TLDR
- SharpLink reported $394.3 million in Q2 net losses, driven by unrealized ETH losses and staking token impairments
- BitMine repurchased 3 million shares and acquired 7,931 ETH last week, bringing total holdings to 5.805 million ETH
- Ethereum staking hit a record 41.7 million ETH, about one-third of all circulating supply
- US spot Ethereum ETFs recorded $244.9 million in net inflows last week, their largest since mid-April
- ETH is trading near $1,870, caught between the 50-day EMA at $1,862 and resistance at the 100-day EMA near $1,924
SharpLink Gaming (SBET) posted $394.3 million in net losses for Q2, up from $103.4 million in losses the same period last year. The bulk of the damage came from $321 million in unrealized losses on its ETH holdings and $76.1 million in impairments on liquid staking tokens.
Despite the losses, SharpLink’s total revenue rose to $11.5 million from just $0.7 million a year ago. The company raised $75 million through a share offering, used part of it to buy 10,000 ETH, and ended Q2 with 886,881 ETH. Its holdings have since grown to 888,938 ETH.
BitMine Immersion (BMNR) took a different headline last week. The company bought back 3 million shares, pushing total buybacks since July to 19.1 million shares under its $4 billion repurchase program.
It seems that Tom Lee(@fundstrat)'s #Bitmine bought another 13,000 $ETH($24.36M) from #BitGo 2 hours ago.https://t.co/XgmM2st6qL pic.twitter.com/EjYsal4PdG
— Lookonchain (@lookonchain) August 11, 2026
BitMine also added 7,931 ETH, bringing its total to 5.805 million ETH. Of that, 5.067 million ETH is staked through its Made in America Validator Network (MAVAN), generating annualized staking revenues of $257 million.
Corporate Staking Drives Record Numbers
Ethereum staking hit an all-time high of 41.7 million ETH, according to a CryptoQuant chart shared by Bitfinex on August 10. That represents roughly 34.5% of ETH’s circulating supply of about 120.7 million.
Staked $ETH has climbed to a record 41.7 million, a third of all ETH in existence, while price fell from $3,400 in January to $1,900.
As the amount staked grows, the rewards do not run out, which is why the pile keeps growing. pic.twitter.com/m5AU9GQ4eB
— Bitfinex (@bitfinex) August 10, 2026
Staked ETH was near 36 million as recently as January. The roughly 5.5 million ETH increase happened even as ETH’s price dropped from around $3,400 to approximately $1,900 over the same period.
Corporate treasury firms have played a large role. BitMine had about 4.9 million ETH staked as of mid-July. SharpLink has also committed most of its treasury to staking, continuing to earn rewards despite falling prices.
The record staking figures have renewed debate around EIP-8363, a proposal that would burn a growing share of staking rewards as the staked ratio increases. SharpLink CEO Joseph Chalom has opposed it, arguing native yield supports Ethereum’s institutional appeal.
ETH Price Holding a Key Level
Analyst Daan Crypto Trades posted that Ethereum has been holding its current price range but needs to break and hold $1,950 to open the door toward $2,100 and beyond. He noted that price has been compressed, and a breakout in either direction could trigger a squeeze. He set $1,850 as the key invalidation level for bulls.
$ETH Has been doing its thing and holding on to this current price range.
But the level to break and hold is $1950. That would open the door to a move above $2.1K+
Especially seeing how compressed price has been here, a breakout (to either side) should come with a decent… https://t.co/DK3alDueWT pic.twitter.com/25k8QyK8aH
— Daan Crypto Trades (@DaanCrypto) August 10, 2026
On the technical side, ETH is trading near $1,870, caught between the 20- and 50-day EMAs at $1,884 and $1,862. The 100-day EMA at $1,924 is acting as overhead resistance.
US spot Ethereum ETFs recorded $244.9 million in net inflows last week, their largest since mid-April.
