Daily Crypto Briefs 
CASABLANCA, November 9, 2026
Sharplink reported $751.4 million in third-quarter profit on Monday, mostly from a rise in the value of its crypto holdings, as shares of the Ethereum treasury company closed lower.
The Nasdaq-listed company reported $676.7 million in unrealized gains and $75.2 million in net realized crypto gains for the quarter ended Sept. 30. Its revenue rose 24% from a year earlier to $13.5 million, with staking accounting for $13.1 million.
Sharplink shares fell 1.9% to $6.12 in Monday’s regular session. Ether was near $2,132 at 22:42 UTC, about 0.3% above Sunday’s UTC close and roughly 21% below its Sept. 30 close, according to ChartExchange.
Ethereum
ETHChief Executive Joseph Chalom said Sharplink had completed a $200 million allocation to the Lido staking protocol during the quarter and begun deploying capital through a fund with Galaxy Digital. The company has been using part of its Ether holdings to earn rewards from Ethereum’s network and to back investments in other blockchain-based markets.
Crypto gains drove Sharplink’s Q3 profit
Unrealized gains accounted for about 90% of net income. The company recorded those gains as some of its crypto assets rose in value, with no cash proceeds from the revaluation. The quarterly filing also attributes part of the realized gains to exchanges and redemptions involving liquid staking tokens, transactions that can record a gain without a sale for dollars.
The balance sheet carried about $2.1 billion in crypto assets at the end of September. Sharplink marks native Ether to market, while it carries its liquid staking tokens at cost after any write-downs. A recovery in the price of a liquid staking token does not reverse an earlier write-down under the company’s accounting policy.
The report followed a $394.3 million second-quarter loss, when Sharplink recorded $321 million in unrealized losses. The third-quarter rebound still left a net loss of $328.4 million for the first nine months of 2026. Over that nine-month period, Sharplink used $25.1 million in cash for operating activities and ended September with $47.9 million in cash.
The gap between earnings and revenue also showed up in Strive’s third-quarter results. That company reported $509 million in net income after large unrealized Bitcoin gains on $2.7 million in revenue. Sharplink’s staking business gives it a separate source of revenue, although the returns include rewards received in crypto.
What Sharplink counts in its 895,117 ETH treasury
Sharplink reported 895,117 ETH of exposure as of Nov. 2, up from 892,708 at the end of September. It counted 603,953 native ETH in the November total and estimated how much Ether it could redeem from three types of liquid staking tokens for the rest. Those tokens represent claims on Ether deployed to staking protocols.
Staking lets holders earn rewards in exchange for putting Ether to work securing the network. Sharplink recorded $8.5 million in native staking rewards before fees in the quarter. Its broader staking revenue also included some incentives, rebates and rewards recognized when liquid staking tokens were redeemed or otherwise removed from its accounts.
Part of the disclosed treasury exposure sits with a fund. Sharplink pledged 8,054 units of Lido’s wrapped staking token as collateral to the Galaxy Sharplink Onchain Yield Fund. The collateral was worth $24.8 million at the time of contribution, and the fund borrowed against it to meet an $11.2 million capital call. Sharplink transferred control of the tokens to the fund and continues to include the exposure in its treasury count.
That first draw left $88.8 million of Sharplink’s commitment unfunded as of Sept. 30. The fund is responsible for its own borrowings, but its general partner can request more Ether-related collateral from Sharplink under the agreement to maintain borrowing capacity or avoid a liquidation.
Ether’s pullback puts staking results in focus
Ether closed September at about $2,686, up from $1,572 at the end of June. Its decline since September shows why the quarter-end value of the treasury can give shareholders a different picture from the value of the assets when earnings are released.
Other large Ether holders are also looking to generate returns on their reserves. Bitmine has said it will stop buying at 5% of Ether supply, a ceiling that puts more attention on what it earns from the assets it already holds. Sharplink’s filing gives shareholders a way to track that distinction through its separate reporting of staking revenue, crypto valuation gains and cash flows.
The Crypto Fear & Greed Index read 29 out of 100 on Monday, in the Fear range, up from 28 the previous day.
Fear & Greed Index
Nov. 9, 2026Sharplink disclosed the initial Galaxy fund contribution but gave no date for the next capital call. Its next quarterly report will show how the change in Ether’s price affected the value of the treasury and how much revenue the company earned from staking during the period.
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Primary sources and further reading
| Source | Title |
|---|---|
| | Sharplink November 9 earnings release, SEC Exhibit 99.1 |
| | Sharplink third-quarter 2026 Form 10-Q |
| | Sharplink second-quarter 2026 earnings release, SEC Exhibit 99.1 |
| | Sharplink announcement of Galaxy onchain yield fund |
Fact-checked by: Daily Crypto Briefs Fact-Check Desk
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Frequently Asked Questions
How much did Sharplink earn in Q3 2026?
Sharplink reported $751.4 million in net income, or $3.45 per diluted share, for the quarter ended Sept. 30. Quarterly revenue was $13.5 million.
What drove Sharplink's $751 million profit?
Sharplink recorded $676.7 million in unrealized crypto gains and $75.2 million in net realized crypto gains. The unrealized gains reflect changes in the value of its holdings and generated no cash proceeds.
How much Ethereum does Sharplink hold?
Sharplink reported about 895,117 ETH in total exposure as of Nov. 2, including 603,953 native ETH and the estimated Ether redemption value of liquid staking tokens. Its measure includes some collateral held by a fund.
How much did Sharplink earn from Ethereum staking?
Sharplink recorded $13.1 million in third-quarter staking revenue, up 27% from a year earlier. Staking accounted for about 97% of its revenue.