TLDR:
SharpLink reported a $394.3 million net loss in Q2 2026 despite $11.5 million total revenue.
Unrealized ETH losses of $321 million and $76.1 million in impairments drove the quarterly loss.
SharpLink’s ETH holdings rose to approximately 888,938 tokens as of August 3, 2026.
The company launched a $125 million Galaxy SharpLink Onchain Yield Fund after Q2 ended.
SharpLink, Inc. (Nasdaq: SBET), one of the largest publicly traded Ethereum treasury companies, reported total revenue of $11.5 million for the second quarter of 2026.
The company posted a net loss of $394.3 million for the period. Staking revenue reached $11.2 million, reflecting the company’s actively managed Ethereum treasury strategy.
SharpLink held approximately 886,881 ETH as of June 30, 2026, with holdings rising to about 888,938 ETH by August 3, 2026.
Second Quarter Financial Performance
SharpLink’s total revenue for the three months ended June 30, 2026, grew significantly from $0.7 million in the same period last year.
The increase stemmed largely from the company’s ETH treasury strategy, which launched in June 2025.
Selling, general and administrative expenses rose to $9.1 million, compared with $2.4 million a year earlier.
The company’s net loss of $394.3 million compares with a net loss of $103.4 million in the second quarter of 2025. This increase was driven primarily by non-cash unrealized losses and impairment charges.
SharpLink recorded an unrealized loss of $321.0 million tied to Ethereum market conditions during the quarter.
Additionally, the company recorded a $76.1 million impairment charge on its LsETH and weETH holdings.
SharpLink noted these charges are non-cash accounting adjustments that do not reduce actual token holdings.
However, impairment charges lower the carrying value of these assets under U.S. GAAP and are not reversed later.
Cash and cash equivalents totaled $56.2 million as of June 30, 2026. This figure compares with $28.5 million reported at the end of December 2025. Crypto assets totaled approximately $1.4 billion on a GAAP basis at quarter’s end.
Treasury Management and Ecosystem Investments
On June 23, 2026, SharpLink completed a $75.0 million registered direct offering. The transaction included 10,013,351 shares of common stock alongside accompanying warrants. Proceeds from the offering helped fund the purchase of roughly 10,000 additional ETH tokens.
SharpLink also repurchased about 2.1 million shares during the quarter, spending approximately $10.0 million.
Since starting its buyback program in August 2025, the company has repurchased 4,071,223 shares. The total cost of these repurchases has reached approximately $41.7 million to date.
Chief Executive Officer Joseph Chalom said the company remained “highly active across both treasury management and Ethereum ecosystem development” during the quarter.
He pointed to accelerating institutional adoption and expanding onchain activity as signs of broader momentum building across the network.
Beyond treasury management, SharpLink announced anchor funding for three ecosystem organizations. EthLabs focuses on core protocol development and scaling for institutional adoption.
Ethereum Institutional serves as a front door connecting banks and asset managers to Ethereum, while EthSystems develops privacy and compliance infrastructure for regulated institutions.
Chairman Joseph Lubin, also Consensys CEO and an Ethereum co-founder, said the network is “moving from an era of proving the technology to putting it to work” as financial infrastructure.
SharpLink also joined the Russell 2000 and Russell 3000 indexes during June’s reconstitution. After the quarter closed, the company launched the Galaxy SharpLink Onchain Yield Fund.
The fund carries $125.0 million in committed capital, split between SharpLink and Galaxy Digital.
