The online gaming company SharpLink Gaming is the second largest corporate holder of Ethereum, announcing a net loss of $103 million in the second quarter of 2025, primarily driven by paper losses from liquid-staked Ethereum (LsETH). This loss represents a significant increase from the $500,000 loss in the same period of 2024, with a year-on-year change of -25,980%.
According to a Friday announcement, SharpLink currently holds 728,804 Ethereum (ETH), valued at approximately $3.5 billion based on the price at the time of writing. The only publicly traded company holding more ETH is BitMine Immersion Technologies, which holds just over 1.15 million ETH, valued at about $5.1 billion.
In SharpLink's second-quarter loss, $87.8 million (85%) was related to the company's LsETH. A representative from SharpLink told Cointelegraph that the company still holds all LsETH, and the impairment "reflects accounting rules rather than the sale or loss of ETH."
"Under Generally Accepted Accounting Principles (GAAP), LsETH is currently considered a digital intangible asset, recorded at cost and subject to impairment," said a SharpLink spokesperson. "In the second quarter, the lowest market price for LsETH was $2,300, triggering an $87.8 million non-cash impairment."
GAAP stands for "Generally Accepted Accounting Principles," widely used by businesses for financial reporting. SharpLink's revenue for the second quarter of 2025 was $700,000.
SharpLink's stock price fell due to this news. According to Google Finance data, as of the time of writing, the company's stock price on NASDAQ dropped by 12.58%.
Ethereum treasury companies and exchange-traded funds are expected to support buying pressure for ETH, with new price predictions emerging.
Multinational bank Standard Chartered stated that ETH could reach $7,500 by the end of 2025. Market strategy and research firm Fundstrat is more optimistic, claiming ETH could reach $15,000 by the end of the year.
Vivek Raman from Etherealize noted that competition among Ethereum treasury companies could trigger further activity in decentralized finance networks, leading to a DeFi summer 2.0 on an institutional scale.
Since the ecosystem's Pectra upgrade in May, Ethereum has been on the rise. On that day, the ETH price was around $1,811. As of the time of writing, the ETH price is $4,382, marking a 142% increase during that period.
Related: Coinbase predicts a "full-blown altcoin season" in September.
Original article: “SharpLink Shares Drop 12% Due to Second Quarter Cryptocurrency Impairment Loss”
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