SharpLink Gaming's stock fell nearly 15% following a disappointing Q2 earnings report, revealing a net loss of $103 million, compared to a net income of nearly $12 million in the same quarter last year. The company attributed its losses to a non-cash impairment loss of $87.8 million on its staked Ethereum holdings and significant stock-based compensation linked to an advisory agreement. Revenue for the quarter declined 30% year-over-year, amounting to $1.4 million. Concurrently, Ethereum's price dipped below $4,400 due to geopolitical uncertainties and unfavorable U.S. economic data, after peaking over $4,800 recently. This shift in the cryptocurrency market, alongside SharpLink's financial struggles, has raised concerns among investors about the firm's pivot toward an Ethereum-centered corporate strategy.

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