Sharplink reiterates Ether’s verdict despite missing 2025 market sell-off
Ethereum treasury firm Sharplink in 2016. It reported a net loss of $734.6 million in 2025, largely due to a major crypto market crash in the second half of the year.
The company released its financial results for the year on Monday, which revealed a full-year net loss mainly due to $616.2 million in paper losses on 868,699 Ether (ETH) accumulated to date.
Added to the losses was a $140.2 million impairment charge related to the conversion of Ether per share.
In the year Ethereum has had a rocky performance in the second half of 2025. While the price rose to $4,829 in August, the October market crash saw it decline to close the year at around $3,000.
Despite the losses, the company stated that it will continue to buy more ether, its strategy is designed to crypto volatility.
“While short-term market volatility may affect GAAP financial results, our strategy is designed to outperform through cycles. Our mission is simple: responsibly grow ETH per share and increase our treasury productivity over time,” said Sharplink.
Led by Ethereum founder Joseph Lubin, Sharplink has decided to go from being a sports betting marketing company to becoming a digital asset treasury in June 2025.
Sharplink is looking to gradually increase its Ether-per-share ratio to create long-term shareholder value. The organization It says it will more than double this ratio by 2025, from 2 ETH per share to 4.01 ETH per share.
Despite a hit to the value of ETH holdings, total revenue rose 659% from $3.7 million to $28.1 million in 2025.
For the year, the firm generated $55.2 million in ETH-to-liquid-staked-ETH conversions and redemptions.
Related: Ether's Road to $2.5K May Be Harder Than Expected: Here's Why
In the year After securing $3.2 billion in funding by 2025, Sharplink has become the second largest publicly traded Ethereum holder behind BitMine Immersion Technologies, which now holds over 4.5 million ETH, or 3.76% of its total supply.
BitMine is also reported to have large paper losses on Ethereum holdings, with some estimates as high as $8.8 billion amid a 60% decline in ETH over the past six months.
The price of Sharplink's stock, SBET, has been volatile over the past 12 months and has risen 67% since last year to sit at $7.60 at the time of writing.
Following the first Ether Treasury announcement at the end of May, after the company confirmed its dominance, the price rose 1,000% in a week to reach $80.
In the last six months, the price has decreased by more than 50%.
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