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SharpLink Gaming Posts $103.4M Q2 Loss Amid LsETH Impairment; Holds 728,804 ETH

SharpLink raised over $2.6 billion via PIPE, ATM, and registered direct offerings to fund ETH purchases; most holdings are staked, yielding 1,326 ETH to date amid significant non-cash impairments.

Fact Check
Multiple sources, including financial news aggregators citing official quarterly reports (10-Q), corroborate the key facts. Source 2 (StockTitan) and Source 11 (Moomoo) explicitly state SharpLink Gaming reported a Q2 loss of $103.4M and holds 728,804 ETH. The loss is attributed to an '$87.8M impairment on digital assets' (Source 11), which strongly supports the statement's claim of an 'LsETH impairment' as the cause.
    Reference: 1
Summary

SharpLink Gaming reported Q2 2025 results and said it raised over $2.6 billion via PIPE, ATM, and registered direct offerings to finance Ethereum purchases. The company holds 728,804 ETH, most of it staked, and has earned about 1,326 ETH in staking rewards. For Q2, revenue was $700,000 (vs. $1 million in Q2 2024) and net loss was roughly $103 million, driven by an $87.8 million non-cash impairment on liquid staked ETH and $16.4 million in non-cash stock-based compensation. Earlier in August 2025, SharpLink secured a $200 million investment from four institutional investors to expand its ETH treasury. The company remains among the largest corporate Ethereum holders.

Terms & Concepts
  • Ethereum (ETH): The native cryptocurrency of the Ethereum blockchain, used for transactions, staking, and running decentralized applications.
  • Liquid Staked ETH (LsETH): A liquid token representing staked ETH, enabling holders to trade or use it while continuing to earn staking rewards.
  • ETH Staking: Locking ETH to secure the Ethereum network and earn protocol rewards over time.