Sharplink, Inc. (NASDAQ: SBET) has reported its full-year 2025 financial and operating results, showcasing a transformation into an institutional-grade Ethereum treasury platform. The company raised approximately $3.2 billion in capital and ended the year with $28.5 million in cash and $1.9 million in USDC stablecoins.
Financially, the total 2025 revenue was $28.1 million, a significant increase from $3.7 million in the previous year. However, the net loss totaled $734.6 million compared to a net income of $10.1 million in 2024, largely due to unrealized losses and impairments offset by net realized gains.
Operationally, Sharplink achieved several milestones, including becoming the world's second-largest publicly traded holder of Ethereum and doubling its Ethereum per share ("ETH concentration") from 2.0 to 4.01. The company also increased institutional ownership of common stock from approximately 6% to 46% as of December 31, 2025.
Sharplink's management emphasized key objectives for 2026, which include further compounding ETH per share through disciplined capital formation and allocation, generating yield above native staking rates, expanding partnership opportunities within the Ethereum ecosystem, maintaining strong governance, custody, and compliance standards, and building a pure-play, shareholder-aligned ETH treasury company.
The company's leadership highlighted that the institutional adoption supercycle accelerated in 2025, with global financial institutions launching stablecoins, tokenized real-world assets, and DeFi solutions directly in the Ethereum ecosystem.
Looking ahead, Sharplink aims to continue broadening sophisticated staking and yield activities, deepening partnerships in the Ethereum ecosystem, and capitalizing on opportunities to grow ETH per share.
The company's total ETH holdings as of March 1, 2026, were comprised of 604,618 native ETH, 208,893 ETH as-if redeemed from LsETH, and 55,188 ETH as-if redeemed from WETH. Additionally, as of March 1, 2026, total staking rewards of 14,516 as if redeemed were comprised of approximately 66% native staking, 33% liquid staking, and 1% liquid restaking rewards.
Sharplink's executive team will host a conference call to discuss the financial and operating results on Monday, March 9, 2026, at 8:30 a.m. Eastern Time.
For more detailed information, interested parties can refer to the annual report on Form 10-K for the full year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission, accessible at www.sec.gov or on Sharplink’s website found at www.sharplink.com.
Sharplink, Inc. is a leading institutional-grade Ethereum treasury platform designed to give public market investors smarter, more productive exposure to ETH. In addition to its Ethereum treasury platform, Sharplink operates an online affiliate marketing business. The company was founded in 2019 and is headquartered in Miami, Florida. As a result of these announcements, the company's shares have moved 5.36% on the market, and are now trading at a price of $11.00. For more information, read the company's full 8-K submission here.
