TL;DR:
- Massive Accumulation: SharpLink closed 2025 with 864,597 ETH, increasing the figure to 868,699 ETH in its most recent March 2026 report.
- Record Metric: “ETH per share” doubled from 2.0 to 4.0, strengthening the asset backing for each diluted share.
- Accounting Hit: The firm reported a net loss of $734.6 million due to volatility adjustments and impairment charges on LsETH.
- Institutional Adoption: Institutional capital in the company jumped from 6% to 46% over the last year.
This Monday, SharpLink Inc., the Ethereum treasury firm backed by Consensys, presented its 2025 annual results, revealing an aggressive digital asset accumulation strategy that defies the recent market correction. Under the leadership of former BlackRock executive Joseph Chalom, the company is positioned as the second-largest publicly traded ETH holder, trailing only BitMine.
Treasury Strategy: Between Record Staking and Market Volatility
The firm raised approximately $3.2 billion in capital during 2025, which was almost entirely allocated to bolstering its Ethereum balance sheet. This strategy allowed the internal “ETH per share” metric to rise from 2.0 to 4.0, doubling the intrinsic value of the cryptocurrency backing each investor’s stake.
A vital component of its operating model is leveraging network yields. Since launching its strategy in June 2025, the firm generated 14,516 ETH in staking rewards. Revenue from this source reached $28.1 million for the year, with a fourth quarter that showed 50% growth in staking turnover.
While it grew operationally, the financial balance sheet suffered from volatility. The transition from a $10.1 million profit in 2024 to a net loss of $734.6 million in 2025 is explained by $616 million in unrealized losses and a $140 million impairment charge related to its liquid staking token, LsETH.
Currently, Ethereum is trading near $2,026, after hitting annual lows of $1,750 last month. This pressure pushed SharpLink shares to $7.50, a 75% drop from its highs. However, the increase in institutional ownership to 46% suggests that major funds maintain a long-term bullish sentiment.
In summary, the market will watch whether ETH price stabilization allows SharpLink to reverse its accounting losses in 2026. With a treasury approaching 870,000 units, the firm is positioned to capitalize on any rebound in the market capitalization of digital assets.
