Ethereum treasury holder Sharplink’s third-quarter net profit rose to $751.4 million, with about 90% of that amount coming from unrealized gains as the value of the ETH it holds increased.
Sharplink’s net profit rose sevenfold this year from $104.3 million in the third quarter of last year. According to the company’s results reported by The Block, the increase in ETH’s value was reflected in its financial statements as $676.7 million in unrealized gains. The company also reported $75.2 million in realized crypto gains.
Staking accounted for nearly all of the quarter’s revenue
Staking accounted for $13.1 million of Sharplink’s $13.5 million in third-quarter revenue. As of September 30, the company held approximately 892,708 ETH, while its total crypto assets were worth around $2.1 billion.
Sharplink allocated $200 million worth of ETH to staking through Lido and began investing through a $125 million fund it established with Galaxy.
Sharplink shares were trading at around $6.20 at the time of the news, showing no significant change during the day. The stock is down 36% year to date.
Not investment advice.