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- **Revenue & Profit Growth**: Q3 revenue surged 10x YoY to $10.8M, with net income of $104.3M driven by ETH appreciation and staking yields.
- **ETH Staking Leadership**: 100% of ETH portfolio staked, including $200M deployment on Consensys' Linea Layer 2 for enhanced risk-adjusted yields.
- **Institutional Adoption Momentum**: Ethereum dominates stablecoin (60%) and tokenized asset (80%) activity, with major banks and exchanges building on Ethereum.
- **Capital Efficiency**: Raised $76.5M at 12% premium to NAV, with plans to deploy $3B ETH portfolio in multiyear staking deals.
- **Upcoming Upgrades**: Fusaka upgrade to boost Layer 1 scalability, while Linea Layer 2 enables 100% Ethereum compatibility and transaction throughput growth.

**【Management Opening Remarks】**
- Joseph Lubin highlighted Ethereum's institutional adoption momentum, citing partnerships with JPMorgan, Swift, and DTCC, and emphasized SharpLink's unique competitive advantage through its strategic alliance with Consensys.
- Lubin underscored Ethereum's role as a 'trustware' platform, driven by its security, decentralization, and developer ecosystem, positioning ETH as the institutional-grade asset for the next-generation financial infrastructure.

**【CEO Commentary】**
- Joseph Chalom reported Q3 revenue of $10.8 million (10x YoY growth) and net income of $104.3 million, driven by ETH holdings appreciation and staking yields.
- SharpLink has staked nearly 100% of its ETH portfolio, achieving risk-adjusted yields through collaborations like the $200 million deployment on Consensys' Linea Layer 2 platform.
- The company doubled its ETH per share concentration from 2.0 to 4.0, and raised $76.5 million via a registered direct offering at a 12% premium to NAV.

**【CFO Financial Commentary】**
- As of Q3 end, SharpLink held 580,841 ETH (fair value $2.4B) and 236,906 LsETH (cost basis $622.7M), with total ETH equivalent of 861,251 as of November 9.
- GAAP net income of $104.3M reflected a $107.3M unrealized gain on ETH holdings and $6.3M realized gain from LsETH conversions.
- SG&A expenses rose to $12.4M (from $0.7M YoY), driven by scaling operations to manage the growing ETH portfolio.

**【Q&A Highlights】**
- **Ethereum Upgrades**: The Fusaka upgrade in December will enhance Layer 1 scalability, while Linea's zkEVM Layer 2 offers 100% Ethereum compatibility and enhanced transaction throughput.
- **Competitive Positioning**: Stablecoin and tokenized asset activity on Ethereum exceeds Solana by 10x, with 80% of real-world assets tokenized on Ethereum.
- **Capital Management**: The company plans to use its $3B ETH treasury to execute multiyear staking deals with enhanced yields, while maintaining flexibility to issue equity or buyback shares based on NAV multiples.
- **Agentic AI & x402**: Ethereum is uniquely positioned to support autonomous digital agents and microtransactions, further driving ETH utility and network effects.

SharpLink Gaming, Inc. (SBET) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Diluted EPS

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SBET

SBET fundamentals

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