Sharplink (NASDAQ:SBET) reported full-year 2025 financial and operating results on Monday, marking the completion of its strategic transformation into one of the world's largest corporate holders of Ether (ETH).
The Miami-headquartered company, formerly known as SharpLink Gaming, saw its annual revenue jump more than sevenfold as it prioritized high-yield staking operations over its legacy affiliate marketing business.
Sharplink’s total revenue for 2025 reached $28.1 million, a massive increase from the $3.7 million reported in 2024.
The growth was propelled by a surge in staking revenue, which climbed to $15.3 million in the fourth quarter alone—a 50% increase from the previous quarter.
The company reported a GAAP net loss of $734.6 million for the year, largely driven by $616.2 million in unrealized fair-value losses and a $140.2 million impairment charge on liquid-staked ETH (LsETH).
Management emphasized that these non-cash charges, dictated by current U.S. accounting rules, do not represent realized economic losses nor do they reduce the actual number of ETH units held in the treasury.
A primary performance indicator for Sharplink is its "ETH per Share" metric, which doubled during 2025 to reach 4.01.