Has Joe Lubin’s SharpLink Gaming Started Selling ETH? SBET Stock Tumbles 8%

SharpLink Gaming, an Ethereum treasury company, has reportedly started selling its ETH holdings. Joe Lubin-backed company moved 4,364 ETH to a crypto exchange, on-chain platforms reported on Friday. Meanwhile, SBET stock extends its downfall to over 12% in a week after closing 8% lower on Thursday.

SharpLink Gaming Dumps 4,364 ETH: On-Chain Platform

In an X post on November 7, on-chain platforms including Lookonchain reported that a wallet linked to SharpLink Gaming redeemed 5,284 ETH worth $17.52 million. And transferred 4,364 ETH worth $14.47 million to OKX crypto exchange.

The wallet still holds 791.07 ETH worth $2.65 million and 0.5 LSETH, according to Arkham Intelligence data. The transfer to OKX was the only deposit from the wallet.

This likely comes as the mNAV plunges to 0.82 at the time of writing. The 2nd largest Ethereum treasury company holds 859.40K ETH worth $2.88 billion. It is important to note that the SharpLink Gaming ETH dashboard shows 860,759 in total ETH holdings.

SharpLink last accumulated ETH worth $78.3 million from FalconX on October 27. The company mainly staked ETH with Liquid Collective and Figment. However, Ethereum price has crashed over 30% since October as a result of the broader crypto market crash, turning institutions bearish.

Will Prices Recover as Joe Lubin Backs a Strong Rally Prediction

As CoinGape reported earlier, SharpLink Gaming chairman Joseph Lubin and CIO Matt Sheffield highlighted historical data suggesting a strong rebound in ETH prices following the end of tax loss harvesting and the government shutdown.

Sheffield expects a relief rally to be swift and strong when the selling pressure eases. He claimed it took almost a month and a half for the crypto market to recover following the FTX crisis.

Ethereum price is trading at $3,344, down 2.70% in the past 24 hours. The 24-hour low and high are $3,245 and $3,454, respectively. Trading volume indicates a decline in interest among traders.

SBET Stock Price Slumps 8%

SharpLink Gaming’s SBET stock closed nearly 8% to $11.17 on Thursday. The intraday low and high were $11.13 and $11.84, respectively. Moreover, trading volume was well below the average of 25.78 million, signaling weak demand following a massive fall in ETH price.

As per Yahoo Finance, SBET stock has tumbled 12.53% in a week and 42% in a month. It reduced the year-to-date (YTD) return to 45%. Bernstein analysts initiated an outperform rating on the stock and gave a price target of 24.