SharpLink Gaming announced second-quarter 2025 results and confirmed its aggressive push into Ethereum. The Minneapolis-based company has made Ether its primary treasury reserve asset, aiming to give investors direct exposure to the growth of the Ethereum network.
The transition initiated in June quickly altered the company’s funding strategy. The company has 728,804 ETH at present and has staked almost all of it, which has garnered over 1,300 ETH as rewards. Its ETH Concentration measure surged almost 98% in weeks, revealing rapid accumulation.
Leadership replacements approved the transition. This is including Ethereum cofounder Joseph Lubin as board chairman and former BlackRock executive Joseph Chalom as co-CEO. A strategic partnership with ConsenSys added extra industry cred.
The company aims to maximize yield with its treasury strategy
SharpLink has mobilized over $2.6 billion to finance ETH purchases through offerings. The management describes the approach as the integration of disciplined capital formation and active treasury management in pursuit of best yield and long-term value.
By matching its growth to Ethereum’s adoption. The firm makes itself one of the world’s largest and most prominent corporate Ethereum holders. Financial performance indicated revenue of $0.7 million during the quarter, decreasing from $1 million a year prior.
Gross profit came in at $0.2 million, down from $0.3 million in the prior year. Operating costs increased as a result of increased general costs and large non-cash charges. These consisted of $16.4 million of stock-based compensation related to its Consensys advisory deal and a $2.4 million unrealized loss on ETH. It is offsetting a $5.4 million unrealized gain.
SharpLink bets on ETH staking for long-term growth
Its largest contribution in the quarter came from an $87.8 million non-cash write-down on liquid staked ETH, in response to a lower market value during the period as specified in U.S. accounting standards. This increased LsETH’s carrying value to $382.4 million. The company strongly clarified that none of such assets has been sold or redeemed.
Net loss during the quarter increased to $103.4 million, up from a $0.5 million loss during the corresponding period in the prior year. Revenue in the first six months of 2025 came in at $1.4 million. And net loss came in at $104.4 million, reversing net income of $11.9 million in 2024.
SharpLink views the treasury strategy as a core driver of future growth. By aggressively accumulating and staking ETH, the company seeks to capture yield, compound value, and strengthen the Ethereum network. Leadership believes this approach positions SharpLink at the center of a major shift in global finance.
