SharpLink reports a loss of 103 million USD, stock drops nearly 15% as Ethereum price cools

Stock #SharpLinkGaming plummeted nearly 15% in Friday's trading session after the company released disappointing Q2 financial results, while Ethereum price fell below 4,400 USD.

According to the report, SharpLink recorded a net loss of 103 million USD in Q2 (ending June 30), in stark contrast to a profit of 12 million USD in the same period last year. Revenue reached 1.4 million USD, down 30% from the previous year, while gross profit was only 0.3 million USD, halving.

This is the first financial report since SharpLink announced its pivot strategy towards Ethereum in May. The loss mainly came from a non-cash asset impairment of 87.8 million USD related to LSE (tokenized $ETH staking) and 16.4 million USD in stock costs for the strategic agreement with Consensys. CFO Robert DeLucia emphasized that this is an “accounting loss, not affecting actual cash flow.”

Currently, SharpLink holds 728,804 ETH, worth approximately 3.23 billion USD. However, the drop in ETH due to concerns about the US economy and geopolitical tensions has significantly impacted asset value.

At the time of writing, Ethereum is trading around 4,444 USD, down 2.2% in the past 24 hours, despite nearly reaching a historical peak of 4,800 USD earlier. #anh_ba_cong