- SharpLink transferred 5,284 ETH worth $17.5M to OKX as SBET stock fell 37% amid market pressure.
- The company’s mNAV dropped to 0.82, with its market value now below its crypto holdings.
- SharpLink earned 6,575 ETH in staking rewards since June 2025, totaling about $1.5M last week.
SharpLink Gaming transferred 5,284 ETH worth about $17.5 million to the OKX exchange amid ongoing weakness in its stock and Ethereum’s broader market slide. The move, confirmed by on-chain data, has drawn market attention as investors question the company’s treasury strategy and await its earnings webcast for further clarity.
SharpLink Transfers $17.5 Million in Ethereum to OKX
SharpLink Gaming moved 5,284 ETH valued at around $17.5 million to OKX on November 7. On-chain data from Lookonchain and Arkham Intelligence shows that 4,364 ETH was sent to OKX, while 791 ETH worth $2.65 million remains in the wallet. The transaction occurred during heightened market volatility, with Ethereum trading near $3,344 after a 30% monthly decline.
The timing coincides with a steep drop in SharpLink’s stock, SBET, which has fallen over 12% this week and 37% this month. As a result, the company’s market capitalization now sits below the value of its digital asset holdings. Analysts report that SharpLink’s modified net asset value (mNAV) currently stands at 0.82.
SharpLink has not released an official statement regarding the transaction. Investors are watching closely ahead of the company’s November 13 earnings webcast, which may provide insight into the purpose of the transfer. Market observers suggest it could relate to liquidity needs or treasury rebalancing, though no confirmation has been made.
Ethereum Strategy Remains a Revenue Source
While the market downturn has pressured prices, SharpLink’s Ethereum-based revenue strategy continues to perform strongly. Since June 2025, the company has generated 6,575 ETH in staking rewards, including 459 ETH earned last week, equivalent to about $1.5 million in yield at current prices.
Kyle Reidhead, co-founder of Milk Road, stated, “SharpLink generated $1.5M in staking revenue just last week, suggesting a $100M+ annualized stream.” Ethereum co-founder Joseph Lubin added that SharpLink’s model illustrates ETH’s growing role as a productive corporate asset.
SharpLink recently accumulated $78.3 million worth of ETH from FalconX on October 27 and continues to stake primarily through Liquid Collective and Figment. Despite Ethereum’s 30% price decline since October, the company remains one of the largest corporate holders of ETH, keeping investors focused on its next move and financial strategy.
