SharpLink reports $103.4 million loss in Q2, but now holds 728,804 ethereum
The sportsbook marketing company made an ethereum pivot in May and is now the second-largest ethereum treasury.
SharpLink Gaming, chaired by Joseph Lubin, the cofounder of ethereum, released its second-quarter earnings today, reporting a net loss of $103.4 million.
Shares of SharpLink Gaming dipped roughly 3% in premarket trading.
Revenue was $0.7 million, compared to $1 million in the second quarter last year. Profit decreased to $0.2 million, compared to $0.3 million in Q2 2024.
The company reported a net loss of $103.4 million compared to a net loss of $0.5 million in the second quarter of 2024, “driven largely by accounting for the non-cash impairment loss and non-cash stock-based compensation.”
SharpLink said it raised more than $2.6 billion to acquire ethereum via PIPE deals, ATMs, and registered direct offerings. It also staked “nearly 100% of the Company’s ETH,” generating rewards of 1,326 ETH.
The sportsbook marketing company made an ethereum pivot in May, and it’s now the second-largest ethereum treasury, with 728,804 ethereum worth roughly $3.5 billion at current prices.
David Siemer, cofounder and CEO of Wave Digital Assets, told Sherwood News that SharpLink’s ethereum treasury strategy is one of many strong indicators of tremendous institutional interest in the ethereum ecosystem and signals two key things: the growing maturity of ethereum, not just bitcoin, and investor confidence in ethereum’s transformational role in DeFi, tokenization, and Web3 infrastructure.
“SharpLink is positioning itself similarly to early bitcoin adopters, but leaning into ethereum’s broader utility,” he said.
