Sharplink reported a $734.6 million net loss for 2025 as market volatility weighed on the value of its Ethereum holdings.

The company said the loss was primarily driven by $616.2 million in unrealized losses linked to ETH price declines during the second half of 2025, along with a $140.2 million impairment related to LsETH holdings. Those were partially offset by $55.2 million in realized gains from ETH conversions and redemptions.

Sharplink ended the year with $28.5 million in cash and $1.9 million in USDC, while total revenue rose to $28.1 million in 2025, up from $3.7 million in 2024.

The company has been repositioning itself as an institutional Ethereum treasury platform, raising roughly $3.2 billion in capital and accumulating 868,699 ETH as of early 2026. That strategy aims to increase ETH per share and generate yield through staking and treasury management.

Chief Executive Officer Joseph Chalom said the company’s approach is designed to perform across market cycles.

2025 was a defining year for Sharplink, Chalom said, noting the firm completed its transition to an Ethereum-focused treasury model while building internal infrastructure to manage its holdings and staking operations.

Sharplink launched its dedicated ETH treasury strategy on June 2, 2025, establishing treasury management as a core operating segment. By early March 2026 the company had become the second largest publicly traded holder of Ethereum.

The firm also increased its ETH concentration per share from 2.0 to 4.01, while generating 14,516 ETH in staking rewards since June through a mix of native and liquid staking programs.

Sharplink’s staking business accelerated toward the end of the year, with fourth-quarter staking revenue reaching $15.3 million, up nearly 50% from $10.3 million in the third quarter.

Chairman Joseph Lubin, who is also founder and CEO of Consensys and a co-founder of Ethereum, said institutional adoption accelerated during 2025 as global financial institutions expanded stablecoin issuance, tokenized assets and decentralized finance infrastructure on Ethereum.

Lubin said Ethereum’s role as a decentralized trust and settlement layer is likely to attract continued institutional demand, positioning Sharplink to serve as a bridge between public markets and the Ethereum ecosystem.

Looking ahead, Sharplink said it plans to increase ETH per share through disciplined capital allocation, expand staking and yield-generating strategies, and deepen partnerships across the Ethereum ecosystem while maintaining institutional governance and custody standards.

The financial results come as Sharplink shares were up about 0.7% on the day, though the stock remains down roughly 95% from its all time high reached after the company announced its Ethereum treasury strategy in June 2025. Ether was last trading near $2,000 as a broader market rally lifted crypto assets across the board.