Sharplink, Inc. (NASDAQ: SBET), a company focused on Ethereum as a core treasury asset, reported third-quarter 2026 net income of $751.4 million, or $3.45 per diluted share.
That figure marked a more than sevenfold increase from the $104.3 million (or $0.62 per diluted share) recorded in the same quarter a year earlier.
The company detailed the results in recent update as well as related SEC filings.
The profit surge was driven principally by gains on its cryptocurrency holdings.
Unrealized gains on crypto assets held at fair value totaled $676.7 million, reflecting ether market conditions during the quarter, when the price of ETH rose substantially.
Realized gains added another $75.2 million, tied mainly to liquid-staking transactions and related treasury activity.
These accounting gains accounted for the bulk of the reported income.
Revenue rose 24% year over year to $13.5 million, with staking revenue up 27% to $13.1 million.
Selling, general, and administrative expenses declined 8% to $11.0 million.
Cash and cash equivalents stood at $47.9 million as of September 30, up from $28.5 million at the end of 2025.
Crypto assets were valued at approximately $2.1 billion on a U.S. GAAP basis at quarter-end.Sharplink held roughly 892,708 ETH as of September 30 and increased that to about 895,117 ETH by November 2.
The company completed a $200 million ETH staking allocation through Lido and began deploying capital via its Galaxy Sharplink Onchain Yield Fund, which launched with $125 million in initial commitments.
Management emphasized maximizing the productivity of ETH holdings through active treasury management and disciplined capital allocation while supporting the broader Ethereum ecosystem.
The results reversed a prior-quarter loss and underscored the sensitivity of reported earnings to digital asset price movements under current accounting rules.
Full details appear in the company’s Form 10-Q and the November 9 press release.
Sharplink’s results arrive amid continued accumulation by other digital-asset treasury firms, even as markets remain uncertain and prices have fluctuated.
Strategy Inc. (formerly MicroStrategy), the largest corporate Bitcoin holder, has kept adding to its position.
In a recent Form 8-K filed with the SEC covering activity from November 2 to November 8, 2026, Strategy reported purchasing 1,036 bitcoin for $81.9 million at an average price of $79,012 per coin.
That brought total holdings to 850,364 BTC, acquired at an aggregate cost of roughly $64.16 billion.
The purchases were funded primarily through at-the-market sales of common stock.Bitmine Immersion Technologies has similarly expanded its Ethereum treasury.
A November 9 company announcement reported holdings of 6,070,092 ETH (about 4.97% of the roughly 122.2 million ETH supply, valued using a $2,234 reference price), along with 216 bitcoin, cash and marketable securities, and other stakes, for total crypto, cash, and related holdings of $14.3 billion.
The firm acquired additional ETH in the prior week and has staked the majority of its position.
Strive, Inc. has also continued Bitcoin purchases; recent SEC filings and company updates show it adding thousands of BTC in prior periods and smaller increments more recently, lifting holdings above 43,000 BTC.
Tokyo-listed Metaplanet has maintained its Bitcoin-focused strategy, previously disclosing substantial quarterly acquisitions and more recently adjusting capital allocation (including share buybacks and redirected bond proceeds) while preserving capacity for further BTC purchases. As of earlier disclosures, it held tens of thousands of bitcoin.
These firms have concentrated overwhelmingly on Bitcoin and Ethereum. Bitcoin remains the dominant treasury asset by a wide margin among public companies, with Ethereum a distant but growing second.
Very few comparable corporate treasuries have focused primarily on XRP or Solana; the latter has attracted a handful of dedicated holders, but their aggregate scale is far smaller.
The preference for BTC and ETH reflects deeper liquidity, institutional familiarity, and, in Ethereum’s case, the ability to generate staking yield.This emphasis aligns with recent commentary from Ethereum co-founder Vitalik Buterin.
In an X thread on November 8, 2026, Buterin argued that “ETH as store of value” makes more sense to focus on than “ETH as fee-burning token.”
He noted that the fee-burn narrative was never as strong as it appeared, that optimizing solely for burns would be hard to reconcile with decentralization and capture resistance, and that Ethereum’s core strengths—decentralization, censorship and capture resistance, open-source software, privacy, and security—support stability that holders value.
He endorsed keeping the existing burn mechanism but said the value of ETH “comes from elsewhere,” with long-term survivability as a key store-of-value metric.
Notably, the Sharplink results and ongoing purchases by Strategy, Bitmine, Strive, Metaplanet, and peers illustrate how digital-asset treasury strategies continue to shape corporate balance sheets. Reported earnings remain heavily influenced by mark-to-market movements, while the underlying accumulation of Bitcoin and Ethereum proceeds amid volatile conditions.
