SharpLink Gaming, a company that manages the Ethereum Treasury for SharpLink Gaming, has reported that it transferred more than $14 million in ETH worth to OKX before its next-week quarterly earnings call.
You can read more about it here:
- A wallet linked to SharpLink Gaming transferred 4,364 ETH worth 14.47 million dollars to crypto exchange OKX on Nov. 7.
- This move is just days before the third quarter earnings call.
- SBET stock is down by more than 12% in the last week.
Data tracked by Lookonchain shows that a SharpLink Gaming wallet transferred 5,284 ETH to OKX and then withdrawn it. A portion of this amount, 4,364 Ethereum, was moved to OKX the following day, on 7 November.
The remaining 791.07 Ether, out of 5,284 ETH, was not sent by the recipient.
The total amount of money that was transferred was approximately 17.52 millions dollars. Of this, around 14.47million dollars of ETH were sent to OKX.
SharpLink Gaming is not a large institution that moves assets without a purpose. When they do so, it’s usually to prepare for reorganizing their allocation to the treasury or to get ready to sell.
SharpLink will be holding its third quarter earnings call in a week. The company shares, however, haven’t been performing well recently.
SharpLink Gaming’s shares (traded under SBET) were down more that 8% for the day on Nov. 7 and 12% in the previous week. The losses on a month-to-month basis are higher at more than 37%.
SharpLink’s mNAV – which compares SharpLink’s market capitalisation with the value of the ETH treasury – had dropped to 0.82 when this was written, which indicates that the stock trades at a lower price than the assets held.
The company had previously been able to executed SharpLink used share buybacks in order to stabilise its mNAV when the market was distressed. The recent activity could be setting the stage for another move of this nature, even though SharpLink did not make any formal statements.
Before earnings, companies often adjust or shuffle positions to reduce risk or realign their exposure in response market conditions. SharpLink’s shares are up by about 12%. struggled The main reason for the increase in traffic over the last month is Ethereum’s weak performance.
The price of ETH is at risk.
As of the date this article was written, Ethereum (ETHIn the past thirty days, ) fell by almost 25%. The combination of macro factors that continues to push the market down heavily has exerted a lot of downward pressure on this second largest cryptocurrency.
Investors still have a lot to offer digesting The cautious Federal Reserve stance towards rate reductions has helped to push Treasury yields up and strengthen the dollar. Meanwhile, tensions in trade between China and America have created a new layer of uncertainty, causing risk appetite to remain low.
ETH prices have been trying to make a comeback from their multi-month lows around 3,000 dollars, reached in November. However, concerns over a potential sale from one of the largest Ethereum treasury companies Can introduce new volatility, and harm short-term momentum.
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Source: crypto.news
