SharpLink posts $1B loss as its $1.7B Ethereum treasury could take 90 days to fully convert to cash

Ethereum treasury company SharpLink reported a $1.08 billion net loss for the six months ended June 30. Its Aug. 7 quarterly filing attributes most of that result to price-related accounting charges. Much of the company’s treasury is staked, making conversion time a material part of its liquidity profile.

The filing attributes $827.7 million of the loss to an unrealized decline in the value of ETH and another $267.8 million to impairments of LsETH and weETH, tokens representing liquid staking and restaking positions. Those predominantly non-cash charges exceeded the net loss because other results partly offset them.

The six-month loss was 934.3% above the roughly $104.4 million recorded a year earlier. The comparison spans different operating profiles because SharpLink launched its ETH treasury strategy on June 2, 2025, near the end of the earlier period.

What Ethereum can become cash, and when

SharpLink held $56.2 million in cash and cash equivalents at June 30. In a separately dated snapshot, it reported 888,938 unencumbered ETH-equivalent units as of Aug. 3: 634,255 native ETH, 181,748 ETH on an as-if-redeemed basis from LsETH and 72,935 ETH on the same basis from weETH.

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