SharpLink Gaming, Inc. (Nasdaq: SBET), a leading advocate for Ethereum adoption and one of the world’s largest corporate holders of ETH, reported transformative Q3 2025 financials on November 12, 2025, per. Total revenue skyrocketed 1,100% year-over-year to $10.8 million, up from $0.9 million in Q3 2024, driven by its actively managed ETH treasury strategy, per. Net income flipped from a $885,000 loss to a robust $104.3 million ($0.62 per fully diluted share), reflecting unrealized gains from ETH price appreciation and staking yields, per. As of September 30, 2025, SharpLink’s crypto assets totaled $3 billion, including 817,747 ETH, with holdings growing to 861,251 ETH by November 9.
SharpLink’s pivot to an Ethereum-focused treasury began in early 2025, doubling ETH per share from 2.0 to 4.0, per. The company stakes nearly 100% of its ETH holdings, generating yields through partnerships like ether.fi and EigenCloud, per. In September 2025, SharpLink announced a $200 million ETH deployment on Consensys’ Linea Layer 2 platform, enhancing DeFi exposure while mitigating risks, per. Co-CEO Joseph Chalom stated, “Our ability to dynamically manage capital and pursue sophisticated compounding yield strategies puts SharpLink in pole position as the Ethereum institutional supercycle accelerates,” per. The strategy also includes a $1.5 billion stock repurchase program, repurchasing 1,938,450 shares for $31.6 million in Q3.
SharpLink’s Q3 results validate corporate ETH treasuries as a viable model, contrasting with Bitcoin strategies like MicroStrategy’s, per. The stock surged 12% post-earnings to $0.45, with a $3.15M market cap, per. ETH traded at $4,070 amid market volatility, but SharpLink’s $3B ETH position (4 ETH per share) underscores institutional confidence, per. X posts from @CryptoInsights praise the “Ethereum supercycle,” while @AlvaApp warns of volatility risks, per. This approach could inspire more firms to integrate DeFi for yields, potentially driving ETH to $5,000 by year-end.
While yields from staking and restaking via EigenCloud boosted profits, reliance on ETH volatility introduces risks—Q3 gains included unrealized appreciation, per. Regulatory scrutiny under SEC Chair Paul Atkins favors crypto treasuries, but a market downturn could reverse fortunes, per. SharpLink plans further ETH acquisitions and tokenized SBET shares on Ethereum, per. A conference call on November 13, 2025, at 8:30 AM ET will detail Q4 strategies, per. Overall, SharpLink’s model signals a maturing ETH ecosystem, with projections of $150B in corporate ETH holdings by 2026.
