The Ethereum treasury firm reported $11.5M revenue but booked $321M in unrealized crypto losses and $76.1M in impairments.
SharpLink, the second-largest publicly traded Ethereum treasury company, recorded a $394.3 million net loss in Q2. Revenue reached $11.5 million, with $11.2 million derived from ETH staking.
The loss stemmed from $321 million in unrealized crypto losses and $76.1 million in impairments on LsETH and weETH. The company held 886,881 ETH as of June 30, increasing to approximately 888,938 ETH by August 3.
No immediate market reaction was disclosed in the report.