SharpLink Transfers $14M in Ethereum to OKX Ahead of Earnings, Raising Concerns

SharpLink Gaming just made a big move that caught the crypto market’s attention. 

The Nasdaq-listed company transferred 4,364 ETH, worth about $14.47 million, to OKX on November 7, just days before its third-quarter earnings call. The timing has investors wondering: is this a routine treasury adjustment or a sign of something bigger?

$14M ETH Transfer Sparks Curiosity

Data from Lookonchain shows that a wallet linked to SharpLink withdrew 5,284 ETH valued at around $17.5 million, out of which 4,364 ETH went to OKX. About 791 ETH is still sitting in the wallet, while roughly 920 ETH remains unaccounted for.

This move comes at a time when SharpLink’s stock (SBET) is struggling. The shares have fallen more than 12% this week and are down over 37% this month, partly tracking Ethereum’s recent slide. The company’s market value now sits below the value of its crypto holdings, with its mNAV dropping to 0.82. 

In the past, SharpLink has used share buybacks to stabilize investor sentiment, and some wonder if that could be on the table again.

Timing Raises Eyebrows

Ethereum has had a rough month, down nearly 26% in the last 30 days, slipping below $3,300. Broader market worries, from the Fed’s stance on rate cuts to renewed U.S.-China trade tensions, have weighed on investor confidence.

Given that backdrop, SharpLink’s large ETH transfer to an exchange has sparked debate. Companies rarely move this much crypto without reason. Some traders think it could be treasury rebalancing, while others suspect a possible sell-off ahead of earnings. 

The company hasn’t commented yet, but all eyes are now on its November 13 earnings webcast.

SharpLink’s Ethereum Strategy Still Paying Off

Interestingly, this treasury shuffle comes just as SharpLink’s Ethereum strategy is making headlines for its strong performance. The company has earned 6,575 ETH in staking rewards since June 2025, including 459 ETH just last week, which is roughly $1.5 million in yield.

“This is actually insane. SharpLink generated $1.5M in staking revenue just last week,” said Milk Road co-founder Kyle Reidhead, calling it a potential $100M+ annualized revenue stream.

Ethereum co-founder Joseph Lubin also praised SharpLink’s approach, saying it highlights ETH’s growing role as a productive corporate asset.

What Comes Next

Whether SharpLink is preparing for a sale or simply managing liquidity, the move shows how active and dynamic corporate crypto strategies have become. 

With Ethereum staking now turning into a serious income source for institutions, the markets await clarity next week. Everyone is watching for sure.