Ethereum treasury company SharpLink Gaming has reportedly transferred over $14 million worth of ETH to crypto exchange OKX ahead of its quarterly earnings call due next week.
Summary
- A wallet linked to SharpLink Gaming transferred 4,364 ETH worth 14.47 million dollars to crypto exchange OKX on Nov. 7.
- The move comes days ahead of the company’s third-quarter earnings call.
- SBET shares are down more than 12% this week.
A wallet associated with SharpLink Gaming transferred a total of 5,284 ETH and withdrew the assets before moving a portion of the funds, amounting to 4,364 ETH, to OKX on Nov. 7, according to data tracked by on-chain analysis platform Lookonchain.
Out of the 5,284 ETH withdrawn, 4,364 ETH was sent to OKX, while the remaining balance, 791.07 ETH, remains dormant in the recipient wallet as of press time.
At the time of the transfer, the value of the total withdrawal was roughly 17.52 million dollars, out of which around 14.47 million dollars worth of ETH was directed towards OKX.
Large institutions like SharpLink Gaming do not typically move assets in this manner without purpose, but when they do, it is often to restructure their treasury allocation or prepare to sell, especially if the funds are being sent to an exchange.
The timing of the transfer is notable as SharpLink is set to host its third-quarter earnings call next week, and the company’s shares have not exactly been holding up in recent sessions.
As of Nov. 7, SharpLink Gaming shares, which trade under the ticker SBET, were down over 8% on the day and have fallen more than 12% over the past week. Meanwhile, on the monthly timeframe, losses are even steeper at over 37%.
SharpLink’s mNAV, which compares its market capitalisation to the value of its ETH treasury, had slipped to 0.82 at the time of writing, which means the stock is trading at a discount to the assets it holds.
Previously, the company has executed share buy-backs to stabilize its mNAV during times of market distress, and the recent activity may be laying the groundwork for another such move, although SharpLink has not issued any official statements.
It is not uncommon for companies to shuffle funds or adjust positions ahead of earnings calls, either to manage risk or realign exposure in response to market conditions. SharpLink shares have struggled over the past month, mainly due to Ethereum’s weak performance.
Is ETH price at risk?
At the time of writing, Ethereum (ETH) was down nearly 25% over the past 30 days. Much of this downside pressure on the second-largest cryptocurrency has been exerted by a combination of macro forces that continue to weigh heavily on market sentiment.
Investors are still digesting the Federal Reserve’s cautious stance on rate cuts, which has helped push Treasury yields higher and strengthened the dollar. At the same time, trade tensions between the United States and China have added another layer of anxiety, keeping risk appetite subdued across risk markets.
ETH price has been attempting to stage a recovery from multi-month lows near 3,000 dollars visited on Nov. 5, but concerns around a potential sell-off from one of the largest Ethereum treasury companies may introduce fresh volatility and hamper short-term momentum.