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SharpLink Gaming’s shares slid after the company reported a $103 million net loss for the second quarter, though most of that headline number was tied to a non-cash accounting hit rather than operational losses.
What’s the Scoop?
- Loss Driven by Accounting Rules: Of the $103 million loss, $87.8 million was tied to a GAAP requirement forcing SharpLink to value liquid staked ETH at the lowest market price during the quarter — even though ETH has since rebounded sharply.
- Stock-Based Charges: The quarter also included $16.4 million in stock-based compensation linked to its Consensys advisory deal.
- Strategic Pivot: This is SharpLink’s first earnings release since rebranding as an
Ethereum treasury play. The company ended Q2 with 728,804 ETH, worth over $3.2 billion at current prices. - Market Reaction: Shares fell nearly 15% intraday as investors weighed the accounting-driven loss against the firm’s growing Ethereum reserves.
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