Joseph Lubin (SharpLink Gaming)

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.

8/15/25 8:06AM

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.

Yaël Bizouati-Kennedy

10/3/25

Bitcoin soars past $120,000 as analysts predict new all-time high by end of year

Friday’s price is a 97% jump from where bitcoin was a year ago.

Toby Bochan10/2/25

Bitcoin, ethereum get bullish 12-month price targets from Citi

Citi updated its price targets for the two largest cryptocurrencies in a note Wednesday, predicting a 12-month target of $181,000 for bitcoin and $5,440 for ethereum.

While overall, Citi analyst Alex Saunders wrote that the firm is “more positive on Bitcoin compared to Ether, as it captures an outsized portion of incremental flows into crypto markets,” he trimmed bitcoin’s year-end price target to $133,000 from $135,000, citing a stronger dollar and weaker gold price as offsetting factors.

Ethereum, on the other hand, got a price target bump up to $4,500 from $4,300 by year-end due to flows surging following “stablecoin regulation increasing interest in the network and tokenization and the rise of DATs.”

Many of the splashiest entries into the digital asset treasury (DAT) space have been ethereum-based treasuries lately, with companies like BitMine Immersion Technologies and SharpLink Gaming launching DATs and stockpiling huge amounts of ethereum in just the second half of this year.

Bitmine now holds 2,650,900 ETH worth $11.7 billion, while SharpLink has 838,728 ETH worth $3.7 billion. To put that in context, Strategy, the largest corporate bitcoin holder, has 640,031 BTC worth $47.3 billion.

Yaël Bizouati-Kennedy

10/1/25

Bitcoin rallies past $117,000 as the US government shuts down

Meanwhile, Strategy is surging following the IRS issuing interim guidance that would remove the 15% Corporate Alternative Minimum Tax for unrealized gains on bitcoin holdings.