In brief
- Sharplink disclosed a full-year loss of $734 million, driven by a decrease in the value of its Ethereum holdings in the second half of the year.
- The company generated $28 million in revenue for the fiscal year ended in December, mostly from staking.
- CEO Joseph Chalom argued that the company has been built in a way to weather market cycles.
Sharplink reported a full-year loss of $734 million on Monday, indicating that its business came under pressure as Ethereum’s price tumbled last year.
In 2024, the firm notched $10.1 million in profits, before pivoting away from sports gambling marketing to become Ethereum’s second-largest corporate holder.
The Miami-based firm currently owns 867,000 Ethereum. That sum was valued around $1.75 billion on Monday, with Ethereum changing hands around $2,000, according to CoinGecko. The company’s holdings are only second to BitMine Immersion Technologies’ $9 billion stockpile, overseen by Fundstrat’s Tom Lee.
Sharplink attributed the performance to a decrease in the value of its holdings, which fell $616 million throughout the year. The loss was bolstered by a $140 million impairment charge on tokens representing staked Ethereum. That was partially offset by a $55 million net gain on conversions between the company’s holdings and such tokens.
Although Sharplink’s treasury took a hit, the company signaled that revenue from staking jumped 50% quarter-over-quarter to $15.3…
