SharpLink Stock Dives After Q2 Loss as Ethereum Price Surge Cools
SharpLink Gaming stock fell nearly 15% after the company reported a net loss of $103 million for Q2, in stark contrast to the nearly $12 million net income from the same period last year. Revenue for the quarter was $1.4 million, a 30% decline year-over-year. Significant losses were attributed to non-cash impairments and stock-based compensation linked to an advisory agreement. The company's pivot towards an Ethereum-centered strategy has resulted in substantial holdings, currently valued at $3.23 billion despite Ethereum's recent price drop to below $4,400 due to geopolitical concerns and economic data. SharpLink's executives reassured investors that their losses stemmed from normal accounting practices and highlighted the ongoing challenges within the Ethereum market and broader economic pressures impacting pricing and demand.
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