SharpLink and Upexi have shifted their business strategies to focus on digital assets, primarily through staking Ethereum (ETH) and Solana (SOL). SharpLink, which rebranded in 2025 to emphasize ETH, reported a 1080% surge in quarterly revenue, with 95% of this growth attributed to ETH staking. Upexi similarly reported that 66.7% of its Q3 2025 revenue was derived from SOL staking. Despite these impressive revenue figures, both companies are encountering liquidity challenges. Their staking rewards remain in cryptocurrency and are not converted to fiat, leading to ongoing operating cash outflows. To sustain their operations and expand their digital asset holdings, both firms have resorted to raising capital through equity and debt, creating a DeFi-style flywheel effect. Analysts caution that these business models are susceptible to risks from prolonged price stagnation and high operational costs.