SharpLink Inc. reported a $734.6 million net loss for 2025 despite sharply expanding its Ethereum (ETH) holdings. The results highlight the accounting volatility facing public companies that accumulate large crypto treasuries while prices fluctuate.
The Consensys-backed firm disclosed the figures in its full-year earnings release on Monday. SharpLink raised about $3.2 billion during 2025 and ended the year holding 864,597 ETH, with more recent figures placing total holdings near 868,699 ETH. The company generated 14,516 ETH in staking rewards after launching its Ethereum treasury strategy in June through native staking and liquid staking programs.
Operational metrics improved even as earnings swung sharply negative. SharpLink said its internal “ETH per share” measure, which tracks the amount of ether backing each diluted share, rose from 2.0 to just over 4.0 during the year.
Can Ethereum Treasury Firms Withstand Market Volatility?
The losses were largely driven by accounting adjustments tied to the market value of ether. SharpLink recorded about $616 million in unrealized losses during the second half of 2025, along with a $140 million impairment charge related to its LsETH liquid staking token holdings.
Revenue, however, moved in the opposite direction. The firm reported $28.1 million in revenue for the year, up from $3.7 million in 2024, with staking activity accounting for much of the increase. Fourth-quarter staking revenue alone reached $15.3 million, nearly 50% higher than the previous quarter.
“2025 was a defining year,” said Chief Executive Officer Joseph Chalom, a former BlackRock executive.
Sharplink, Inc.He said the company’s transition into an institutional Ethereum treasury platform occurred alongside expanding institutional activity across the network’s financial infrastructure.
Joseph Lubin, chairman of SharpLink and founder of Consensys, tied the strategy to broader institutional adoption of Ethereum.
“As institutions increasingly build stablecoins, tokenized real-world assets and DeFi infrastructure on Ethereum, we believe demand for the network’s trust, security and liquidity will continue to grow,” he said.
SharpLink now ranks among the largest public Ethereum treasury holders. The company trails BitMine, which recently disclosed holdings exceeding 4.5 million ETH, roughly 3.8% of Ethereum’s circulating supply. With ether trading near $2,026 after dipping to around $1,750 last month, the next catalyst will likely hinge on whether institutional treasury strategies expand further as Ethereum-based financial infrastructure grows.
