SharpLink Inc. (SBET) Stock: Drops as Q2 Loss Widens Despite Revenue Surge and ETH Growth
TLDR
- SharpLink Q2 revenue surged to $11.5M while net loss widened sharply to $394.3M.
- SBET fell 5.83% to $6.05 after SharpLink reported a much wider quarterly loss.
- SharpLink held 886,881 ETH by June before increasing its treasury to 888,938 ETH.
- The company bought about 10,000 ETH after completing a $75 million offering.
- SharpLink launched a $125M onchain yield fund with Galaxy after quarter end.
SharpLink Inc. posted a wider second-quarter loss as Ethereum market weakness outweighed a sharp rise in revenue. The company reported $11.5 million in revenue, compared with $0.7 million one year earlier. SBET traded at $6.05, down 5.83%, after a steep intraday decline from earlier levels.
SharpLink Q2 Revenue Jumps as Loss Expands
SharpLink recorded a $394.3 million net loss for the second quarter, up from $103.4 million last year. Non-cash unrealized losses and impairments drove most of the increase as Ethereum prices weakened during the quarter. The company booked a $321 million unrealized loss tied to ETH market conditions during the reporting period.
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