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BitMine’s Ethereum Bet Is Only Part of the StorySharpLink Gaming NASDAQ: SBET reported a wider second-quarter net loss as unrealized losses and impairment charges tied to its Ethereum holdings outweighed growing revenue from staking and yield-generating strategies.

The company, which has positioned its corporate treasury around Ethereum, reported second-quarter revenue of $11.5 million for the period ended June 30, 2026, up from $700,000 a year earlier. Chief Financial Officer Bob DeLucia said the increase was driven by staking and ETH yield-generation activities.

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2 Stocks to Avoid as Crypto Momentum WanesSharpLink posted a net loss of $394.3 million, compared with a $103.4 million loss in the prior-year quarter. The result included a $321 million unrealized loss on crypto assets and a $76.1 million impairment charge, partially offset by a $1.4 million realized gain related to the derecognition of liquid staked ETH.

DeLucia said the accounting charges reflected market pricing and U.S. GAAP requirements rather than realized economic losses on the company’s Ethereum position. “These accounting measures do not represent realized economic losses on our ETH position, nor do they impact the number of ETH units we hold,” he said.

Ethereum Treasury Expands Analysts Think These Stocks Could More Than DoubleAs of June 30, SharpLink held 632,784 native ETH with a net fair value of $989 million. It also held 162,083 liquid staked ETH tokens and 66,267 wrapped ether.fi ETH tokens, which together had a net cost value of $369.2 million.

After the quarter ended, the company’s combined holdings increased to 888,938 ETH as of Aug. 3, consisting of 634,255 native ETH, 181,748 as-if-redeemed liquid staked ETH, and 72,935 as-if-redeemed wrapped ether.fi ETH.

The company ended the quarter with $56.2 million in cash, up from $28.5 million at the end of 2025. DeLucia said SharpLink believes its cash, unencumbered ETH holdings and capital-allocation flexibility provide ample liquidity to pursue its strategy across market conditions.

Selling, general and administrative expenses rose to $9.1 million from $2.4 million a year earlier. The company attributed the increase to operating its ETH treasury strategy for a full quarter, including costs for personnel, custody, insurance, legal, accounting and public-company infrastructure.

Capital Allocation and Share Repurchases Chief Executive Officer Joseph Chalom said SharpLink’s objective is to compound ETH per share and expand net ETH holdings over time through capital allocation and productive treasury management.

During the quarter, SharpLink completed a $75 million registered direct offering on June 23, issuing approximately 10 million shares and accompanying warrants at a combined purchase price of $7.49 per share and warrant. Chalom said the offering was completed at a premium to the company’s net asset value.

The company used part of the proceeds to purchase approximately 10,000 ETH at an average price of about $1,611 per ETH. SharpLink also repurchased 2.1 million shares during the quarter at an average price of about $4.70 per share, spending approximately $10 million.

Since beginning its repurchase program in August 2025, SharpLink has repurchased about 4 million shares for a total cost of approximately $41.7 million, according to Chalom.

The company was added to the Russell 2000 and Russell 3000 indexes as part of the Russell Index June 2026 reconstitution. Chalom described the addition as a milestone that could broaden institutional visibility and index-linked ownership eligibility.

Treasury Productivity Initiatives SharpLink is seeking to generate ETH returns above the Composite Ethereum Staking Rate, or CESR, through staking and selective treasury deployments. Chalom said the company evaluates opportunities based on their risk, liquidity profile, operating requirements and potential incremental ETH return.

The company recently announced the Galaxy SharpLink Onchain Yield Fund, which has $125 million of committed capital. SharpLink committed $100 million and Galaxy Digital committed $25 million. SharpLink expects to fund its investment with ETH or liquid staked ETH.

Chalom said the fund’s initial opportunities had been identified but that deployment would depend on completing diligence under its risk and return standards. He said the fund is intended to pursue long-term, risk-adjusted incremental ETH returns above the native staking rate, rather than providing a specific yield target.

According to Chalom, the fund is expected to focus primarily on highly collateralized on-chain opportunities and supporting new protocols that need initial capital to attract broader participation. He said Galaxy was selected for its sourcing, diligence and risk-management capabilities.

Institutional Ethereum Strategy Chairman Joe Lubin said Ethereum is evolving from an experimental technology into infrastructure for programmable financial and economic activity, including stablecoins, tokenized assets, decentralized markets and automated commerce.

Lubin cited recent Ethereum-related initiatives from Robinhood, BlackRock and JPMorgan as examples of institutional activity on the network. He also pointed to Ethereum’s planned “Glamsterdam” hard fork as part of a longer-term roadmap intended to improve network capacity, performance, privacy and resilience.

SharpLink has provided anchor funding to EthLabs, Ethereum Institutional and EthSystems. Chalom said the organizations address core protocol development, institutional engagement, and privacy and compliance infrastructure, respectively.

EthLabs is focused on protocol development, scaling, interoperability and usability. Ethereum Institutional serves as an institutional engagement organization and has developed more than 500 institutional relationships, according to Chalom. EthSystems is developing privacy and compliance infrastructure for regulated institutions transacting on Ethereum. Chalom said SharpLink’s support for the organizations is a strategic investment in Ethereum’s ecosystem rather than philanthropy. He said the entities are intended to operate independently and do not provide SharpLink with profit-sharing or control rights.

Management also highlighted the potential for “agentic finance,” in which autonomous software agents could make payments, manage portfolios and execute financial activities. Chalom said Ethereum’s stablecoin, tokenized-asset and decentralized-finance infrastructure could support that activity, while Lubin emphasized the network’s neutral and decentralized architecture.

About Sharplink Gaming (NASDAQ:SBET)SharpLink Gaming, Inc operates as an online technology company that connects sports fans, leagues, and sports websites to sports betting and iGaming content. The company operates through four segments: Affiliate Marketing Services United States, Affiliate Marketing Services International, Sports Gaming Client Services, and SportsHub Games Network. It operates a performance marketing platform, which owns and operates state-specific web domains to attract, acquire, and drive local sports betting and casino traffic directly to the company's sportsbook and casino partners, which are licensed to operate in each respective state; and offers sports betting data to sports media publishers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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MIAMI, June 30, 2026 (GLOBE NEWSWIRE) -- Sharplink, Inc. (Nasdaq: SBET) ("Sharplink" or the "Company"), one of the world's largest corporate holders of Ether ("ETH") and a prominent industry advocate of Ethereum adoption, today announced the purchase of 10,000 ETH at an average price of $1,611 per ETH, bringing total ETH holdings1 to 886,725. The Company also announced the repurchase of 2,132,773 shares of its common stock in the open market at an average purchase price of $4.69 per share in connection with its ongoing stock buyback program.

Key Company Highlights for the Week Ending June 28, 2026

Raised $75 million via a registered direct offering of common stock and warrants.Bought 10,000 ETH at an average price of approximately $1,611 per ETH.Total ETH holdings1 increased to 886,725.Repurchased 2,132,773 shares of common stock, bringing total to 4,071,223 shares repurchased since initiating its buyback program in August 2025. The Company's ETH purchases reflect its continued commitment to growing its ETH treasury as a long-term reserve asset. Separately, pursuant to its ongoing stock buyback program, Sharplink has repurchased its common stock, which it believes is significantly undervalued.

"The successful completion of our $75 million registered direct offering last week has strengthened our balance sheet and provided the capital to support our active ETH treasury management strategy. Our capital allocation philosophy is disciplined and straightforward: every financing decision we make is based on our long-term objective to increase ETH per share,” stated Joseph Chalom, CEO of Sharplink.

1 Total ETH holdings held as of June 28, 2026, were comprised of 632,719 native ETH, 181,299 ETH as-if redeemed from LsETH and 72,707 ETH as-if redeemed from weETH.

About Sharplink, Inc.

Sharplink is a leading institutional-grade Ethereum treasury platform designed to give public market investors smarter, more productive exposure to ETH. Ethereum underpins the majority of global stablecoin, tokenized real-world assets and decentralized finance settlement. Sharplink was founded in 2019 and is headquartered in Miami, Florida. Learn more at www.sharplink.com.

Forward-Looking Statement

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and these forward-looking statements are subject to various risks and uncertainties. Such statements include, but are not limited to, goals and expectations regarding the Company’s strategy and potential partnerships, and other statements accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words, but the absence of these words does not mean that a statement is not forward-looking. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the intended use of proceeds from our recent Offering; the potential use of the Company’s ATM facility; the Company’s ability to repurchase additional shares of its common stock under its stock repurchase program; the Company’s ability to achieve and sustain profitable operations; volatility in the market price of ETH and its resulting impact on the Company’s accounting and financial reporting; changes in government regulation of cryptocurrencies and online betting; changes in securities laws or other applicable regulations; fluctuations in customer demand and overall economic conditions; competitive pressures, including competing products, pricing, and sales cycles; the protection and enforcement of the Company’s proprietary rights; and other risks and uncertainties described in the Company’s Annual Report and other filings with the SEC. Under U.S. generally accepted accounting principles, entities are generally required to measure certain crypto assets at fair value, with changes reflected in net income each reporting period. Changes in the fair value of crypto assets could result in significant fluctuations to the balance sheet and income statement results. Additionally, for other certain types of crypto assets, the Company uses the historical costs less impairment model. This model may require the Company to record an associated impairment charge reflected in net income as a result of a decrease in the market price of the crypto assets below the cost value at which the Company’s crypto assets are carried on its balance sheet. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company does not undertake any responsibility to update the forward-looking statements in this press release.

CONTACT:
Sharplink’s Investor Relations Contact:
Sean Mansouri, CFA or Aaron D’Souza | Elevate IR
Phone: (720) 330-2829
Email: [email protected]

Sharplink’s Media Contact:
Email: [email protected]