SharpLink Gaming posted Q3 2025 revenue of $10.8 million, a 1,100% year-over-year increase, as its Ethereum-focused treasury strategy propelled net income to $104.3 million.

The company’s crypto assets totaled nearly $3 billion, with ETH ($3,535.34) holdings rising from 817,747 tokens on September 30 to 861,251 ETH by November 9, 2025.

Financial Performance Driven by ETH Strategy

SharpLink’s ambitious treasury strategy has reshaped its financial outlook. The company reported net income of $104.3 million, or $0.62 per fully diluted share, for the third quarter ending September 30, 2025. This result sharply contrasts with the net loss of about $885,000 recorded in the same quarter last year.

The revenue surge reflects both ETH price gains and the company’s pivot to serving institutional Ethereum investors. As of September 30, 2025, SharpLink held $11.1 million in cash and $26.7 million in USDC ($1.00) stablecoins. The company also maintained its substantial ETH position. The firm deployed most of its ETH holdings into yield-generating staking mechanisms to optimize returns.

SharpLink initiated a $1.5 billion stock repurchase program, spending $31.6 million to buy back 1,938,450 shares during the quarter. In October 2025, it completed a $76.5 million direct stock offering at a 12% premium to market price, underscoring investor demand for ETH-linked equity exposure. These moves reflect the company’s confidence in its treasury model and its ability to attract institutional capital.

ETH Deployment into DeFi Yield Strategies

A central part of SharpLink’s strategy is a $200 million commitment to deploy Ethereum onto Consensys’ Linea platform. This zkEVM Layer 2 solution delivers full Ethereum compatibility with low fees and fast settlement. Research from Linea’s official website claims the network achieves up to 10 times faster zero-knowledge proving than general zkVMs, providing advantages for DeFi applications.

SharpLink leverages ether.fi and EigenCloud for institutional-grade staking and restaking services on Linea. The EigenCloud blog explains how the $200 million deployment blends liquid staking with restaking via EigenLayer’s Actively Validated Services (AVS), allowing SharpLink to earn additional yield streams on top of standard staking rewards. Anchorage Digital provides custody, ensuring compliance and security.

This approach reflects a 2025 trend of public companies using DeFi protocols to enhance treasury returns. By participating in Layer 2 infrastructure and restaking, SharpLink aims to generate yield while retaining long-term exposure to Ethereum. The company’s early adoption of zkEVM technology also aligns its treasury strategy with Ethereum’s scaling developments.

Additionally, SharpLink launched tokenized SBET on Ethereum through a partnership with Superstate, expanding its on-chain activity and creating new ways for shareholders to engage within the Ethereum ecosystem.

Executive Appointments and Strategic Outlook

SharpLink has expanded its leadership team by appointing senior professionals from leading financial and crypto firms. 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 company’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 its Q3 results and outlook. Investors and analysts are expected to examine the sustainability of the company’s yield-generation model, the regulatory landscape for public crypto holdings, and the potential for further capital deployment into DeFi protocols.

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