Sharplink Posts $734 Million Loss as Ethereum Staking Revenue Soars

In brief

Sharplink disclosed a full-year loss of $734 million, driven by a decrease in the value of its Ethereum holdings in the second half of the year.
The company generated $28 million in revenue for the fiscal year ended in December, mostly from staking.
CEO Joseph Chalom argued that the company has been built in a way to weather market cycles.

Sharplink reported a full-year loss of $734 million on Monday, indicating that its business came under pressure as Ethereum’s price tumbled last year.

In 2024, the firm notched $10.1 million in profits, before pivoting away from sports gambling marketing to become Ethereum’s second-largest corporate holder.

The Miami-based firm currently owns 867,000 Ethereum. That sum was valued around $1.75 billion on Monday, with Ethereum changing hands around $2,000, according to CoinGecko. The company’s holdings are only second to BitMine Immersion Technologies’ $9 billion stockpile, overseen by Fundstrat’s Tom Lee.

Sharplink attributed the performance to a decrease in the value of its holdings, which fell $616 million throughout the year. The loss was bolstered by a $140 million impairment charge on tokens representing staked Ethereum. That was partially offset by a $55 million net gain on conversions between the company’s holdings and such tokens.

Although Sharplink’s treasury took a hit, the company signaled that revenue from staking jumped 50% quarter-over-quarter to $15.3 million from $10.3 million. So far, the company has generated 14,500 Ethereum worth $9.4 million from staking.

“2025 was a defining year for Sharplink,” CEO Joseph Chalom said in a shareholder letter, noting that the company raised around $3.2 billion amid its pivot.

The former BlackRock executive said “short-term market volatility” can impact the company’s results, but he argued that the firm is built in a way to weather crypto’s market cycles, including Ethereum’s swoon from nearly $5,000 in August.

“We have built a platform that can perform in both strong and challenging markets,” he added. “Our strategy is consistent and designed to endure.”

At the end of last year, the company held $30.4 million in cash and stablecoins.

Sharplink shares were little changed on Monday at $7.41, according to Yahoo Finance. Over the past six months, the company’s stock price has dropped 55%, slightly outpacing Ethereum’s 53% fall over the same period of time.

Sharplink seeks revenue by participating in the process of validating transactions on Ethereum’s network, also known as staking. Beyond that, the firm has also deployed capital in decentralized finance protocols in search of higher yields.

The company currently holds 4 ETH per share. Sharplink has signaled boosting that metric further serves as its primary objective, among others like expanding partnerships within Ethereum’s ecosystem.

Consensys CEO and Ethereum co-founder Joe Lubin, who serves as Sharplink’s Chairman, underscored the importance of Ethereum’s ecosystem amid the institutional adoption of stablecoins and tokenized assets.(Disclosure: Consensys is one of 22 investors in an editorially independent Decrypt.)

“The institutional adoption supercycle […] accelerated in 2025,” he said. “Sharplink intends to remain uniquely positioned to serve as a bridge between traditional public markets and the Ethereum opportunity.”