Sharplink (SBET) Company Report

SharpLink Gaming (SBET) announced the appointment of Joseph Chalom as its sole Chief Executive Officer and his election to the Board, effective December 15, 2025.
Rob Phythian stepped down from his roles as Co-Chief Executive Officer and Director, marking the completion of the company's planned senior leadership transition following its strategic expansion as an Ethereum treasury company.
Since formally launching its ETH treasury business on June 2, 2025, SharpLink has accumulated 863,424 ETH and earned 9,241 ETH in staking rewards as of December 14, 2025.
Institutional ownership of SharpLink increased from low single digits to over 30% as of Q3 2025.

Dec 17, 2025, 1:00 PM

Press Release

SharpLink Reports Strong Q3 2025 Results Driven by Ethereum Strategy

SBET

Earnings

New Projects/Investments

Convertible Preferred Issuance

SharpLink reported Q3 2025 total revenue of $10.8 million, an increase of over tenfold year-over-year, and net income of $104.3 million, primarily due to gains in its Ethereum holdings.
As of September 30, 2025, the company held 580,841 ETH with a net fair value of $2.4 billion and 236,906 LsETH valued at $622.7 million. By November 9, 2025, combined ETH holdings had increased to 861,251.
The company has staked nearly 100% of its ETH and announced plans to deploy $200 million of ETH onto ConsenSys' Linea Layer 2 platform to generate enhanced yield. SharpLink also partnered with Superstate to become the first public company to natively issue its stock on Ethereum.
SharpLink raised $76.5 million in October through a registered direct offering priced at a 12% premium to its market price and net asset value. Management emphasized its focus on ETH per share accretion and the use of various capital market tools, including share buybacks and convertible bonds, to manage volatility and enhance shareholder value.

Nov 13, 2025, 1:30 PM

Transcript

SharpLink Gaming Reports Strong Q3 2025 Results Driven by Ethereum Treasury Strategy

SBET

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

SharpLink Gaming reported Q3 2025 total revenue of $10.8 million, an increase of over 10 times year-over-year, and a net income of $104.3 million, primarily due to a $107.3 million unrealized gain from fair value adjustments on its Ethereum (ETH) holdings.
As of September 30, 2025, the company held 580,841 ETH with a net fair value of $2.4 billion, and 236,906 LsETH with a net cost value of $622.7 million. Combined ETH holdings further increased to 861,251 by November 9, 2025.
The company has staked nearly 100% of its ETH since initiating its treasury strategy in June and plans to deploy $200 million of ETH onto ConsenSys' Linea Layer 2 platform in partnership with EigenLayer, EtherFi, and Anchorage Digital Bank to generate enhanced yield.
SharpLink has doubled its ETH per share concentration from 2.0 to 4.0 since June and raised $76.5 million in October through a registered direct offering priced at a 12% premium to its then-market price and net asset value.

Nov 13, 2025, 1:30 PM

Transcript

SharpLink Reports Strong Q3 2025 Financials and Advances Ethereum Treasury Strategy

SBET

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

SharpLink reported Q3 2025 total revenue of $10.8 million, an increase of over 10x year-over-year, and net income of $104.3 million, primarily driven by gains in its Ethereum holdings.
As of September 30, 2025, the company held 580,841 ETH with a net fair value of $2.4 billion, and 236,906 LsETH with a net cost value of $622.7 million. Combined ETH holdings increased to 861,251 ETH by November 9, 2025.
The company is actively pursuing its Ethereum treasury strategy, including staking nearly 100% of its ETH and deploying $200 million of ETH onto ConsenSys' Linea Layer 2 platform in partnership with EigenLayer, EtherFi, and Anchorage Digital Bank.
SharpLink announced a partnership with Superstate to become the first public company to natively issue its stock on Ethereum and raised $76.5 million in October through a registered direct offering.
Management highlighted an "institutional adoption supercycle" for Ethereum, noting regulatory clarity and Ethereum's dominance in stablecoin and tokenized real-world asset activity.

Nov 13, 2025, 1:30 PM

Transcript

SharpLink Gaming Reports Strong Q3 2025 Financial Results and Advances ETH Treasury Strategy

SBET

Earnings

Revenue Acceleration/Inflection

Share Buyback

SharpLink Gaming reported a significant increase in total revenue to approximately $10.8 million in Q3 2025, representing over 1,100% growth from the prior year, and achieved a net income of approximately $104.3 million, or $0.62 per fully diluted share.
As of September 30, 2025, the company's ETH holdings totaled approximately 817,747 ETH, with crypto assets valued at approximately $3.0 billion.
The Board of Directors authorized a $1.5 billion stock repurchase program, with $31.6 million used to repurchase 1,938,450 shares as of September 30, 2025.
SharpLink intends to allocate $200 million of its ETH treasury holdings for deployment on Consensys\u2019 Linea platform to generate enhanced Ethereum DeFi yields.

Nov 13, 2025, 12:15 AM

Press Release

SharpLink Gaming Announces Strong Q3 2025 Financial Results and Strategic ETH Treasury Execution

SBET

Earnings

Revenue Acceleration/Inflection

Share Buyback

SharpLink Gaming, Inc. (SBET) reported strong financial performance for Q3 2025, with total revenue increasing significantly and achieving substantial net income and positive fully diluted EPS, driven by its actively managed ETH treasury strategy.
The company maintained substantial Ether (ETH) holdings and crypto assets, with ETH holdings growing between September 30, 2025, and November 9, 2025.
SharpLink's Board of Directors authorized a $1.5 billion stock repurchase program, initiating repurchases by September 30, 2025.
In mid-October, the company announced a registered direct offering.
SharpLink expanded its executive leadership team in October and announced collaborations to deploy $200 million of its ETH treasury holdings for enhanced Ethereum DeFi yields.

Metric	Q3 2024	Q3 2025	As of Sep 30, 2025	As of Nov 9, 2025	Mid-October 2025
Total Revenue ($USD Millions)	$0.9	$10.8	N/A	N/A	N/A
Net Income ($USD Millions)	-$0.885	$104.3	N/A	N/A	N/A
Fully Diluted EPS ($USD)	$(3.02)	$0.62	N/A	N/A	N/A
ETH Holdings (ETH)	N/A	N/A	817,747	842,084	N/A
Crypto Assets ($USD Billions)	N/A	N/A	$3.0	N/A	N/A
Shares Repurchased (Shares)	N/A	N/A	1,938,450	N/A	N/A
Value of Shares Repurchased ($USD Millions)	N/A	N/A	$31.6	N/A	N/A
Registered Direct Offering ($USD Millions)	N/A	N/A	N/A	N/A	$76.5

Nov 12, 2025, 10:19 PM

8-K

SharpLink Gaming Announces Strong Q3 2025 Financial Results

SBET

Earnings

Share Buyback

New Projects/Investments

SharpLink Gaming reported a significant increase in financial performance for the third quarter ended September 30, 2025, with total revenue rising to approximately $10.8 million, an increase of over 1,100% from the prior year, and net income reaching approximately $104.3 million, or $0.62 per fully diluted share.
The company's ETH holdings totaled approximately 817,747 ETH as of September 30, 2025, and it intends to allocate $200 million in ETH for deployment on Consensys' Linea platform to generate enhanced Ethereum DeFi yields.
In August 2025, SharpLink's Board of Directors authorized a $1.5 billion stock repurchase program, under which the company had repurchased 1,938,450 shares for $31.6 million as of September 30, 2025.
In mid-October, the company announced the pricing of a $76.5 million registered direct offering.

Nov 12, 2025, 9:25 PM

Press Release

SharpLink Gaming Plans $200 Million ETH Deployment on Consensys' Linea

SBET

New Projects/Investments

Revenue Acceleration/Inflection

SharpLink Gaming, Inc. (SBET) announced plans on October 28, 2025, to deploy $200 million of its Ether (ETH) treasury on Consensys' Linea, a zkEVM Layer 2 network, over a multi-year commitment period.
This deployment aims to unlock enhanced Ethereum DeFi yields through institutional-grade staking and restaking offerings from ether.fi and EigenCloud.
The strategy emphasizes institutional-grade risk management, utilizing Anchorage Digital Bank as its qualified custodian for the ETH.
The company, one of the world's largest corporate holders of ETH, views this as a foundational step to optimize treasury performance and generate enhanced staking yield.

Oct 28, 2025, 12:15 PM

8-K

SharpLink Gaming Reports Increased ETH Holdings and Capital Raise

SBET

New Projects/Investments

SharpLink Gaming, Inc. (SBET) reported total ETH holdings of 859,853 as of October 19, 2025, contributing to total ETH and cash holdings of $3.5 billion.
For the week ending October 19, 2025, the company acquired 19,271 ETH at an average cost of $3,892 per ETH, utilizing proceeds from a $76.5 million capital raise completed on October 17, 2025.
As of October 19, 2025, SharpLink had approximately $36.4 million in cash and equivalents on hand and had generated 5,671 ETH in staking rewards since June 2, 2025.

Oct 21, 2025, 12:15 PM

8-K

SharpLink Gaming Announces $76.5 Million Registered Direct Offering at 12% Premium

SBET

New Projects/Investments

SharpLink Gaming, Inc. (SBET) announced a registered direct offering of 4.5 million shares of common stock at $17.00 per share, expected to generate $76.5 million in gross proceeds. This price represents a 12% premium to the company's closing share price of $15.15 on October 15, 2025.
The closing of the offering is anticipated to occur on or about October 17, 2025.
The institutional investor involved in the offering was also granted a 90-day premium purchase contract to acquire up to an additional 4.5 million shares at an exercise price of $17.50 per share. If fully exercised, this could provide an additional $78.8 million in gross proceeds.
SharpLink intends to use the net proceeds from the offering to acquire Ether (ETH) and for general working capital purposes.