Ethereum
SharpLink reports $394.3M Q2 loss amid Ethereum market decline
The publicly traded Ethereum treasury firm posted a quarterly net loss of $394.3 million, driven largely by unrealized losses on its ETH holdings.
SharpLink, Inc. reported second-quarter revenue of $11.5 million, of which $11.2 million came from Ethereum staking operations, but posted a net loss of $394.3 million for the period. The loss reflected $321 million in unrealized losses tied to Ethereum market conditions and $76.1 million in impairment charges on derivative ETH positions. The company stressed these were non-cash accounting adjustments that do not affect its actual token holdings.
SharpLink's Ethereum portfolio grew modestly, reaching approximately 888,938 ETH by early August from 886,881 ETH at quarter-end. Operating expenses nearly quadrupled to $9.1 million compared with the prior-year quarter. The company ended June with $56.2 million in cash, up from $28.5 million at year-end 2025, following a $75 million share offering completed in late June that funded additional Ethereum purchases.
Revenue growth was substantial year-over-year, climbing from $0.7 million in the second quarter of 2025 as the Ethereum treasury strategy, launched in June 2025, began generating staking returns. The company also continued a share buyback programme initiated in August 2025, repurchasing 2.1 million shares for roughly $10 million during the quarter.
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