Revenue surges 1554% to $11.5M; operating loss widens

Filed August 7, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 14, 2025 · ~2 min read

Key Changes

• high

  Total revenue surged 1553.9% year-over-year to $11.5M in Q2 2026, driven by ETH Treasury Management (staking + protocol incentives) which now represents 97% of total revenue. Affiliate Marketing revenue fell 45% to $367k, continuing regulatory and market headwinds.

  MD&A: Revenue and Segment Mix verify on EDGAR →
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  Operating loss widened to $393.5M in Q2 2026 (from $103.4M in Q2 2025), driven by a $321M unrealized loss on ETH holdings due to ETH price volatility. These are non-cash, mark-to-market losses that do not change the number of ETH units held (888,938 total ETH as of Aug 2026, up 48% from 598,800 in Aug 2025).

  MD&A: Operating Loss and Unrealized Crypto Losses verify on EDGAR →
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  The company committed to deploy and maintain at least $200M of ETH and weETH on the Linea network for two years under a December 2025 Strategic Partnership Agreement. A breach could expose the company to damages beyond return of deployed assets, though management assesses the risk as remote.

  Legal Proceedings: Linea Deployment Commitment verify on EDGAR →