• SharpLink transfers 5,442 ETH ($17M) to Galaxy Digital amid Ethereum’s 20% price drop.
• Company holds 859,853 ETH ($2.6B) with unrealized losses of $479–500M, stock down 86%.
• Despite market challenges, SharpLink earned $104M Q3 profit via Ethereum treasury strategy and staking rewards.

SharpLink, which is identified as the first publicly listed company to rely on Ethereum (ETH) for its primary reserve asset, has recently generated market interest due to its transfer of massive amounts of ETH to an Over-The-Counter (OTC) exchange.

This occurred during a period in which Ethereum shed over 20% in value, sparking concerns about whether SharpLink intends to diminish its holdings.

SharpLink Moves ETH Amid Losses

According to Onchain Lens data based on analysis from the Arkham intelligence platform, a particular wallet belonging to SharpLink transferred 5,442 ETH, valued at about $17 million, to Galaxy Digital, which is one of the most popular institutional-grade crypto platforms.

It’s interesting to note that SharpLink is currently holding significant unrealized losses. On the Strategic ETH Reserve, these losses have been pegged at about $479 million, while CryptoQuant puts them higher, at over $500 million.

The average price for ETH purchased by SharpLink is $3,609, yet it’s now trending down to $3,000. It hasn’t purchased any more ETH in the last month, with its latest transfer sparking rumors about whether there’s a private sale or strategic repositioning. Investor Rose explained, “The timing certainly suggests OTC sales or rebalancing.”

Shaplink is the second-largest institutional holder in ETH with 859,853 ETH valued at over $2.6 billion. However, its stock is down from above $80 to levels not exceeding $10.55, an 86% decline, indicating that SBET is now below its net asset value.

On the overall market, the Digital Asset Trusts (DATs) slowed down their acquisition of ETH in November. Initially, in the year, there was purchasing on almost a daily basis, but now, it has slowed down as we approach the end of 2025. It is implied that whales have become ‘cautious buyers.’

SharpLink Posts $104M Profit Ethereum Strategy

Even in light of such challenges, SharpLink is committed to its overall Ethereum plan. In its latest updates on X, it was revealed that it has accumulated 336 ETH in staking rewards in just one week, increasing its overall acquisition to 7,403 ETH, valued at about 1.1 million dollars, with almost all its ETH being staked.

It also provided information on its financial performance. SharpLink realized Q3 2025 revenue of $10.8 million, which is an increase of 1,100% from last year, with net income standing at $104.3 million, primarily due to its Ethereum treasury-based strategy. It is likely to be one of the first ETH-based DAT projects to have recorded profits.

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SharpLink Sparks New ETH Trend

Overall, it would seem that SHARP LINK’s latest move marks the start of a new trend in major ETH-holding companies. It looks like most, if not all, have their eyes fixed on long-term gains rather than short-term profits.

Bitwise’s CIO, Matt Hougan, recently commented on why only those creating real value for users will be able to maintain their prices, while some could start to trade at a discount.

While the debate on whether its large ETH transfer is paying off for SharpLink is ongoing, the market is now looking to see if it’s cutting its portfolio or preparing for its next big move in its Ethereum plan.

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