Key Notes
- Firm executed preliminary $15 million repurchase of 939,000 shares whereas sustaining zero debt towards $3.6 billion ETH treasury.
- Inventory gained 3.6% in pre-market buying and selling however stays 60% beneath July peaks regardless of elevated buying and selling quantity exercise.
- Administration prioritizes buybacks over fairness issuance whereas almost all Ethereum holdings generate staking income for operations.
SharpLink Gaming Inc. (Nasdaq: SBET) introduced on Tuesday that it has begun executing its $1.5 billion share buyback program by repurchasing roughly 939,000 shares at a mean worth of $15.98 per share, totaling $15 million in worth.
The Ethereum
ETH
$4 432
24h volatility:
2.4%
Market cap:
$534.88 B
Vol. 24h:
$37.36 B
treasury firm, which holds $3.6 billion in ETH with zero debt, acknowledged that it views its inventory as undervalued relative to its internet asset worth. Co-CEO Joseph Chalom emphasised that with the corporate buying and selling beneath its Internet Asset Worth (NAV), share repurchases are instantly accretive to stockholders somewhat than issuing new fairness.
NEW: SharpLink begins using its $1.5B share buyback program, repurchasing ~1M shares of $SBET.
We imagine our inventory is considerably undervalued. Shopping for again inventory at NAV < 1 is straight away accretive and compounds long-term stockholder worth.
Key info:
– $3.6B of $ETH on… pic.twitter.com/Wr0WEYLqlb
— SharpLink (SBET) (@SharpLinkGaming) September 9, 2025
Inventory Good points 3.6% in Pre-Market Regardless of Buying and selling 60% Under July Highs
SBET shares responded positively to the buyback announcement, gaining 3.6% in pre-market buying and selling on Tuesday. As of September 9, the inventory was near $16.53, representing a 5.68% improve from the earlier session. Nonetheless, the shares stay considerably beneath their July highs, buying and selling roughly 60% beneath peak ranges reached earlier this 12 months, according to Yahoo! Finance.
Buying and selling quantity information reveals the inventory has skilled heightened exercise, with roughly 20.4 million shares altering arms on September 8. The present market capitalization stands at $3.209 billion, which trades at a reduction to the corporate’s underlying ETH treasury worth.
SharpLink Turns into Second-Largest Company Ethereum Holder By way of Staking Technique
Almost 100% of SharpLink’s $3.6 billion ETH holdings are at present in staking, producing ongoing income for the corporate. The agency holds roughly 837,230 ETH tokens, making it the second-largest corporate Ethereum holder behind Bitmine Technologies.
The Minneapolis-based firm confirmed that it has not utilized its At-the-Market fairness facility whereas buying and selling beneath NAV, as such issuances could be dilutive on a per-share foundation. As an alternative, administration is specializing in disciplined capital allocation by means of share buybacks when the inventory trades at engaging valuations.
SharpLink plans to proceed repurchasing shares primarily based on market circumstances utilizing money available, proceeds from staking operations, or different financing strategies. The buyback program, introduced on the finish of August, offers flexibility for the corporate to behave when shares commerce beneath the worth of underlying ETH property.
The corporate’s technique displays broader market dynamics affecting Ethereum treasury corporations, the place inventory costs have fallen beneath internet asset values resulting from lowered investor urge for food for digital asset publicity by means of publicly traded autos in the meanwhile.
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José Rafael Peña Gholam is a cryptocurrency journalist and editor with 9 years of expertise within the business. He wrote at high shops like CriptoNoticias, BeInCrypto, and CoinDesk. Specializing in Bitcoin, blockchain, and Web3, he creates information, evaluation, and academic content material for international audiences in each Spanish and English.