SharpLink Posts Record Loss Amid Ethereum Price Falls

SharpLink, one of the largest corporate holders of Ethereum (ETH), reported a net loss of $394.3 million in Q2 due to non-cash markdowns on its ETH holdings amid price falls.

The company's operating business grew, with total revenue rising to $11.5 million, driven by a 16-fold increase in staking revenue.

SharpLink leaned into the weakness rather than retreating, buying 10,000 ETH at an average price of $1,611 and repurchasing 2.1 million shares while launching a new onchain yield fund with $125 million in committed capital.

The company's treasury itself is intact, with no reduction in the number of ETH held.