SharpLink holds 728,804 ETH, reports $103.4 million quarterly loss

SharpLink Gaming (NASDAQ: SBET) reported holding 728,804 Ether tokens as of June 30, 2025, following its strategic shift to establish ETH as its primary treasury reserve asset in early June.

The company reported a net loss of $103.4 million for the second quarter of 2025, compared to a net loss of $0.5 million in the same period last year. The loss was primarily driven by an $87.8 million non-cash impairment charge on liquid staked ETH holdings due to price declines during the quarter, as required by U.S. accounting rules.

Revenue decreased to $0.7 million from $1.0 million in the prior year quarter. Gross profit was $0.2 million, representing 30% of revenue, compared to $0.3 million or 28.5% in the second quarter of 2024.

The company raised over $2.6 billion in capital through various offerings to fund ETH acquisitions. SharpLink has staked nearly 100% of its ETH holdings, generating approximately 1,326 ETH in cumulative rewards.

Joseph Lubin, co-founder of Ethereum, joined as chairman of the board, while Joseph Chalom, a former BlackRock executive, was appointed co-chief executive officer. The company also entered into a strategic partnership with Consensys.

Operating expenses included $16.4 million in non-cash stock-based compensation related to the Consensys advisory agreement. The company also recorded a $2.4 million unrealized loss on ETH holdings, offset by a $5.4 million unrealized gain.

For the six-month period ended June 30, 2025, SharpLink reported revenue of $1.4 million compared to $2.0 million in the prior year, with a net loss of $104.4 million versus net income of $11.9 million in 2024.

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