SharpLink Gaming Inc, one of the largest corporate holders of Ethereum, has officially begun deploying its $1.5 billion share buyback program.
The company repurchased approximately 939,000 shares of common stock at an average price of $15.98, underscoring its view that the stock is significantly undervalued.
Management says that buybacks represent a compelling investment opportunity, immediately accretive to shareholders, while reinforcing confidence in the company’s long-term growth prospects.
Balance Sheet Strength: $3.6B ETH and Zero Debt
At the heart of SharpLink’s strategy is its Ethereum treasury. The company currently holds roughly $3.6 billion in ETH, nearly 100% of which is staked and generating material revenue.
With no outstanding debt and a robust balance sheet, SharpLink says it stands in a position of strength, enabling it to prioritize shareholder returns without compromising future growth.
“With a powerful ETH treasury generating income, we are in a position of strength,” said Joseph Chalom, Co-CEO of SharpLink.
Disciplined Capital Allocation and NAV Focus
SharpLink confirmed that it has not tapped into its At-the-Market (ATM) facility while the stock trades below Net Asset Value (NAV), as such activity would dilute ETH per share.
Instead, the company is pursuing a disciplined capital allocation strategy, including buybacks, while reserving the right to utilize its ATM in an accretive way if market conditions improve.
Management highlighted that share repurchases are intended to increase stockholder value while maintaining long-term exposure to Ethereum.
Long-Term Ethereum Strategy
As one of the world’s largest publicly traded companies to adopt ETH as its primary treasury reserve asset, SharpLink has positioned itself as a leading advocate for Ethereum adoption.
The company’s ETH dashboard provides transparency, offering investors insights into its holdings, staking income, and market-adjusted NAV.
“Maximizing stockholder value remains our top priority as we execute on our vision of being the most trusted ETH treasury company in the market,” Chalom adds.
$SBET Stock Soars, Then Retreats Amid Buyback Momentum
SharpLink Gaming Inc. (Nasdaq: SBET) has experienced dramatic price swings in recent months. Over the past six months, the stock surged 244%, climbing from just above $4 in March to peaks of nearly $80 in June 2025.
Volatility Takes Hold
After hitting highs in June, the stock corrected sharply, losing much of its momentum by July. By early August, shares were trading closer to the $20 level, with the price consolidating into September around $15–16.
This volatility reflects the speculative nature of both SharpLink’s ETH-linked strategy and investor sentiment tied to broader crypto markets.
Buyback Underpins Stability
The company’s announcement of a $1.5 billion buyback program and its first repurchase of nearly 1 million shares at an average price of $15.98 appears to have provided some price support.
Pre-market trading on September 9 shows shares at $16.20 (+3.38%), suggesting investors see the buyback as a vote of confidence from management.
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