SharpLink Gaming, a company known for its significant Ethereum treasury, has moved over $14 million worth of ETH to the crypto exchange OKX. The major transfer occurred on November 7, just days before the company’s scheduled third-quarter earnings call, fueling speculation about its motives as its stock continues to slide.

On-chain data from the analytics platform Lookonchain revealed that a wallet associated with SharpLink Gaming first withdrew 5,284 ETH. From that amount, 4,364 ETH, valued at approximately $14.47 million at the time, was sent to an OKX deposit address. The remaining 791.07 ETH has not been moved from the recipient wallet.

Speculation Mounts as Stock Tumbles

Large institutional transfers to exchanges often signal an intent to sell or restructure treasury assets. The timing of SharpLink’s move is particularly notable given its upcoming earnings report and the recent poor performance of its stock. Shares of SharpLink Gaming, trading under the ticker SBET, fell over 8% on the day of the transfer and are down more than 12% for the week.

The company’s monthly losses are even more severe, exceeding 37%. This downturn has pushed SharpLink’s mNAV—a metric comparing its market capitalization to the value of its ETH holdings—to 0.82, indicating its stock is trading at a discount to the assets it holds. In the past, SharpLink has executed share buy-back programs to stabilize its stock during periods of market distress, and this transfer could be a preparatory step for a similar action.

Broader Market Pressures on Ethereum

The transfer comes as Ethereum itself faces a challenging market. The price of ETH has been under pressure, largely due to macroeconomic factors that have dampened investor sentiment across risk assets. The Federal Reserve’s cautious position on interest rate cuts and ongoing trade tensions between the U.S. and China have contributed to a stronger dollar and subdued risk appetite.

While Ethereum has been attempting to recover from recent lows near $3,000, the prospect of a significant sell-off from a major corporate holder like SharpLink could introduce fresh volatility and hinder any short-term price momentum.