SharpLink Inc., an Ethereum treasury firm backed by Consensys, reported its full-year 2025 results, revealing a massive net loss of $734.6 million despite a rapid and significant accumulation of Ether. The loss starkly contrasts with the company's net income of $10.1 million in 2024.
The financial hit was primarily driven by accounting adjustments tied to ETH price volatility in the latter half of 2025. This included $616 million in unrealized losses and a $140 million impairment charge related to its LsETH liquid staking token holdings.
Operationally, the company had a transformative year. SharpLink raised approximately $3.2 billion in capital in 2025, which was deployed to amass a substantial ETH treasury. The firm closed the year holding 864,597 ETH, with more recent figures putting its total near 868,699 ETH. This makes it the second-largest publicly traded ETH treasury, trailing only BitMine, which holds over 4.5 million ETH.
A key internal metric, "ETH per share," which measures the amount of ETH backing each diluted share of stock, doubled from 2.0 to just over 4.0 during the year. The firm also generated 14,516 ETH in staking rewards since launching its treasury strategy in June 2025, contributing to a revenue increase to $28.1 million from $3.7 million in 2024. Staking revenue in Q4 2025 alone reached $15.3 million, up nearly 50% from the previous quarter.
CEO Joseph Chalom, a former BlackRock executive, described 2025 as a "defining year" as the company transitioned into an institutional-grade Ethereum treasury platform. This shift was reflected in a surge in institutional ownership of its shares, which rose from roughly 6% to 46% during the year.
Joseph Lubin, chairman of SharpLink and founder of Consensys, linked the company's strategy to the broader expansion of Ethereum-based financial infrastructure, stating, "The institutional adoption supercycle that the industry has been discussing for years accelerated in 2025."
Despite the operational growth, SharpLink's stock (SBET) has suffered, trading around $7.50 at the time of the report, down roughly 75% from about $30 in June 2025 when it began its ETH accumulation strategy. Ethereum's price, referenced at around $2,026, had hit an almost one-year low of $1,750 the previous month.
