In a move that has generated multiple speculations in the cryptocurrency market, SharpLink transfers ETH to Galaxy Digital. The publicly traded company, with ETH as its primary asset, transferred a total of 5,442 ETH, equivalent to approximately $17.02 million, to the digital asset platform. The multimillion-dollar transfer occurred when the crypto’s price dropped more than 20% in November, suggesting either a restructuring or a sale.
The transfer was executed under market pressure, which has left SharpLink with $479 million in unrealized losses, with its average purchase price at $3,609 per ETH. SharpLink’s action suggests that the company might be seeking an over-the-counter (OTC) sale or a significant rebalancing to mitigate risk exposure. Meanwhile, the company’s SBET shares have fallen more than 86% since it began its ETH reserve strategy, and now trade at a 19% discount to their net asset value.
Despite the losses and speculation, SharpLink maintains its long-term commitment, with almost all of its ETH staked, which generated 336 ETH in rewards last week. “Our treasury continues to generate value regardless of price,” stated the company, which recently reported positive net earnings of $104.3 million in Q3 2025 driven by its Ethereum treasury strategy.
Source: https://x.com/OnchainLens/status/1990957679255433444
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