Crypto firm SharpLink reported a $734.6 million net loss for 2025, mainly due to unrealized losses tied to fluctuations in Ether (ETH) prices, even as its staking operations hit record levels.
The Miami-based company said in its full-year results that the loss came largely from $616.2 million in unrealized losses on ETH holdings and a $140.2 million impairment charge related to liquid-staked ETH (LsETH). These were partially offset by $55.2 million in realized gains from conversions and redemptions between ETH and liquid-staking assets.
Despite the accounting losses, SharpLink showed strong operational growth. Since starting its Ethereum treasury strategy in June 2025, the company generated 14,516 ETH in staking rewards through native staking, liquid staking, and restaking activities.
By the end of 2025, SharpLink held 864,597 ETH, making it one of the largest publicly traded holders of Ethereum. The firm raised around $3.2 billion in capital last year and built a large ETH reserve aimed at producing long-term yield through staking and treasury management.
CEO Joseph Chalom said the losses reflect short-term market swings, not a change in strategy. “Crypto markets move in cycles, but our strategy is consistent and designed to endure,” he said.
SharpLink also reported strong growth in staking revenue, with fourth-quarter staking income hitting $15.3 million, up nearly 50% from the previous quarter. The company plans to continue expanding its staking and yield strategies in 2026, while focusing on increasing ETH per share, a key metric for tracking treasury performance.
