SharpLink reported that its third-quarter revenue for 2025 jumped to $10.8 million, and the company said this happened after making only $0.9 million in the same quarter last year, according to the earnings press release.
The numbers show an increase of more than 1,100%, and the company said this lined up with expectations for 313% full-year revenue growth. The company also reported $104.3 million in net income after posting a $885,000 net loss one year earlier.
Earnings came in at $0.62 per share, and analysts said they expect $0.87 by year-end. The company also said it held 817,747 ETH valued at roughly $3.0 billion, plus $11.1 million in cash and $26.7 million in USDC. The balance sheet showed a current ratio of 6.83, and the company said this covered all near-term needs.
SharpLink said its Board approved a $1.5 billion stock buyback for the quarter. Records showed 1,938,450 shares were repurchased for $31.6 million as of September 30.
The share price stands at $11.57, which is far above the year’s low of $2.26 but still far below the year’s high of $124.12.
The company also said the stock trades above Fair Value and that price swings remained high because of its exposure to crypto. The company completed a $76.5 million registered direct offering in October at a 12% premium to its October 15, 2025 closing price.
SharpLink said it will put $200 million worth of ETH to work on Consensys’ Linea platform through ether.fi and EigenCloud.
SharpLink deploys ETH and expands leadership roles
Co-CEO Joseph Chalom said “the third quarter of 2025 marked our first full quarter executing on SharpLink’s ETH treasury strategy, and the results clearly validate our execution.”
Joseph said this in the company’s press release as he talked about how the ETH plan influenced the quarter. SharpLink also hired Matthew Sheffield as Chief Investment Officer, Mandy Campbell as Chief Marketing Officer, and Michael Camarda as Chief Development Officer.
The company said the stock delivered a 249% return over the past six months while still dealing with sharp retreats from recent highs. The company also reminded investors that a conference call will take place at 8:30 AM ET today.
SharpLink said it is working with Consensys to push $200 million worth of Ethereum onto Linea. Linea is a zkEVM Layer 2 network, and the company said the goal is to access staking rewards linked to Ethereum activity.
After the October capital raise, the company said it increased its holdings to 859,853 ETH by buying 19,271 ETH. The company said the capital raise brought in $76.5 million in gross proceeds and that the deal priced at a premium to net asset value.
Analysts weighed in after the financial update. Bernstein started coverage with an Outperform rating and a $24 target. B. Riley began coverage with a Buy rating and a $32 target.
Citizens issued a Market Outperform rating with a $50 target. All three analyst firms pointed to the company’s ETH activity and its reported numbers when explaining the new targets.
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