SharpLink Gaming stock fell nearly 15% after the company reported a net loss of $103 million for Q2, compared to a net income of nearly $12 million during the same period last year. The firm, which is pivoting towards an Ethereum-focused strategy, saw its revenue decline by 30% year-on-year, totaling $1.4 million. Ethereum’s price had dipped below $4,400, contributing to the negative market sentiment, following a period of significant increases. SharpLink’s loss was exacerbated by a non-cash impairment loss of $87.8 million on its holdings in Ethereum-related assets and $16.4 million linked to stock-based compensation. The executives clarified that these figures reflect current accounting practices and are not cash-based losses, aiming to reassure investors about the long-term strategy focused on Ethereum-based assets.

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