Miami-based crypto finance firm SharpLink released its full-year 2025 financial results on Monday, posting a net loss of $734.6 million. The loss was primarily attributed to $616.2 million in unrealized losses on its Ethereum (ETH) holdings and a $140.2 million impairment charge related to LsETH, partially offset by $55.2 million in realized gains from conversions and redemptions between ETH and liquid-staking assets.
Staking Revenue Surges, Quarterly Income Up Nearly 50%
Despite the accounting losses, SharpLink's ETH staking business delivered strong operational growth. Since launching its Ethereum treasury strategy in June 2025, the firm has generated 14,516 ETH in staking rewards through a mix of native staking, liquid staking, and restaking activities. Q4 staking income reached $15.3 million, up nearly 50% from the previous quarter. Management plans to further expand staking and yield strategies in 2026, focusing on increasing ETH per share as a key internal metric for treasury productivity.
ETH Treasury: 864,597 ETH, Second-Largest Among Public Companies
SharpLink repositioned itself as an institutional Ethereum treasury platform last year, raising approximately $3.2 billion in capital and accumulating a large ETH reserve. By end of 2025, the company held 864,597 ETH, including both native ETH and assets converted from liquid-staking derivatives. As of March 2026, SharpLink claims to be the second-largest publicly traded holder of ETH.
CEO Joseph Chalom stated the losses reflect short-term crypto market volatility, not a shift in strategy. “Crypto markets move in cycles, but our strategy is consistent and designed to endure,” he said in the earnings release.