The Nasdaq-listed Ethereum treasury company generated $11.5 million in total Q2 revenue, including approximately $11.2 million from ETH staking. Those charges demonstrate both sides of SharpLink’s Ethereum strategy: staking can generate recurring ETH-denominated income, but quarterly financial results remain highly exposed to movements in the underlying asset. ETH can be deployed into Ethereum’s proof-of-stake system, allowing a treasury company to earn additional ETH while retaining exposure to the asset. ETH Treasury Expands Despite Accounting LossSharpLink has continued accumulating Ethereum despite the decline in its market value. For investors, the $394.3 million Q2 loss therefore needs to be viewed alongside the $11.2 million staking business developing underneath it.