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.
This accretion was supported by raising approximately $3.2 billion in capital, which was immediately deployed into ETH acquisitions.
As of March 1, 2026, the company’s total holdings reached 868,699 ETH, representing approximately 0.72% of the total ETH supply.
Institutional confidence in Sharplink’s model reached record levels, with institutional ownership of common stock rising from 6% to 46% by year-end.
Major holders now include FMR LLC (Fidelity), BlackRock, and ParaFi Capital.
Looking toward 2026, Sharplink is focused on expanding its Ethereum ecosystem partnerships and refining its internal staking infrastructure.
The company ended 2025 with a strong liquidity position, including $28.5 million in cash and $1.9 million in USDC stablecoins, providing the flexibility to navigate ongoing market volatility.