Sharplink reported a net loss of $734.6 million for 2025 as market volatility weighed on the value of its Ethereum holdings.
The company said the loss was primarily due to $616.2 million in unrealized losses related to $ETH Prices decline during the second half of 2025, alongside a $140.2 million depreciation related to LsETH holdings. These factors were partially offset by realized gains of $55.2 million from $ETH conversions and redemptions.
Sharplink ended the year with $28.5 million in cash and $1.9 million in USDC, while total revenue reached $28.1 million in 2025, up from $3.7 million in 2024.
The company repositioned itself as an institutional Ethereum treasury platform, raising approximately $3.2 billion in capital and accumulating $868,699. $ETH from the beginning of 2026. This strategy aims to increase $ETH per share and generate yield through staking and treasury management.
CEO Joseph Chalom said the company’s approach is designed to work through market cycles.
2025 was a defining year for Sharplink, Chalom said, noting that the company completed its transition to an Ethereum-focused treasury model while building internal infrastructure to manage its holdings and staking operations.
Sharplink launched its dedicated $ETH treasury strategy on June 2, 2025, making treasury management a core operating segment. By early March 2026, the company had become the second largest publicly traded Ethereum holder.
The company also increased its $ETH Concentration per share from 2.0 to 4.01, while generating 14,516 $ETH in staking rewards since June through a mix of native and liquid staking programs.
Sharplink’s staking activity accelerated toward the end of the year, with Q4 staking revenue reaching $15.3 million, up nearly 50% from Q3’s $10.3 million.
Chairman Joseph Lubin, who is also founder and CEO of Consensys and co-founder of Ethereum, said institutional adoption accelerated in 2025 as global financial institutions expanded stablecoin issuance, tokenized assets, and decentralized financial infrastructure on Ethereum.
Lubin said Ethereum’s role as a decentralized trust and settlement layer is likely to attract institutional demand, positioning Sharplink to serve as a bridge between public markets and the Ethereum ecosystem.
Looking ahead, Sharplink has announced plans to increase $ETH per share through disciplined capital allocation, expand staking and yield generation strategies, and deepen partnerships within the Ethereum ecosystem while maintaining institutional governance and custody standards.
The financial results come as Sharplink shares rose about 0.7% on the day, although the stock remains down about 95% from its all-time high reached after the company announced its Ethereum treasury strategy in June 2025. Ether last traded near $2,000 as a broader market rally lifted crypto assets across the board.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our editorial policy.