According to CoinMeta, Sharplink (Nasdaq: $SBET) reported a net loss of $394.3 million in the second quarter, mainly due to losses on its Ethereum ($ETH) assets exceeding revenue growth. The company is the second-largest listed holder of Ethereum. The report shows that within the three months ending June 30, revenue amounted to $11.5 million, a significant increase from $697,000 in the same period last year, with most of the revenue coming from $11.2 million generated from staking. Despite the revenue increase, Sharplink still recorded an unrealized loss of $321 million and impairment expenses of $76.1 million, which are non-cash accounting expenses. As of the end of June, Sharplink held approximately 886,881 Ethereum coins, which were valued at about $1.4 billion according to U.S. accounting rules. By August 3, its total Ethereum holdings had increased to 888,938 coins. The company also raised $75 million through a direct offering, with some of the funds used to purchase approximately 10,000 Ethereum coins at an average price of $1,611 each. Sharplink's stock price has fallen by more than 30% since the beginning of the year and is currently trading at $6.10.