SharpLink reports $394M Q2 loss as ETH staking revenue climbs to $11M

SharpLink, Inc. posted a net loss of $394.3 million in Q2 2026. The company’s Ethereum staking operation pulled in $11.2 million in revenue during the quarter, accounting for nearly all of the company’s $11.5 million top line. Revenue surged more than 1,500% year-over-year. The loss-per-share came in at $1.88, missing analyst expectations. From fantasy sports to staking yields SharpLink didn’t always look like this. The company formerly operated as SharpLink Gaming, Inc., running a sports betting affiliate and gaming technology business. In February 2026, it completed a rebrand and pivoted into what it calls “ETH Treasury Management,” a model built around accumulating large amounts of Ethereum, staking it, and generating yield. As of early August 2026, SharpLink holds approximately 889,000 ETH. Since launching the treasury model in June 2025, the company has accumulated more than 24,000 ETH in cumulative staking rewards. The ETH Treasury Management segment has become SharpLink’s dominant business line. The $11.2 million in staking revenue represents nearly 97% of total quarterly revenue, making the old gaming and affiliate marketing operations essentially a rounding error. Why the ...