Sharplink reported a net loss of $734.6 million in 2025 as market volatility weighed on the value of its Ethereum holdings.
The company said the loss was mainly due to a $616.2 million unexpected loss related to the drop in the price of ETH in the second half of 2025, as well as a $140.2 million devaluation of LsETH. These were partially offset by a $55.2 million realized gain on ETH conversions and redemptions.
Sharplink ended the year with $28.5 million in cash and $1.9 million in USDC, while total revenue grew to $28.1 million in 2025, up from $3.7 million in 2024.
Positioning itself as an institutional Ethereum treasury platform, the company has raised nearly $3.2 billion in capital and has amassed 868,699 ETH in early 2026. The goal of this strategy is to maximize ETH per share and generate yield through staking and treasury management.
CEO Joseph Chalom said the company’s approach is designed to perform in all market cycles.
2025 was a defining year for Sharplink, Chalom said, noting that the company completed its transition to an Ethereum-centric treasury model while building internal infrastructure to manage its holdings and staking operations.
Sharplink launched a dedicated ETH treasury strategy on June 2, 2025, establishing treasury management as a core operating segment. By early March 2026, the company had become the second largest public holder of Ethereum.
The company also increased its concentration of ETH per share from 2.0 to 4.01, while generating 14,516 ETH in staking rewards since June of this year through a mix of local and liquid staking programs.
Sharplink’s staking business gained momentum by the end of the year, with fourth-quarter revenue of $15.3 million, up nearly 50% from $10.3 million in the third quarter.
Chairman Joseph Lubin, co-founder and CEO of Consensys and co-founder of Ethereum, said institutional adoption will accelerate during 2025 as global financial institutions expand stablecoin issuance, tokenized assets and Ethereum’s decentralized financial infrastructure.
Lubin said that Ethereum’s role as a decentralized trust and settlement layer is likely to attract ongoing institutional demand, with Sharplink serving as a bridge between public markets and the Ethereum ecosystem.
Looking ahead, Sharplink said it plans to increase ETH per share through disciplined capital allocation, expand share and yield strategies, and deepen cooperation in the Ethereum ecosystem while maintaining institutional governance and maintenance standards.
The financial results come as Sharplink shares are up about 0.7% on the day, although the stock is down about 95% from its all-time high hit after Ethereum’s June 2025 treasury strategy was announced.
