Ethereum treasury company Sharplink reported a net loss of $734.6 million due to the sharp decline in the crypto market in the second half of 2025. In its year-end financial results, the $616.2 million paper loss on accumulated 868,699 Ether (ETH) and the $140.2 million impairment related to staked Ether conversions stood out as the main reasons for the loss. Although the ETH price peaked at $4,829 in August, it fell back to around $3,000 by year-end due to the October crash. This situation deeply affected companies with heavy ETH treasuries.
Source: Sharplink
Sharplink’s 2025 Net Loss: ETH Paper Losses
Sharplink suffered a $616.2 million paper loss from the value decline in its ETH portfolio. The $140.2 million impairment in staking conversions pushed the total loss to $734.6 million. These losses highlight how risky market volatility is for companies with ETH treasuries.
Why Did the ETH Price Fall from $4,829 to $3,000?
The crash in October after the August peak stemmed from macroeconomic pressures and regulatory uncertainties. ETH lost 38% of its value in the second half of 2025. This decline directly hit treasury-focused firms like Sharplink and created balance sheet pressure for similar companies.
Sharplink’s Pivot from Sports Betting to ETH Treasury
Under Chairman Joseph Lubin, Sharplink pivoted from sports betting to a digital asset treasury in June 2025. It raised its ETH share ratio from 2 to 4.01 and announced plans to acquire more ETH. Having raised $3.2 billion in funds, the company became the second-largest publicly listed ETH holder after BitMine, which holds over 4.5 million ETH. This strategy targets long-term ETH accumulation.
Revenue Explosion: Staking and Total Turnover Growth
On the positive side, total revenue surged 659% from $3.7 million to $28.1 million. In the fourth quarter, ETH staking revenue rose 48.5% to $15.3 million. Staking provided stable returns despite the market downturn.
Current ETH Technical Analysis: Key Levels
As of March 10, 2026, the ETH price is at $2,047.87, with a 24-hour change of +3.39%. RSI at 49.42 is neutral, overall trend is downtrend, and Supertrend is bearish. EMA 20: $2,018.50. Here are the support and resistance levels:
| Level | Price ($) | Score (/100) | Distance (%) |
|---|---|---|---|
| Support S1 | 2.029,37 | 70 ⭐ | -0,90 |
| Support S2 | 1.835,36 | 69 ⭐ | -10,38 |
| Resistance R1 | 2.111,38 | 76 ⭐ | +3,10 |
| Resistance R2 | 2.199,00 | 74 ⭐ | +7,38 |
Click for ETH detailed analysis. ETH futures can increase volatility. ALT coins are also following a similar downtrend.
SBET Stock Performance: Rise and Fall
The company’s stock SBET rose 67% over the past year but lost 50% value in the last six months. The ETH treasury strategy triggers stock volatility, posing high risk for investors. A future ETH recovery could revitalize SBET.
Source: https://en.coinotag.com/sharplink-734m-eth-loss-2025-results