Ethereum treasury firm SharpLink stock dips 10% after posting $103 million GAAP loss in Q2

The Block

2025-08-15 22:36:02

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Ethereum treasury firm SharpLink Gaming (ticker SBET), backed by the blockchain network's co-founder Joseph Lubin, saw its shares dip on Friday morning after reporting its second quarter earnings.

SharpLink disclosed a $103 million net loss for the quarter, though $87.8 million of that sum was attributed to non-cash impairment on the firm's liquid staked ETH holdings due to the Generally Accepted Accounting Principles (GAAP) requirement to recognize the lowest price the ETH traded at during the second quarter, which was $2,300.

ETH has rallied in recent weeks to trade above $4,500. At current prices, SharpLink's current stash of 728,804 ETH is worth over $3.3 billion, according to The Block's Ethereum price page.

Following the release of the earnings, shares of SharpLink dipped about 10% on Friday morning, falling to $21.15 by 10:16 a.m. ET from its price of $23.49 at yesterday's close, according to The Block's SBET price page.

SharpLink reported a 98% increase in "ETH Concentration," a measure of how much ETH the company holds per every 1,000 potential shares, measured as actual shares plus all the possible shares from warrants, options, RSUs, pre-funded warrants, and so on. "Nearly 100%" of the company's ETH has been staked, according to the firm, generating rewards of 1,326 ETH (about $6 million) to date.

“Ethereum is the trust layer for the decentralized economy, and SharpLink’s aggressive accumulation, staking and strategic management of ETH set it apart from any other public company in the market,” said Lubin, the firm's chairman of the board. “SharpLink is actively compounding value for our fellow stockholders through yield generation and intelligent capital deployment.”

The cumulative market cap of companies which hold ETH on their balance sheets has surpassed $10 billion amid the recent craze in digital asset treasuries, according to The Block's data.

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