SBET Is Gaining Ground On Crypto Radar Despite A Massive Accounting Loss

• SharpLink reported a $734.6 million net loss in 2025, mainly due to a drop in the price of Ethereum and Liquid-staked Ethereum.
• The company’s revenue rose sharply to $28.1 million from $3.7 million a year earlier, a 660% increase. 
• The increase in revenue comes from SharpLink launching its Ethereum treasury and staking operations in 2025.

Shares of SharpLink Inc (SBET) were on investors' radar on Monday after the company reported a 660% revenue surge for 2025, rising from $3.7 million in 2024 to $28.1 million. This was fueled by its expanding Ethereum treasury strategy and staking income.

At the time of writing, SharpLink Inc (SBET) was up over 2%. 

On Monday, the firm reported that throughout the year, SharpLink continued to expand its Ethereum treasury strategy, with staking revenue rising from $10.3 million in the third quarter to $15.3 million in the fourth quarter. 

According to the company, it is the second largest publicly traded Ether holder, with 864,597 ETH as of December 31, 2025, and 868,699 ETH as of March 2026. SharpLink has produced 14,516 ETH in staking rewards through native and liquid staking programs since introducing its ETH-focused treasury strategy in June 2025.

Ethereum Price Drop Drives Accounting Loss

SharpLink Inc. also reported a $734.6 million loss in 2025, compared with a $10.1 million loss in 2024. This was because Ethereum's (EH) price fell last quarter, resulting in large unrealized losses and impairment charges.

The company cited $616.2 million in unrealized losses as Ethereum’s price tanked in the second half of 2025, as well as a $140.2 million impairment related to liquidated staked Ethereum (LsETH) holdings. SharpLink said the charges are in line with GAAP accounting rules and do not reflect realized losses or reductions in the company's ETH holdings. 

What’s The Mood On Stocktwits?

On Stockwits, the retail sentiment around SBET remained in the ‘bullish’ territory, as chatter levels remained ‘high’ over the past day.

According to Koyfin, analyst data shows that SharpLink Inc. (SBET) has a price target of $22.50, higher than the company's recent trading price of about $7.45, a possible upside of about 202% in the next 12 months.

SBET stock is down over 22% year-to-date. 

Read also: Bitcoin Bulls Eye Liquidity Boost: Yen Slides Towards 1980s Lows Against The Dollar

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