Sharplink’s aggressive ethereum treasury strategy delivered rising staking income in the second quarter, but a weaker crypto market left the company with a steep accounting loss.

The Nasdaq-listed company reported $11.5 million in revenue for the three months ended June 30, up from just $697,000 a year earlier. Almost all of that came from its ETH holdings, with staking generating $11.2 million.

Yet Sharplink recorded a net loss of $394.3 million, compared with a $103.4 million loss a year earlier. The result was dominated by non-cash charges tied to its crypto portfolio.

Sharplink booked a $321 million unrealized loss on crypto assets held at fair value as ether prices weakened during the quarter. It also recognized $76.1 million of impairments on its LsETH and weETH liquid-staking positions.

The company stressed that the impairment charges do not reduce the number of tokens it owns. However, under its accounting treatment, impairments lower the carrying value of those assets and cannot be reversed if prices recover.

Crypto assets were valued at roughly $1.4 billion under U.S. accounting standards at quarter-end. Cash and equivalents stood at $56.2 million.

Sharplink held approximately 886,881 ETH and ETH equivalents as of June 30. That figure increased to approximately 888,938 ETH by Aug. 3, reinforcing its position as the second-largest publicly traded ethereum treasury company.

“We remained highly active across both treasury management and ethereum ecosystem development, deploying capital into initiatives designed to enhance the productivity of our ETH and strengthen the infrastructure supporting broader adoption,” CEO Joseph Chalom said.

The company raised $75 million through a June stock and warrant offering priced above its net asset value. It used part of those proceeds to acquire roughly 10,000 ETH at an average price of $1,611.

Sharplink also repurchased about 2.1 million shares for $10 million during the quarter. Since beginning buybacks in August 2025, it has spent $41.7 million repurchasing slightly more than 4 million shares.

After quarter-end, Sharplink committed $100 million to the new Galaxy Sharplink Onchain Yield Fund, and Galaxy contributed an additional $25 million. The fund will pursue strategies designed to generate additional returns from onchain assets.

The quarter highlights the trade-off embedded in corporate crypto treasuries. Sharplink is generating recurring income by staking its ETH, but its earnings remain highly sensitive to token prices. For investors, the key question is whether that yield can eventually outweigh the volatility of the underlying treasury.

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