SharpLink reported a $734.6 million net loss in 2025 after a sharp decline in Ethereum reduced the value of its crypto treasury.
The company said the result came mainly from a $616.2 million paper loss on its 868,699 ETH holdings. It also booked a $140.2 million impairment charge tied to converting staked Ether.
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The company released the results on Monday. The figures show how the second half of 2025 affected firms with large crypto reserves. In SharpLink’s case, the fall in ETH had a direct impact on reported earnings, even though the company kept its strategy unchanged.
Still, SharpLink said it will continue to acquire Ether. The company stated that short term market swings affected GAAP results, but its main goal remains increasing ETH per share and improving treasury productivity over time.
SharpLink Ethereum Loss Followed ETH Price Decline
The biggest factor behind the SharpLink Ethereum loss was the drop in the market value of its Ether holdings.
The company said the decline created a $616.2 million paper loss on the 868,699 ETH it accumulated. That amount made up most of the annual loss.
In addition, SharpLink recorded a $140.2 million impairment charge related to converting staked Ether. That added to the pressure on full year earnings. As a result, the company posted one of the larger losses among public firms with an Ethereum treasury company model.
The market move behind those numbers was steep. Ethereum rose to $4,829 in August 2025.
However, after the October market crash, the price fell and ended the year near $3,000. That reversal reduced the reported value of crypto held on corporate balance sheets.
SharpLink ETH Holdings Stay Central to Treasury Strategy
Despite the loss, SharpLink kept its treasury plan in place. The company said,
“While short-term market volatility impacted GAAP financial results, our strategy is designed to excel through cycles. Our mandate is simple: increase ETH per share responsibly and maximize the productivity of our treasury through time.”
That message reflects the company’s shift in June 2025, when it moved from being a sports betting marketing company to a digital asset treasury business. Since then, SharpLink ETH holdings have become central to its financial model.
The company, chaired by Joseph Lubin, said it more than doubled its ETH per share ratio in 2025, rising from 2 ETH per share to 4.01 ETH per share. That metric became one of the main markers in its treasury strategy after the pivot.
SharpLink Staking Revenue Rose Despite Net Loss
Even with the large loss, some operating figures increased. SharpLink staking revenue rose 48.5% from Q3 to Q4, reaching $15.3 million. That growth showed that the company still generated income from its Ether position during the year.
At the same time, total revenue climbed 659%, increasing from $3.7 million to $28.1 million in 2025. The revenue growth did not offset the full effect of the Ethereum paper loss, but it added context to the company’s operating activity.
The company also said it made $55.2 million from ETH to liquid staked ETH conversions and redemptions during the year. Those transactions added another source of income while the market value of Ether remained under pressure.
SBET Stock Volatile as SharpLink Built Ethereum Position
After raising $3.2 billion in funding during 2025, SharpLink became the second largest publicly traded Ethereum holder. Only BitMine Immersion Technologies held more, with over 4.5 million ETH, equal to about 3.76% of total supply.
At the same time, SBET stock remained volatile. The share price was up 67% year over year and stood at $7.60 at the time of writing. However, that came after much larger moves earlier in the cycle.
Following the first Ether treasury announcement in late May, SBET stock rose nearly 1,000% in one week and approached $80.
Later, the stock dropped after the company completed its pivot. Over the last six months, the share price fell by more than 50%.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: March 10, 2026 • 🕓 Last updated: March 10, 2026
