​Ethereum treasury company Sharplink has reported a $734.6 million net loss for 2025 due to a crypto market decline in the second half of the year.

The firm posted its financial results for the year on Monday, revealing that its full-year net loss was primarily driven by a $616.2 million paper loss on the 868,699 Ether (ETH) it has accumulated to date.

Adding to its losses was a $140.2 million impairment charge related to converting its staked Ether.

Ethereum saw rocky performance in the second half of 2025. While its price climbed to $4,829 in August, the October market crash saw it spiralling down to close the year at roughly $3,000.

Despite the losses, the firm said it will continue to buy more Ether, arguing that its strategy is designed to weather crypto volatility.

“While short-term market volatility impacted GAAP financial results, our strategy is designed to excel through cycles. Our mandate is simple: increase ETH per share responsibly and maximize the productivity of our treasury through time,” Sharplink said.

Sharplink, chaired by Ethereum co-founder Joseph Lubin, pivoted from being a sports betting marketing company to becoming a digital asset treasury in June 2025.

Sharplink is looking to gradually increase its Ether-per-share ratio to create long-term shareholder value. The firm said it managed to more than double this ratio in 2025, going from 2 ETH per share to 4.01 ETH per share.

Despite taking a hit on the value of its ETH holdings, total revenue jumped 659% from $3.7 million to $28.1 million in 2025. Meanwhile, ETH staking revenue increased by 48.5% from Q3 to Q4 to hit $15.3 million.

For the year, the firm also banked $55.2 million from its ETH-to-liquid-staked-ETH conversions and redemptions.

Related: Ether’s path to $2.5K may be trickier than expected: Here’s why

After securing $3.2 billion in funding across 2025, Sharplink has become the second-largest publicly traded Ethereum holder behind BitMine Immersion Technologies, which now holds over 4.5 million ETH, representing 3.76% of the total supply.

BitMine also reportedly has major paper losses on its Ethereum holdings, with some estimates hitting as high as $8.8 billion amid a 60% drop in ETH over the past six months.