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SharpLink Gaming (SBET) investor relations material
SharpLink Gaming Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Launched a strategic pivot to become the world's largest and most trusted Ethereum treasury, accumulating 728,804 ETH and raising over $2.6B in capital since June 2025.
Leadership team strengthened with former BlackRock, Consensys executives, and the appointment of Joseph Chalom as Co-CEO and Joseph Lubin as Chairman.
Strategy centers on accumulating, activating, and compounding ETH holdings for long-term shareholder value, with a focus on transparency and risk management.
Formed strategic partnerships with Consensys, Galaxy, Parifi, Coinbase, and Anchorage Digital to support institutional-grade operations.
Completed a 1:12 reverse stock split and expanded the board, increasing authorized shares to 500M.
Financial highlights
As of June 30, 2025, held 24,704 ETH ($61.5M) and 164,731 liquid staked ETH ($382.4M) after impairment.
Q2 2025 revenue was $700,000, down 28.9% year-over-year; gross profit was $209,000 (30% margin), with SG&A/operating expenses rising to $2.3M.
Net loss for Q2 2025 was $103.4M, mainly due to an $87.8M non-cash impairment on LSETH and $16.4M in stock-based compensation.
Cash on hand at quarter-end was $5.1M, up 253% from December 2024.
Six-month net loss was $104.4M, compared to net income of $11.9M in the first half of 2024.
Outlook and guidance
Plans to aggressively accumulate ETH for long-term shareholder benefit, with no set acquisition target.
Focused on maximizing ETH concentration per 1,000 diluted shares as a key performance metric, which increased by 98% in a few weeks.
Staking operations and yield generation expected to scale materially as treasury balance grows.
Exploring additional capital raising structures, including equity-linked and preferred securities.
Committed to risk-managed yield generation through staking, restaking, and DeFi participation.
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