Sharplink Sticks With Ether Buying Strategy Despite $735 Million Loss in 2025

Sharplink Gaming is an Ethereum treasury company whose core strategy is to continually buy and hold ETH, using crypto-market cycles to increase the amount of ether backing each share. The model gives shareholders indirect exposure to ETH gains, but also magnifies asset impairments and pressure on earnings when prices fall.

Sharplink Gaming reported a net loss of $734.6 million for 2025, driven mainly by a weaker crypto market in the second half that resulted in a $616 million paper loss. Its holdings reached 868,000 ETH over the same period. Despite the heavy blow to its financial results from ether's decline, the company said it would continue adding to its holdings to increase the amount of ETH per share.