SharpLink Gaming stock dropped nearly 15% after reporting a net loss of $103 million for Q2 2025, contrasting sharply with a net income of about $12 million the previous year. The company's revenue fell by 30% to $1.4 million for the quarter, with a gross profit of only $0.3 million, a 50% decrease from the same period last year. SharpLink's poor performance was partly attributed to an $87.8 million non-cash impairment on its LSE holdings and $16.4 million in stock-based compensation. The announcement coincided with a dip in Ethereum's price, dropping below $4,400, after reaching highs earlier in the month. The downturn in Ethereum's valuation and geopolitical uncertainties contributed to the stock's decline, reflecting investor concerns over the firm's recent pivot to an Ethereum-centered strategy.

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