SharpLink reports record profit

INFBusiness
14.11.2025
Markets

SharpLink Gaming delivered impressive results in the third quarter of 2025. Revenue increased by more than 1,100 percent year-over-year to $10.8 million – driven by its actively managed Ethereum treasury strategy.
The net result reversed from a loss of $885,000 to a profit of $104.3 million. Earnings per share amount to $0.62, compared to a loss of $3.02 in the same quarter of the previous year.
As of September 30, SharpLink held approximately 817,747 ETH – a holding that grew to over 842,000 ETH by mid-November. This treasury volume thus amounts to nearly 3 billion US dollars.
In parallel, the company conducted share buybacks of $31.6 million and placed a direct offer of $76.5 million in October – at a premium to the share price and net ETH assets.

SharpLink had an outstanding Q3 with growth across all metrics and we couldn't be more excited to keep the momentum going:

• Revenue and net income increased significantly YoY
• Our balance sheet remains very strong with $3B of ETH
• Staking rewards keep compounding value for… https://t.co/DcBf8Wv6ES

— Joseph Chalom (@joechalom) November 13, 2025

New collaborations with Consensys and institutional staking models are expected to generate additional DeFi revenues of around $200 million in the future. The ETH concentration per share has doubled from 2 to 4 over the course of the year.
According to Bernstein analysts, who recently rated SharpLink as “Outperform” and see a price target of $24 by 2026, the company is one of the leading Ethereum treasury firms worldwide.
According to the latest 13F filing, BlackRock also acquired over 2.9 million shares worth 50 million US dollars as of September 30, 2025.
Critics point to the stagnant share price and the declining mNAV – that is, the market capitalization in relation to the value of the crypto assets held, primarily Ethereum.
The so-called Basic mNAV serves as a simple measure to capture the valuation of the company compared to its crypto treasury.
In the case of SharpLink (mNAV = 0.8), the stock is currently trading at a significant discount to the value of its ETH holdings (20 percent).
On the one hand, this signals skepticism about the company's ability to profitably utilize its Ethereum reserves or business activities. On the other hand, some investors see it as a potential buying opportunity – provided the market recognizes the true value of the holdings in the medium term.

Those who want to invest in Ethereum can do so at Bison. New customers currently receive a bonus of €20 in Bitcoin.

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