SharpLink Gaming reported revenue of $10.8 million in Q3 2025, an increase of 1,100% year over year, as its Ethereum-focused financial strategy resulted in net income of $104.3 million.
The company’s crypto assets total nearly $3 billion, and its ETH holdings increased from 817,747 tokens on September 30 to 861,251 ETH by November 9, 2025.
Financial performance of ETH strategy
SharpLink’s ambitious financial strategy has reshaped its financial outlook. The company reported net income for the third quarter ended September 30, 2025 of $104.3 million, or $0.62 per fully diluted share. This result is in sharp contrast to the net loss of approximately $885,000 recorded in the prior year period.
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The surge in revenue reflects both the rise in ETH prices and the company’s pivot to serving Ethereum institutional investors. As of September 30, 2025, SharpLink held $11.1 million in cash and $26.7 million in USDC stablecoins. The company also maintained a significant ETH position. The company has deployed a large portion of its ETH holdings into yield-producing staking mechanisms to optimize profits.
SharpLink initiated a $1.5 billion share repurchase program, spending $31.6 million to repurchase 1,938,450 shares during the quarter. The company completed a $76.5 million direct stock offering in October 2025 at a 12% premium to market price, confirming investor demand for ETH-related equity exposure. These moves reflect the company’s confidence in its financial model and ability to attract institutional capital.
Introducing ETH into DeFi yield strategies
Central to SharpLink’s strategy is a $200 million commitment to bring Ethereum to ConsenSys’ Linea platform. This zkEVM Layer 2 solution provides full compatibility with Ethereum, enabling low fees and fast payments. According to research on Linea’s official website, this network achieves zero-knowledge proofs up to 10 times faster than the typical zkVM, providing advantages for DeFi applications.
SharpLink leverages ether.fi and EigenCloud for institutional-grade staking and restaking services on Linea. EigenCloud’s blog explains how the $200 million implementation blends liquid staking with restaking through EigenLayer’s Actively Validated Services (AVS), allowing SharpLink to earn additional yield streams on top of standard staking rewards. Anchorage Digital provides storage and ensures compliance and security.
This approach reflects the 2025 trend of public companies using DeFi protocols to improve their financial returns. By participating in and restaking Layer 2 infrastructure, SharpLink aims to generate revenue while maintaining long-term exposure to Ethereum. The company’s early adoption of zkEVM technology aligns the company’s financial strategy with Ethereum’s scaling developments.
Additionally, SharpLink launched tokenized SBET on Ethereum through a partnership with Superstate, expanding on-chain activity and creating new ways for shareholders to participate within the Ethereum ecosystem.
Executive appointments and strategic vision
SharpLink has expanded its leadership team with the appointment of senior experts from leading financial and crypto companies. Matthew Sheffield joins as chief investment officer, Mandy Campbell as chief marketing officer and Michael Camarda as chief data officer. These hires bring experience from FalconX, Bain Capital Crypto, Consensys, and JPMorgan, highlighting the firm’s focus on asset management, institutional partnerships, and blockchain infrastructure.
SharpLink has scheduled a conference call for November 13, 2025 at 8:30 a.m. ET to discuss third quarter results and outlook. Investors and analysts are expected to examine the sustainability of the company’s yield-generating model, the regulatory landscape for public holdings of cryptocurrencies, and the potential for further capital deployment into DeFi protocols.
