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Sharplink reported an annual loss of more than $730 million amid the collapse of Ethereum
The company attributed the result to the decline in the value of its reserves in the second half of the year. The main source of revenue was Ethereum staking, which generated about $28 million during the year.
Sharplink remains one of the largest corporate holders of the asset, with reserves of approximately 867,000 $ETH.
Sharplink reported a loss of $734 million for the financial year ending in December. The primary reason was the decline in the price of Ethereum in the second half of 2025, which reduced the valuation of the company’s crypto reserves.
Despite the negative overall result, the firm generated around $28 million in revenue for the year, with the majority coming from Ethereum staking operations.
As of the end of the reporting period, Sharplink held approximately 867,000 $ETH. At a price of about $2,000 per coin, these assets are valued at approximately $1.75 billion.
Hourly chart of $ETH/USDT on the Binance exchange. Data: TradingView.
The company explained the loss primarily by the revaluation of crypto assets. Over the year, the value of its Ethereum reserves decreased by approximately $616 million. Additional pressure came from a write-down of about $140 million related to tokens representing funds in staking.
At the same time, around $55 million in profit was generated through the conversion of assets into such tokens.
Staking revenues are growing
Despite market volatility, Sharplink is increasing its income from Ethereum staking participation.
In the last quarter, revenue from this activity increased by about 50%, reaching $15.3 million, compared to $10.3 million in the previous quarter.
In total, the company received about 14,500 $ETH as staking rewards, according to the report.
2025 was a foundational year for Sharplink. We launched and began executing on our Ethereum treasury strategy.
Year-end snapshot:
→ 864,597 $ETH held in our treasury
→ $28.1M in revenue
→ 46% institutional ownership
— Sharplink, March 9, 2026
Sharplink CEO Joseph Chalom said in a letter to shareholders that the past year was a turning point for the company. According to him, during the business transformation the firm raised about $3.2 billion and shifted toward an Ethereum accumulation strategy.
At the end of the year, Sharplink held $30.4 million in cash and stablecoins. The company also invests part of its capital in decentralized finance (DeFi) protocols, aiming to increase the yield of its crypto assets.
Sharplink chairman and Ethereum co-founder Joe Lubin noted that institutional adoption of Ethereum technology is accelerating. According to him, the company aims to serve as a bridge between traditional financial markets and the Ethereum ecosystem.
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