Lucrative cashout of Solana tokens propels G2 Esports to historic 2024 profits

The Samurai are doing well. In its 2023 financial report revealed on April 7, 2025, G2 Esports's holding company announced something unusual — arguably unprecedented — in the modern esports ecosystem: an estimated net profit of €9 million. If confirmed, this incredible success would be attributable almost entirely to the strategic resale of Solana (SOL) tokens, a popular cryptocurrency. By December 2023, the organization had built up a wealth of SOL tokens — worth €3.2 million in total at the time of acquisition — through various partnerships and marketing activations.

Taking advantage of a spike in SOL's value in early 2024, G2 sold the tokens for a total of €16 million. This one-off — but massive — sale earned the club an eye-watering €12.8 million capital gain. With this, G2 strengthened its financial autonomy and placed itself in an extremely favorable position — especially compared to other teams in the esports space. A clever, well-timed, financially opportunistic move set up the organization for an easier time in the coming years.

By turning a profit in 2024, G2 proved itself an exception to the loss-leading rule that every other esports organization has remained ardently devoted to. The financial turmoil of 2023 hit the sector hard, leaving nearly every team struggling to maintain financial stability. Many announced staff reductions or internal restructuring, left reeling as major brands cut ties with the space.

As outside sponsors trimmed marketing budgets, organizations also had to grapple with reduced revenue from publishers. With the space changing rapidly, Riot Games, Blizzard Entertainment, and other leading esports publishers switched to variable revenue-share models that tied the majority of team revenue to sporting or commercial performance, rather than being guaranteed.

Despite being in the black in 2024, G2's holding company ended 2023 with an operating deficit of €1.9 million, explained in particular by a delay in certain payments receivable (publisher receivables were ~€1.7 million) and the continued increase in payroll costs (approximately €2 million compared to N-1). In 2023, G2 Holding crested €25 million in revenue, a 10% increase from 2022, buoyed by a few core revenue drivers: the organization saw an 80% increase in digital revenue, with overall merchandising revenue up 81% to €1 million, and improved competitive results lifted tournament winnings from €673,000 to €2.5 million.

In 2023, sponsorships remained G2's main source of revenue (more than 50%; at least €13 million), driven by loyal sponsors in the betting and skin trading spaces. Despite the dismal economic climate in the space as a whole at the time, G2 managed to sign new deals with Mastercard, M88, and Jagermeister while renewing several existing contracts. The team also continued its competitive expansion into the North American market with G2 Inc, a subsidiary focused on titles like VALORANT, Call of Duty, Rocket League, and sim racing that generated €5 million in revenue and €1.5 million in profits for the holding company, per our estimates.

G2 League of Legends closed near break-even (+€5K), with an estimated revenue around €2 million (up 107K from 2023) — another positive trend helping offset rising costs amidst increased instability. By consolidating all of G2's subsidiaries, the group reached nearly €30 million in 2023 — a figure confirmed by G2 when contacted for comment.

2023, surprisingly, didn't weaken G2's financial structure. Though their success was driven by an exceptionally successful cryptocurrency sale — unlikely to be replicated in the future — it demonstrated an ability to identify, leverage, and execute upon financial opportunities outside of the competitive esports space. While many esports organizations struggle to achieve sustainable business models, G2 has proved itself, across the board, as one of the best examples in the west.