SharpLink Gaming's stock fell sharply, down nearly 15%, after the company disclosed a net loss of $103 million for Q2 2025, contrasting with a net income of nearly $12 million in the same quarter last year. The firm reported a revenue drop of 30%, totaling $1.4 million. The losses were linked to a non-cash impairment loss related to their Ethereum (ETH) holdings, as well as stock-based compensation costs. This financial downturn occurred amidst a dip in the price of Ethereum, which dropped below $4,400 following wider economic concerns. SharpLink holds over 728,000 ETH valued at approximately $3.23 billion, but the company’s recent earnings have raised concerns regarding its strategy focused on Ethereum. Investors were particularly rattled by the stark contrast in earnings compared to previous quarters.

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