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.”
BitMine also disclosed holdings of $180 million in Beast Industries, a $69 million stake in Eightco Holdings (ORBS) and total cash and marketable securities of $104 million.
Market Snapshot: Corporate Positions and Equity Moves
| Company | Ticker | Key Q2 / Recent Metrics |
|---|---|---|
| SharpLink | SBET | Net loss: $394.3 million; revenue: $11.5 million; ETH holdings: 886,881 (June 30) rising to 888,938; capital raised: $75 million at $7.49 per share; share repurchases: 2.1 million at $4.70 per share; ETH acquired: 10,000 |
| BitMine Immersion | BMNR | Share buybacks: 3 million last week, 19.1 million since July; ETH acquired last week: 7,931; total ETH: 5.805 million; ETH staked via MAVAN: 5.067 million; annualized staking revenue: $257 million |
On Monday, SBET and BMNR shares traded at $6.18 and $18.10, respectively, with both stocks down 3.8%.
Meanwhile, U.S.-listed spot Ethereum exchange-traded funds recorded $244.9 million in net inflows last week, the largest weekly inflow since mid-April, according to SoSoValue data.
Ethereum Technical Picture: Consolidation Around Key Averages
Ethereum saw $49.58 million in positions liquidated over the last 24 hours, with long positions accounting for $43.34 million of that total, according to Coinglass data.
On the daily chart, ETH is trading in a neutral, mid-range configuration, fluctuating near its 20-day and 50-day Exponential Moving Averages at $1,884 and $1,862, respectively. The price remains constrained by the 100-day EMA at $1,924, reinforcing a consolidative setup rather than a decisive directional move.
The 14-day Relative Strength Index is positioned just below the 50 mark, while the Stochastic Oscillator is in the low 40s. Together, these indicators point to a lack of strong directional momentum, with buyers and sellers competing for short-term control.
| Level | Price | Comment |
|---|---|---|
| 20-day EMA | $1,884 | Near-term dynamic reference level |
| 50-day EMA | $1,862 | Immediate support zone |
| 100-day EMA | $1,924 | First major resistance |
| Resistance | $1,961 | Key horizontal cap above EMAs |
| Higher resistance | $2,172 | Next upside level |
| Higher resistance | $2,431 | Further bullish target area |
| Support | $1,809 | Stronger horizontal floor below 50-day EMA |
| Deeper support | $1,701 | Lower downside level |
| Deeper support | $1,507 | Major lower support where longer-term buyers may step in |
On the upside, the first significant resistance level is the 100-day EMA near $1,924, followed by a more prominent horizontal barrier at $1,961. Above that, additional resistance levels are located at $2,172 and $2,431.
On the downside, the 50-day EMA at $1,862 provides the first layer of support, with a stronger horizontal base near $1,809. A move below that level would open the door to deeper support zones at $1,701 and $1,507, where longer-term participants may attempt to reassert the broader uptrend.
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