SharpLink Gaming reported strong Q4 2025 staking revenue growth driven by its Ethereum treasury strategy, though GAAP net results were significantly impacted by unrealized losses related to ETH price volatility. The company continued expanding its ETH treasury operations and institutional ownership base.

SharpLink Gaming achieved $104M in net income for Q3 2025, reversing prior losses. This turnaround was powered by its ETH Treasury Management strategy, which delivered significant unrealized and realized gains alongside staking revenue. Affiliate marketing revenue declined year-over-year, but cost controls helped maintain positive operating income.

SharpLink generated $700,000 in Q2 revenue but reported a $103.4 million net loss, primarily due to a non-cash impairment of LsETH and stock-based compensation tied to its ETH-focused strategy.