SharpLink Gaming announced a substantial second-quarter loss of $103 million despite actively growing its largest Ethereum treasury. This news caused SBET shares to plummet over 10% as investors reacted to the surprising results. The company’s revenue also declined, with only $0.7 million generated in Q2 compared to $1 million in the same period last year. 2024 saw a larger drop than previous years. Despite this, the company took significant steps in expanding its Ethereum holdings during the quarter. The company’s strategy involved buying more ETH, which contributed to one of the largest Ethereum treasury in the industry, with a value exceeding $728.8K and only trailing behind BitMine’s reserves of 1.2M ETH.