TLDR
- Sharplink posted a $394.3 million net loss for the second quarter, driven by falling ether prices.
- Staking income reached $11.2 million, a sharp jump from the prior year.
- The company booked $321 million in unrealized losses and $76.1 million in impairments on its crypto holdings.
- Sharplink held 888,938 ether by August 3, keeping its spot as the second largest publicly traded ether holder.
- After the quarter ended, Sharplink committed $100 million to a new onchain yield fund with Galaxy Digital.
Sharplink Gaming reported a $394.3 million net loss for the second quarter of 2025. The loss came largely from falling ether prices.
The company holds one of the largest corporate ethereum treasuries. It continues to grow that position even as prices swing.
Sharplink brought in $11.5 million in revenue for the quarter. That is up sharply from $697,000 a year earlier.
Most of the revenue came from staking its ether holdings. Staking alone generated $11.2 million.
The net loss was driven by non-cash accounting charges. These charges do not affect the number of tokens the company owns.
Sharplink booked a $321 million unrealized loss on its crypto assets. This was tied to weaker ether prices during the quarter.
The company also recorded $76.1 million in impairments. These were linked to its LsETH and weETH liquid staking positions.
Under accounting rules, impairments lower the value of assets on paper. They cannot be reversed even if prices recover later.
Crypto assets were valued at about $1.4 billion at the end of the quarter. Cash and cash equivalents totaled $56.2 million.
Sharplink’s Ethereum Holdings Keep Growing
Sharplink held about 886,881 ether and ether equivalents as of June 30. By August 3, that number grew to 888,938 ether.
The growth keeps Sharplink as the second largest publicly traded company holding ether. CEO Joseph Chalom said the company stayed active in treasury management and ethereum development during the quarter.
In June, Sharplink raised $75 million through a stock and warrant offering. The offering was priced above the company’s net asset value.
Part of that money went toward buying about 10,000 more ether. The average purchase price was $1,611 per token.
Buybacks and New Yield Fund
Sharplink also repurchased about 2.1 million shares for $10 million during the quarter. Since starting buybacks in August 2025, the company has spent $41.7 million buying back more than 4 million shares.
After the quarter ended, Sharplink committed $100 million to a new fund called the Galaxy Sharplink Onchain Yield Fund. Galaxy Digital added another $25 million to the fund.
The fund plans to use onchain strategies to generate extra returns. It is meant to work alongside Sharplink’s existing ether holdings.
The quarter shows how tied Sharplink’s earnings are to ether prices. Staking income grew, but so did losses from market swings.
