Key Moments
- SharpLink (SBET) posted a Q2 net loss of $394.3 million, driven largely by $321 million in unrealized losses on its ETH holdings.
- BitMine Immersion (BMNR) repurchased 3 million shares last week and increased its ETH position to 5.805 million, most of which is staked.
- Ethereum is trading around $1,870 and is hovering near its 20- and 50-day EMAs, signaling consolidation rather than a clear trend.
SharpLink Hit by Crypto Market Weakness
Ethereum price today: $1,870
SharpLink (SBET) reported a Q2 net loss of $394.3 million following sharp declines in the broader crypto market, a deterioration of more than 3.5 times compared with its $103.4 million loss in Q2 2025, according to a filing on Monday.
The quarterly loss included $321 million in unrealized losses tied to its Ethereum holdings and $76.1 million in impairment charges related to its liquid staking tokens LsETH and weETH. Despite the steep loss, total revenue rose to $11.5 million, up from $0.7 million in the same period a year earlier.
During the quarter, SharpLink raised $75 million via a direct offering of more than 10.013 million common shares at $7.49 per share. The company used part of the proceeds to purchase 10,000 ETH and to buy back 2.1 million shares of its own stock at $4.70 per share. SharpLink also reported that it had been added to the Russell 2,000 and Russell 3,000 indexes as part of the June 2026 index reconstitution.
SharpLink ended the quarter with 886,881 ETH as of June 30. Since then, its Ethereum position has grown to 888,938 ETH.
BitMine Expands Buybacks and Ethereum Holdings
BitMine Immersion (BMNR) continued its capital return and accumulation strategy last week, repurchasing 3 million shares of common stock. This brought total repurchases since July to 19.1 million shares under its previously authorized $4 billion share repurchase program.
The company also acquired 7,931 ETH, increasing its total Ethereum holdings to 5.805 million ETH. Of that amount, BitMine has staked 5.067 million ETH through its Made in America Validator Network (MAVAN), an increase of roughly 150,000 ETH from the prior week. The company reported annualized staking revenues of $257 million from this staked balance.
BitMine Chairman Thomas Lee pointed to shifting expectations for monetary policy as a potential positive for digital assets.
“We are disappointed that the CLARITY Act will not see a Senate vote before the August recess, but financial markets seem more focused on the recent softer inflation and jobs data. The odds of a Sept. hike by the Federal Reserve have fallen to 40% from 75% two weeks ago,” wrote Lee in a statement on Monday. “We expect easing financial conditions to be a tailwind for crypto.”
