Ethereum treasury firm Sharplink reported a net loss of $734.6 million for 2025, largely driven by a keen decline in the cryptocurrency market in the second half of the year.
Business sent on Monday released its financial results for the year, revealing that the full-year net loss was mainly due to a paper loss of $616.2 million on 868,699 Ether (ETH) raised to date.
The losses were joined by an impairment charge of $140.2 million related to the conversion of its Ether holdings.
Ethereum saw needy performance in the second half of 2025. While its price rose to $4,829 in August, the October market crash caused it to fall and end the year at around $3,000.
Despite the losses, the company said it will continue to buy more Ether, arguing that its strategy is aimed at weathering cryptocurrency volatility.
“While near-term market volatility has impacted GAAP financial results, our strategy is designed to achieve excellence in cycles. Our mandate is simple: grow ETH per share responsibly and maximize the productivity of our treasury over time,” Sharplink said.
Sharplink, chaired by Ethereum co-founder Joseph Lubin, transformed itself from a sports betting marketing company to a digital asset treasure trove in June 2025.
Sharplink intends to gradually escalate its Ether per share ratio to create long-term value for shareholders. The company said it managed to more than double this ratio in 2025, from 2 ETH per share to 4.01 ETH per share.
Despite the hit to the value of ETH holdings, total revenue increased by 659% from $3.7 million to $28.1 million in 2025. Meanwhile, ETH staking revenue increased by 48.5% from the third to fourth quarter, reaching $15.3 million.
This year, the company also generated $55.2 million from ETH conversions and redemptions to floating-rate ETH.
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After securing $3.2 billion in 2025 financing, Sharplink became the second-largest publicly traded Ethereum holder, after BitMine Immersion Technologies, which currently holds over 4.5 million ETH, which is 3.76% of the total supply.
BitMine has also reportedly seen major paper losses on its Ethereum wallets, with some estimates as high as $8.8 billion with a 60% decline in ETH over the past six months.
Sharplink’s share price, SBET, has been volatile over the last 12 months and is up 67% since this time last year, reaching $7.60 at the time of writing.
The price rose 1,000% in a week, reaching almost $80 after the Ether fund was first announced in delayed May, before falling after the company made a change.
The price has fallen by more than 50% in the last six months.
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