Sharplink posts $751 million quarterly profit
By Liezl GambeKey points
- Sharplink, Inc. (NASDAQ:SBET) reported third-quarter net income of $751.4 million, compared with $104.3 million a year earlier.
- Revenue rose 24% to $13.5 million, while staking revenue increased 27% to $13.1 million.
- The company held 895,117 ETH by 2 November and completed a $200 million Lido staking allocation.
Sharplink, Inc. (NASDAQ:SBET) posted third-quarter net income of $751.4 million, as revenue climbed 24% year-on-year to $13.5 million.
The profit compared with $104.3 million a year earlier, largely reflecting gains from the company's Ether treasury.
“We are focused on maximizing the productivity of our ETH holdings,” Sharplink chief executive Joseph Chalom said in a statement.
Unrealised crypto gains contributed $676.7 million, while realised gains added $75.2 million during the quarter.
Staking revenue rose 27% to $13.1 million, accounting for most of Sharplink's quarterly revenue.
Sharplink held approximately 892,708 ETH on 30 September, increasing to 895,117 ETH by 2 November.
The company also completed a $200 million Lido staking allocation and began deploying capital through its $125 million Galaxy Sharplink Onchain Yield Fund.
Following the announcement, Sharplink shares were down 1.76% to $6.13.
Frequently asked questions
More from Crypto
EU seeks industry input on tokenisation standards
River Markets registers affiliate for prediction markets
PNC launches USDC payments for corporate clients
Ethereum Foundation faces lawsuit over employee dismissal
North Korea-linked hackers used meme coins to move stolen crypto
Formation Securities targets Solana stock trading launch
