TLDR
- Sharplink posted a $734.6 million net loss for full-year 2025, driven by a $616.2M unrealized loss on its ETH holdings.
- The company held 868,699 ETH as of March 1, 2026, making it the second-largest publicly traded Ethereum holder.
- Revenue jumped 659% to $28.1 million, with ETH staking revenue hitting $15.3 million in Q4 alone.
- SBET stock is up 67% year-over-year but down more than 50% over the past six months, trading around $7.60.
- Despite the losses, Sharplink says it will keep buying Ether and plans to push further into DeFi yield strategies in 2026.
Sharplink Gaming posted a $734.6 million net loss for 2025, its first full year operating as an Ethereum treasury company. The headline number is ugly, but management is quick to point out that most of it never actually left the building.
$SBET.M Earnings Recap: A total Nightmare. 🛌💤
1️⃣Revenue: $28M
2️⃣Net Loss: $730MPerfectly timed with #InternationalNappingDay—I took a quick nap and woke up to a $730M crime scene. 💀 https://t.co/8ZYvtFjsRK pic.twitter.com/uRWGcpOegT
— MSX (@msxcom) March 10, 2026
The bulk of the loss — $616.2 million — was an unrealized loss on its ETH holdings, a paper hit caused by Ethereum’s price falling sharply in the second half of 2025. A further $140.2 million impairment charge came from its liquid staked ETH conversions. Neither figure reduced the number of ETH tokens the company actually holds.
Ethereum had a rollercoaster year. It climbed to $4,829 in August before the October market crash sent it tumbling, closing 2025 at roughly $3,000. Management called October 10th the largest deleveraging event in the industry’s history.
Sharplink pivoted from sports betting marketing to digital asset treasury in June 2025, chaired by Ethereum co-founder Joseph Lubin. The company has since raised roughly $2.1 billion in equity capital through its at-the-market facility.
As of March 1, 2026, Sharplink held 868,699 ETH — up from 640,026 ETH at year-end 2025. That makes it the second-largest publicly traded Ethereum holder, behind BitMine Immersion Technologies, which holds over 4.5 million ETH.
Revenue tells a different story from the loss figure. Full-year revenue came in at $28.1 million, up 659% from $3.7 million in 2024. Q4 staking revenue alone hit $15.3 million, up nearly 50% from Q3’s $10.3 million — even as ETH prices were falling.
The company also recorded a $55.2 million net realized gain from converting ETH into liquid staked ETH and redemptions during the fourth quarter.
ETH Per Share Strategy
One metric management keeps coming back to is ETH per share. Sharplink more than doubled this ratio in 2025, going from 2 ETH per share to 4.01 ETH per share. CEO Joseph Shalom described the strategy as “deliberate and measured,” focused on accumulating ETH through accretive means rather than chasing price appreciation.
Institutional ownership reached approximately 46% as of December 31, 2025 — which management claims is the highest among Ethereum treasury companies.
The company has built an in-house treasury team rather than outsourcing, arguing that third-party managers create compounding fees that leak value away from shareholders.
2026 Pipeline
Looking ahead, Sharplink is evaluating nearly 12 different DeFi protocols and yield opportunities. Due diligence on each takes at least two months, covering smart contract risk, counterparty risk, and liquidity risk.
One deal already in place: a $200 million deployment into ConsenSys’ Linea Layer 2, in partnership with ether.fi and EigenCloud, structured within Anchorage Digital Bank as qualified custodian.
SG&A expenses rose to $42.3 million from $5.7 million in 2024, reflecting the cost of building out the ETH treasury operation. Cash on hand at year-end was $28.5 million.
SBET stock trades around $7.60, up 67% year-over-year but down more than 50% over the past six months.
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