SharpLink posts $28.10 million in revenue last year…$700 million net loss on ETH valuation losses

SharpLink Gaming, which strategically holds Ethereum (ETH) as a reserve asset, posted $28.10 million in revenue last year, but reported a net loss of $734.60 million due to valuation losses on Ethereum.

According to GlobeNewswire on the 9th, SharpLink’s 2025 revenue rose sharply to $28.10 million from the prior year’s $3.70 million. However, as valuation losses tied to the decline in the price of Ethereum (ETH) were reflected, net loss came to $734.60 million.

The company said accounting treatment reflected $616.20 million in unrealized losses and $140.20 million in impairment charges related to LsETH. It added that these losses are based on valuation standards and do not mean its ETH holdings decreased.

Fourth-quarter staking revenue totaled $15.30 million, up about 50% from the third quarter’s $10.30 million.

As of Dec. 31 last year, the company held 864,597 ETH. As of the 1st, total holdings increased to 868,699 ETH. The company said it is currently the world’s second-largest publicly listed corporate holder of ETH.

Previously, SharpLink officially launched an ETH-focused treasury strategy in June last year. It said it has since built an in-house investment team to directly run staking and liquidity strategies. Over the full year 2025, it generated total staking rewards of 14,516 ETH.

The metric 'ETH Concentration (ETH per share),' which refers to ETH holdings per share, increased from 2.0 to 4.01.

At year-end, it held $28.50 million in cash and $1.90 million in USDC. The institutional ownership ratio expanded from about 6% to 46%.

Chief Executive Officer (CEO) Joseph Shallom said, "Despite short-term volatility, we will continue our strategy of increasing ETH per share." Board Chairman Joseph Lubin said, "Institutional adoption of Ethereum is accelerating."

The company said it will continue its strategy of increasing per-share ETH holdings and expanding staking income.