CMC News

SharpLink Reports $734M Loss Despite Growing $ETH Treasury

#SharpLink Inc. recorded a net loss of $734.6 million for the full year 2025, the company reported Monday. The Consensys-backed firm had posted net income of $10.1 million in 2024, before pivoting from sports gambling marketing to become a publicly traded $ETH treasury company. #Ethereum

The bulk of the loss came from accounting adjustments tied to $ETH price declines in the second half of the year. Those adjustments included $616 million in unrealized losses on the firm's holdings and a $140 million impairment charge on its LsETH liquid staking token. A $55 million net gain on conversions between holdings and staking tokens partially offset those figures.

SharpLink raised approximately $3.2 billion in capital during 2025. It ended the year holding 864,597 $ETH, with more recent figures placing total holdings at approximately 868,699 $ETH, according to the earnings release. The company is currently the second-largest publicly traded $ETH treasury, behind Tom Lee-led BitMine, which holds more than 4.5 million $ETH.

Revenue grew sharply despite the accounting loss. SharpLink reported $28.1 million in total revenue for 2025, compared with $3.7 million in 2024. #Staking income was the primary driver of that growth. Fourth-quarter staking revenue reached $15.3 million, up nearly 50% from the prior quarter.

The company said it has generated 14,516 $ETH in staking rewards since launching its #treasury strategy in June 2025. Those rewards came through a mix of native staking and liquid staking programs. SharpLink also doubled its internal "ETH per share" metric, which measures $ETH backing per diluted share, from 2.0 to just over 4.0 during the year. #EthereumStaking