Sharplink reported an annual loss of over $730 million, primarily due to a sharp decline in the value of Ethereum in the second half of 2025.
This is reported by Business • Media
Causes of Financial Losses and Asset Structure
For the financial year ending in December, Sharplink’s loss amounted to $734 million. The main factor contributing to this negative result was the decrease in the market value of the company’s cryptocurrency reserves. The revaluation of Ethereum reserves led to a reduction in their valuation by nearly $616 million, while an additional pressure came from the write-off of about $140 million for tokens reflecting funds in staking.
Despite the overall loss, the company generated revenue of approximately $28 million, the majority of which came from Ethereum staking. By the end of the year, Sharplink remained one of the largest corporate holders of cryptocurrency, possessing around 867,000 ETH valued at approximately $1.75 billion (at a price of $2000 per coin at that time).
About $55 million of the profit was generated through the conversion of assets into such coins. By the end of the year, Sharplink had $30.4 million in cash and stablecoins remaining in its accounts. Part of the capital is invested in decentralized finance protocols, which helps to enhance the yield of crypto assets.
Growth in Staking Revenue Amid Challenging Market Conditions
Despite market volatility, the company is actively developing its Ethereum staking direction. In the last quarter of the reporting year, revenue from this activity increased by approximately 50%, reaching $15.3 million — compared to $10.3 million in the previous quarter. Over the year, Sharplink earned about 14,500 ETH in staking rewards.
“2025 was a pivotal year for Sharplink. We launched and began implementing our Ethereum reserve management strategy. By the end of the year, we had 864,597 ETH in our treasury, $28.1 million in revenue, and 46% institutional ownership,” the company stated in its final report.
CEO Joseph Chalom, in a letter to shareholders, described the past year as a turning point for the company, as approximately $3.2 billion was raised during this period, and a strategic shift towards accumulating Ethereum was made.
Chairman of the Board of Sharplink and co-founder of Ethereum, Joe Lubin, emphasized that institutional integration of Ethereum technologies is gaining momentum, and the company aims to be a bridge between traditional financial markets and the Ethereum ecosystem.