‘Google’ of Ethereum hits 6-year profit streak, but threats beckon

In a sea of stories about Web3 startups becoming obsolete, Block Solutions – the parent company of blockchain explorer Etherscan – is a rare island.

The Malaysia-based firm hit its sixth consecutive year of net profitability in the financial year ended (FYE) June 2024. Profits after tax jumped by 27% year on year, according to financial statements reviewed by Tech in Asia.

But potential headwinds await the company. One of them is Ethereum’s price: After surpassing US$4,000 in late 2024, it has since dropped to around US$2,500.

Etherscan, a free-to-use platform that lets users search for and verify transactions made on the Ethereum blockchain, earns from advertising. Therefore, a decline in the cryptocurrency’s popularity could affect its bottom line.

While the site had 14 million monthly users in early 2024, it logged only 4 million visits in June 2025, data from SimilarWeb shows.

Still, Etherscan is not Block Solutions’ only offering. Other strategies – such as a Solana-focused acquisition and an explorer-as-a-service business – aim to help the company withstand Ethereum’s fluctuations.

The highs and lows

New blockchain platforms pay for ads on Etherscan to promote their offerings. That’s how Block Solutions generated its entire topline revenue of 152.2 million ringgit (US$35.5 million).

Etherscan is “like the Google of Ethereum blockchain,” says Qin En Looi, a partner at VC firm Saison Capital, which has invested in multiple Web3 startups, though not Block Solutions.

“There will be advertisers who want to take the opportunity [and put an ad on Etherscan] and reach out to anyone on the cryptocurrency to use their applications,” he adds.

That said, Etherscan inevitably rides cryptocurrency’s highs and lows. Last year, Block Solutions’ revenue went up by 23%, which Looi believes is an effect of bitcoin prices reaching record highs.

But that means the inverse would also be true. After starting at above US$3,500 in January 2025, Ethereum prices fell to below US$1,500 by April.

The Etherscan team at a company event. / Photo credit: Etherscan

Etherscan’s monthly users followed a similar trajectory, according to SimilarWeb estimates. It had 7.6 million visits in January, but the number tumbled to 4.5 million by June.

Founder Matthew Tan acknowledges the drop in site visits but clarifies that it’s “reflective of the broader evolution within the Ethereum ecosystem.”

Explorer-as-a-service

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