The company’s filing shows $321.0 million in unrealized ETH losses and $76.1 million in impairment charges tied to liquid staking tokens. Ethereum Treasury Accounting Can Be HarshCrypto accounting is often difficult for public companies. Staking Revenue Tells A Different StoryThe revenue line looks very different from the net-loss line. A company can report a large accounting loss while still increasing its token count. For crypto-native investors, the Q2 result may look like a volatile but expected part of running an ETH treasury.