Sharplink (SBET) holds 868,000 ether as price drop drove 2025 loss

Nasdaq-listed Sharplink Gaming, aiming to be a pure-play Ethereum treasury company, reported holding 868,699 ETH as of March 1, 2025, alongside a net loss of $734.6 million for the year. This substantial loss was driven almost entirely by $616.2 million in unrealized losses stemming from fair-value accounting rules applied to its ether position, compounded by a $140.2 million impairment charge on liquid staking tokens. Despite the paper loss, the company still holds its full ETH position and is focused on increasing its ETH per share metric, similar to larger holder Bitmine Immersion Technologies. Sharplink is also benefiting from staking revenue, which climbed significantly, and has seen institutional ownership of its stock jump from 6% to 46%. The company plans to continue compounding ETH per share and expanding staking operations.

(Source：CoinDesk)