SharpLink Lost $734 Million on Paper But Its ETH Staking Engine Just Hit a Record
SharpLink reported a $734.6 million loss for FY2025, largely due to non-cash accounting charges, while its ETH staking engine achieved record revenue.Summary
SharpLink, a Nasdaq-listed company acting as a public proxy for Ethereum exposure, reported a significant net loss of $734.6 million for fiscal year 2025. However, the majority of this loss—$756.4 million—stemmed from non-cash accounting charges related to marking digital assets to market under GAAP and an impairment charge on Liquid Staking ETH (LsETH), not from actual ETH sales. The company holds 864,597 ETH in its treasury. Despite the accounting loss, SharpLink’s staking revenue reached a record $15.3 million in Q4, with total 2025 revenue hitting $28.1 million, a substantial increase from the previous year. Since June 2025, the company has generated 14,516 ETH through staking rewards. A key metric, ETH per share, showed a near stall in Q4, indicating difficulty in raising capital at a premium. Institutional ownership of SBET increased significantly to 46% during 2025. Market analysts diverge on the implications of the data, with some highlighting the success of the corporate treasury model for ETH due to its staking yield, while others caution about the stalled ETH per share growth and declining cash reserves.
(Source：BeInCrypto)