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SharpLink posts $394.3M loss as Ethereum treasury losses mount
The company reported $11.5M in Q2 revenue, but recorded a $321.0M unrealized loss on crypto assets plus a $76.1M impairment charge tied to LsETH and weETH.
SharpLink reported a $394.3 million net loss for the second quarter, attributing the result largely to losses tied to its large Ethereum treasury outweighing a revenue increase, according to an announcement carried by Yahoo Finance.
The firm posted $11.5 million in revenue for the three months ended June 30, up from $697,000 a year earlier. Most revenue came from staking, which generated $11.2 million in the quarter, compared with $29,000 in the same period of 2025.
Despite the higher revenue, SharpLink said it recorded a $321.0 million unrealized loss on crypto assets during the quarter and a $76.1 million impairment charge tied to LsETH and weETH. The company said the impairment was a non-cash accounting charge and did not reduce the amount of ETH or ETH-equivalent tokens it held.
SharpLink said it held about 886,881 ETH at the end of June, and by Aug. 3 its total ETH holdings had risen to 888,938 ETH. It also said it raised $75 million through a registered direct offering in June, used part of the proceeds to buy about 10,000 ETH at an average price of $1,611, and launched the Galaxy Sharplink Onchain Yield Fund with $125 million in committed capital after the quarter ended.