
According to the official press release, net income for the quarter jumped to $104.3 million, or $0.62 per fully diluted share, representing a sharp reversal from a net loss of $885,000 in the third quarter of 2024. As of September 30, the company’s crypto assets totaled $3.0 billion, including 817,747 ETH, which included both native and liquid staking tokens.
By November 9, SharpLink’s ETH position had increased 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, the company’s co-CEO, Joseph Chalom, 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 public company. Our ability to dynamically manage capital, pursue sophisticated compound return strategies, and partner with many of the most revered names in the Ethereum ecosystem, places SharpLink in pole position as the Ethereum institutional supercycle accelerates.”
SharpLink’s strategic measures
On the operational side, SharpLink took several steps throughout the quarter to strengthen its position as the leading Ethereum treasury operator. In August, its board approved a $1.5 billion share repurchase program, under which 1.94 million shares were repurchased for approximately $31.6 million at the end of the quarter.
In September, the Nasdaq-listed company partnered with Superstate to launch tokenized SBET on Ethereum. The following month, SharpLink hired 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 $76.5 million registered direct offering, at a 12% premium to its stock price and higher than the net asset value of its ETH treasury.
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SharpLink also revealed plans to deploy $200 million worth of ETH from its corporate treasury to Linea, an Ethereum Layer 2 network developed by Consensys. The funds will be managed through Anchorage Digital Bank, its custodian, and invested in AI-driven staking, re-staking and yield strategies on Linea’s zkEVM framework. This approach is designed to generate diversified ETH-based returns by combining Ethereum staking rewards, EigenCloud rollover incentives, and Linea’s native yield programs.
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