Ethereum Treasury SharpLink Transfers 5,442 ETH to Galaxy Digital OTC Wallet, Faces $430 Million Unrealized Loss

According to Ashes Monitoring, a SharpLink address transferred 5,442 ETH—worth about $17.02 million—to Galaxy Digital’s OTC wallet roughly four hours earlier. The move reflects active liquidity management between treasury desks and leading market participants.

As an Ethereum treasury operator, SharpLink now holds approximately 861,000 ETH, with an average acquisition cost near $3,609 per ETH, translating into an unrealized loss of about $430 million. The position highlights the complexity of cost basis and mark-to-market risk in large crypto treasury portfolios.

The transfer illustrates ongoing risk-and-liquidity governance within institutional crypto asset management, as desks reevaluate custody routing and cross-exchange settlements to optimize exposure and capital efficiency.