Sharplink, Inc. (Nasdaq: SBET), a firm that has shifted its focus toward building and managing a large Ethereum treasury, released its financial results for the second quarter ended June 30, 2026. The report highlighted meaningful income generated from staking its ETH holdings while revealing a substantial net loss driven largely by accounting adjustments tied to cryptocurrency price movements.
The company recorded total revenue of $11.5 million for the quarter, a sharp rise from approximately $0.7 million in the same period of 2025.
Nearly all of this amount—roughly $11.2 million—stemmed from staking activities linked to its Ethereum holdings.
This growth reflects the impact of Sharplink’s actively managed ETH treasury strategy, which began in early June 2025 and operated for a full quarter in the latest reporting period.
Staking has become the dominant source of the firm’s reported income, underscoring its transition away from earlier business lines.
Despite the revenue increase, Sharplink reported a net loss of $394.3 million, compared with a $103.4 million loss in the year-earlier quarter.
The shortfall was driven primarily by non-cash items.
These included a $321 million unrealized loss on crypto assets measured at fair value, resulting from weaker ether prices during the quarter, along with a $76.1 million impairment charge related to its positions in liquid staking tokens LsETH and weETH.
Company materials emphasize that these charges do not reduce the actual number of ETH or ETH-equivalent tokens held, though impairments permanently lower the carrying value of the liquid staking assets under US GAAP rules and are not reversed if market prices later recover.At the end of the quarter, Sharplink held approximately 886,881 ETH and ETH equivalents.
This total comprised native ETH as well as amounts represented by liquid staking tokens.
By August 3, 2026, the figure had risen slightly to about 888,938 ETH equivalents, reinforcing the company’s standing as one of the largest publicly traded corporate holders of Ethereum.
Cash and cash equivalents stood at $56.2 million as of June 30, up from $28.5 million at the end of 2025.
Crypto assets on a U.S. GAAP basis were valued at roughly $1.4 billion at quarter-end.During the period, Sharplink completed a $75 million registered direct offering and used a portion of the proceeds to acquire additional ETH.
It also continued share repurchase activity.
Subsequent to quarter-end, the company announced the launch of the Galaxy Sharplink Onchain Yield Fund, a $125 million vehicle with $100 million committed by Sharplink and the remainder by Galaxy Digital, aimed at pursuing on-chain yield strategies while maintaining ETH exposure.
Leadership described the quarter as one of continued activity in both treasury management and support for Ethereum ecosystem initiatives, including backing organizations focused on protocol development, institutional engagement, and privacy infrastructure.
The results illustrate the income potential of large-scale ETH staking and the volatility that mark-to-market accounting and impairment rules can introduce to the financial statements of crypto treasury companies. The update shows Sharplink generating substantial staking yields from its growing Ethereum position even as broader market conditions produced significant non-cash losses on the bottom line.