SharpLink Gaming, the first publicly listed company to use Ethereum (ETH) as its primary reserve asset, has moved 5,442 ETH worth approximately $17.02 million to Galaxy Digital, a major digital asset management platform, according to data from Onchain Lens and Arkham. This transfer has raised concerns that SharpLink may be selling or rebalancing its portfolio to mitigate losses, as ETH's price has declined over 20% in November, trading near $3,000 compared to SharpLink's average purchase price of $3,609.
Data from the Strategic ETH Reserve (SER) and CryptoQuant reveals that SharpLink is sitting on unrealized losses of around $479 million to over half a billion USD. The company holds 859,853 ETH, representing 0.712% of the total ETH supply, valued at more than $2.6 billion, making it the second-largest institutional holder after Bitmine. Investor Rose commented, "With ETH trading near this cost basis, this move strongly suggests a possible OTC sale or a major portfolio rebalancing to reduce risk exposure."
Despite the losses, SharpLink maintains its long-term commitment, with nearly all its ETH staked. The company reported generating 336 ETH in staking rewards last week, bringing total rewards to 7,403 ETH (approximately $1.1 million). In Q3 2025, SharpLink posted revenue of $10.8 million, up 1,100% year-over-year, and net income of $104.3 million, driven by its ETH strategy. Overall, ETH accumulation among digital asset treasuries has slowed in November, indicating a shift from aggressive buying to caution.
