SharpLink Gaming’s Share Buyback Initiative
SharpLink Gaming, operating as an Ethereum treasury firm, has made significant strides in its share buyback initiative. On Tuesday, the company disclosed that it had repurchased one million shares of its SBET stock at an average cost of $16.67 per share. Over the past two weeks, SharpLink has bought back a total of 1.93 million shares, translating to an expenditure of nearly $32 million from the $1.5 billion buyback program authorized in August.
Increase in Ethereum Holdings
In addition to its stock repurchase efforts, SharpLink has seen a slight increase in its Ethereum holdings, having acquired 922 ETH—approximately valued at $4.1 million—since the end of August. Co-CEO Joseph Chalom emphasized the firm’s dedication to enhancing shareholder value, stating:
“By expanding our ETH concentration, we are reinforcing our commitment to align the long-term interests of SharpLink, Ethereum, and our shareholders. This demonstrates how digital assets can be strategically deployed to create substantial value.”
Market Capitalization and Stock Performance
Currently, SharpLink’s market capitalization is below the net asset value indicated by its Ethereum holdings, a situation which Chalom noted could prompt further repurchases of the company’s common stock. In Tuesday’s statement, SharpLink reiterated that it believes its stock is undervalued and that buybacks present an effective strategy for maximizing shareholder value in the prevailing market conditions.
Current Stock Status
As of Tuesday, SharpLink shares (SBET) saw a dip of 2.6%, trading around $16.33. The stock has experienced over a 19% decline in the past month, outpacing Ethereum, which has only faced a 2.2% drop in the same timeframe. With a treasury now valued at approximately $3.7 billion due to its holdings of 838,152 ETH—calculated at an ETH price of $4,448—SharpLink currently boasts the second-largest publicly traded Ethereum treasury. The only entity with a larger Ethereum stake is BitMine Immersion Technologies, which holds over 2.1 million ETH, valued around $9.3 billion.
