SharpLink Gaming Buys Back One Million Shares
SharpLink Gaming (NASDAQ: SBET), an Ethereum treasury company, bought back one million shares. The average price was $16.67 per share. This is part of its $1.5 billion ongoing buyback program.
Since August, the Minneapolis-based firm has repurchased about 1.93 million shares. It has spent nearly $32 million on the program so far, according to the official release.
Ethereum Holdings and Financial Position
SharpLink’s treasury now holds 838,152 ETH. This is worth roughly $3.7 billion at current prices. The total includes 922 ETH added since August 31 and 3,240 ETH earned from staking since June. The staking income equals about $14.4 million.
The company stakes nearly all its ETH holdings. It also confirmed it carries no debt.
Co-CEO Joseph Chalom said, “We continue to be focused on stockholder value. By expanding our ETH concentration, we align the long-term interests of SharpLink, Ethereum, and our shareholders. This shows how digital assets can be responsibly and strategically used to create value.”
Stock Performance and Buyback Strategy
Despite the buyback, SharpLink’s share price fell 0.86% to $16.65 today. The stock has dropped over 19% in the past month.
The company started its buyback program on September 9. It only buys shares when its net asset value (NAV) is below 1, signaling undervaluation. SharpLink’s current NAV is 0.91x, indicating the stock price is below the value of its Ethereum holdings.
SharpLink stated, “The company believes its stock is significantly undervalued. Stock repurchases are the best way to maximize shareholder value in the current market.”
SharpLink holds the second-largest Ethereum treasury among public firms. BitMine Immersion Technologies leads with over 2.1 million ETH, valued at about $9.3 billion.
The buyback program is funded by cash on hand, staking income, and other financing options. Other firms are also launching buyback plans. For example, Ethereum treasury ETHZilla approved a $250 million buyback in August. Bitcoin treasury firm Strive announced a $500 million repurchase plan earlier this week.
