Sharplink reported a net loss of $734.6 million for 2025, largely driven by declines in the value of its Ether treasury. The company said the loss included a $616.2 million unrealized loss tied to the 868,699 ETH it has accumulated as part of its digital asset treasury strategy.
Additional pressure on earnings came from a $140.2 million impairment charge linked to the conversion of staked Ether. Ethereum experienced significant volatility during the year, rising to around $4,800 in August before falling sharply during an October market downturn and closing the year near $3,000.
Despite the losses, Sharplink said it intends to continue accumulating ETH and increasing its Ether-per-share ratio over time. The firm reported revenue growth of 659% to $28.1 million in 2025, supported by staking income and other treasury-related activity.
