SharpLink Reports $751.4 Million Net Income in Q3, Revenue Up 24% Year-on-Year

SharpLink reported a revenue of $13.5 million for the third quarter, a 24% increase compared to $10.8 million in the same period last year. Staking revenue was $13.1 million, up 27% year-on-year. The net income for the quarter was $751.4 million, with a diluted earnings per share of $3.45, compared to a net income of $104.3 million in the same period last year. The significant profit increase was mainly due to an unrealized gain of $676.7 million from the rise in fair value of held ETH, along with $75.2 million in realized gains from cryptocurrency assets. Management expenses decreased to $11 million, an 8% year-on-year reduction. As of September 30, the company held $47.9 million in cash and cash equivalents.