Sharplink posts $734M loss on Ethereum drop

The Miami-based firm generated $28 million in revenue for the year ended December, with most income coming from staking rewards earned by validating transactions on Ethereum’s network.

“2025 was a defining year for Sharplink,”

Said CEO Joseph Chalom, adding that while short-term volatility can affect results, the company has built a platform designed to perform across crypto market cycles.

Sharplink currently holds around 867,000 ETH valued near $1.75 billion, making it the second-largest corporate holder behind BitMine Immersion Technologies, whose crypto treasury strategy is overseen by Tom Lee.

The company said the annual loss included a $616 million drop in the value of its Ethereum holdings and a $140 million impairment charge tied to tokens representing staked ETH.

Despite the accounting hit, staking revenue rose sharply, climbing 50% quarter-over-quarter to $15.3 million as the firm generated roughly 14,500 ETH worth about $9.4 million through network validation.

Sharplink chairman Joe Lubin said growing institutional adoption of stablecoins and tokenised assets is accelerating demand for Ethereum infrastructure and could position the company as a bridge between traditional capital markets and the blockchain ecosystem.