Sharplink Reports Q3 Results: Holds 895,100 ETH, Quarterly N
On November 9, Sharplink released its Q3 2026 financial report, with revenue of $13.5 million, net profit of $751.4 million, and holdings of about 895,100 ETH; on the same day, Bitmine disclosed holdings of 6,070,100 ETH, with related assets totaling about $14.3 billion, and its 5% supply target about 99% complete.
Event Timeline
- [11-09 13:35] Total assets of about $14.3 billion, Bitmine holds 6.07 million ETH (Odaily 星球日报)
- [11-09 15:12] Sharplink releases Q3 financial report, holds about 895,100 ETH, quarterly net profit $751.4 million (吴说)
Background and Impact
On November 9, two Ethereum treasury-type companies successively disclosed holdings and performance data. Bitmine Immersion Technologies announced that as of 2 p.m. EST on November 8, the company held 6,070,100 ETH, valued at $2,234 per coin; it also held 216 BTC, about $180 million in Beast Industries equity, $75 million in Eightco equity, and $475 million in cash and marketable securities; crypto assets, cash and marketable securities, and "moonshot" investments totaled about $14.3 billion. That afternoon, Sharplink (NASDAQ: SBET) released its Q3 2026 financial report, holding about 895,100 ETH as of November 2.
Sharplink's report shows Q3 revenue of $13.5 million, up 24% year on year, of which ETH staking revenue was about $13.1 million. Quarterly net profit was $751.4 million, mainly from $676.7 million in unrealized fair value gains on ETH and other crypto assets and $75.2 million in realized gains. Despite the Q3 profit, the cumulative net loss for the first three quarters remained about $328 million.
On Bitmine's side, the company added 9,587 ETH over the past week, with ETH holdings accounting for about 4.97% of current supply, about 99% of the way toward its goal of holding 5% of ETH supply. The company has staked 5.227 million ETH, worth about $11.7 billion at the above price. Chairman Tom Lee said that based on the near 7-day annualized staking yield of 2.65%, the existing staking scale is expected to generate about $309 million in annualized staking revenue.
The statistical timing and format of the two companies' disclosures are not consistent: Sharplink's holdings data is as of November 2, while Bitmine's data is as of 2 p.m. EST on November 8; the former disclosed in the form of a quarterly financial report, while the latter is a periodic holdings announcement. Therefore, the two companies' holdings scale and revenue structure are not suitable for direct horizontal comparison. In terms of profit composition, Sharplink's quarterly profit mainly relies on unrealized fair value gains, and its book results are directly tied to ETH price changes; Bitmine, meanwhile, emphasizes both staking scale and annualized staking revenue. When market participants observe such treasury moves, they often check ETH quotes through channels such as Binance registration and app download and OKX registration and app download, and some users obtain spot and derivatives quotes through Huobi HTX registration and app download, 芝麻 Gate.io registration and app download, and Bitget registration and app download. Note that exchange quotes and company-level holdings disclosures use different standards, and the relevant data does not constitute investment advice.
Frequently Asked Questions
### Can Sharplink's and Bitmine's ETH holdings be directly added together or compared?
Direct comparison is not appropriate. Sharplink's holdings are as of November 2, while Bitmine's data is as of 2 p.m. EST on November 8; moreover, the former is a quarterly financial report and the latter is a holdings announcement, and their revenue structures also differ.
### Sharplink's Q3 net profit was $751.4 million; why is it still at a net loss for the first three quarters?
The quarterly net profit mainly comes from $676.7 million in unrealized fair value gains on ETH and other crypto assets plus $75.2 million in realized gains, which are book gains brought by asset price changes; the cumulative net loss for the first three quarters remains about $328 million.
### What points are worth watching going forward?
First, Bitmine is about 99% of the way toward its goal of 5% of ETH supply, and subsequent accumulation and staking progress are worth tracking; second, whether Sharplink can extend its profitability in the next quarter and change the cumulative net loss of about $328 million in the first three quarters.