Consensys-backed SharpLink reports $734 million loss as ETH holdings climb

SharpLink Inc, the Consensys-backed Ethereum treasury firm, reported its full-year 2025 results on Monday. The key takeaways: rapid ETH accumulation alongside large accounting losses driven by market volatility.

The company said it raised about $3.2 billion in capital in 2025 and finished the year holding 864,597 ETH, while more recent figures put its total holdings near 868,699 ETH, according to the earnings release.

SharpLink said it generated 14,516 ETH in staking rewards since launching its ETH treasury strategy in June 2025 through a combination of native staking and liquid staking programs.

The firm also doubled its internal metric known as “ETH per share,” which measures the amount of ETH backing each diluted share of stock, rising from 2.0 to just over 4.0 during the year.

'Defining year'

CEO Joseph Chalom, formerly of BlackRock, described 2025 as a “defining year” for the company as it transitioned into what it calls an institutional-grade Ethereum treasury platform.

Despite those operational gains, SharpLink reported a net loss of $734.6 million for the year, compared with net income of $10.1 million in 2024.

Most of the loss came from accounting adjustments tied to ETH price declines during the second half of the year, including $616 million in unrealized losses and a $140 million impairment charge related to its LsETH liquid staking token.

SharpLink also reported $28.1 million in revenue for 2025, up from $3.7 million in 2024, with staking income accounting for a large share of that growth. Fourth-quarter staking revenue alone reached $15.3 million, up nearly 50% from the previous quarter.

Institutional interest in the company has also increased. The firm said institutional ownership of its shares rose from roughly 6% to 46% during 2025, reflecting growing participation from large investors.

Joseph Lubin, chairman of SharpLink and founder of Consensys, said the company’s strategy is closely tied to the broader expansion of Ethereum-based financial infrastructure.

“The institutional adoption supercycle that the industry has been discussing for years accelerated in 2025,” Lubin said. “As institutions increasingly build stablecoins, tokenized real-world assets and DeFi infrastructure on Ethereum, we believe demand for the network’s trust, security and liquidity will continue to grow.”

ETH treasury performance

SharpLink launched amid a surge in digital asset treasury companies, firms that raise capital in public markets to accumulate crypto assets.

The company is currently the second-largest publicly traded ETH treasury, trailing Tom Lee-led BitMine, which recently disclosed holdings of more than 4.5 million ETH, equal to roughly 3.8% of Ethereum’s circulating supply.

Shares of SharpLink (SBET) were trading around $7.50 on Monday, down roughly 75% from about $30 last June, when the company first began accumulating ether as part of its treasury strategy.

The stock surged during the early stages of the firm’s ETH acquisition push before retreating alongside broader weakness in crypto treasury equities.

Ethereum is currently trading for around $2,026, after hitting an almost one-year low of $1,750 last month.