SharpLink Gaming has launched a $1.5 billion share buyback, repurchasing nearly 1 million shares as it doubles down on its Ethereum-linked valuation.
Key Takeaways
- SharpLink Gaming has initiated a $1.5 billion share repurchase program, buying back about 939,000 shares for $15.98 each.
- The company holds $3.6 billion in Ethereum, nearly all of which is staked and generating income, with zero outstanding debt.
- SBET shares trade at a discount to their net asset value, which has prompted the buyback to avoid diluting ETH per share.
- The stock is showing signs of recovery, gaining 3.6% in pre-market trading following the buyback news.
What Happened?
SharpLink Gaming, a Nasdaq-listed digital asset treasury firm, has started buying back its own stock, signaling confidence in its valuation and long-term growth. The company repurchased approximately 939,000 shares at an average price of $15.98, using funds on hand and income generated from staking its large Ethereum holdings. The move follows a sharp decline in SBET’s stock price, which has fallen well below the value of its ETH assets.
NEW: SharpLink begins utilizing its $1.5B share buyback program, repurchasing ~1M shares of $SBET.
— SharpLink (SBET) (@SharpLinkGaming) September 9, 2025
We believe our stock is significantly undervalued. Buying back stock at NAV < 1 is immediately accretive and compounds long-term stockholder value.
Key facts:
– $3.6B of $ETH on… pic.twitter.com/Wr0WEYLqlb
Share Buyback Begins as Stock Trades Below NAV
SharpLink Gaming’s $1.5 billion share repurchase program is officially underway, beginning with the buyback of $15 million worth of stock. Management emphasized that the shares were undervalued, especially in comparison to the company’s $3.6 billion Ethereum treasury.
- The buyback price averaged $15.98 per share
- ETH holdings stand at 740,760 ETH, all staked and income-generating
- The company maintains a 0.87 price-to-net asset value ratio, highlighting a discount relative to its holdings
Executives confirmed they have not tapped their At-the-Market (ATM) facility, citing a commitment to protecting shareholder value and avoiding any dilution of ETH per share. The firm reserves the right to use the ATM strategically if market conditions become favorable.
SharpLink’s Strategic Positioning Around Ethereum
As one of the largest publicly traded holders of Ethereum, SharpLink has integrated ETH deeply into its corporate structure. The company:
- Uses ETH as its primary treasury reserve asset
- Generates revenue from nearly 100% staked holdings
- Maintains a dashboard offering full transparency on ETH metrics and net asset value
The firm’s Co-CEO Joseph Chalom emphasized this approach, saying, “Maximizing stockholder value remains our top priority as we execute on our vision of being the most trusted ETH treasury company in the market.”
SharpLink always acts in the best interest of its stockholders.
— Joseph Chalom (@joechalom) September 9, 2025
In today’s market, the most accretive action is to repurchase our common stock to drive long term stockholder value.
We’re fully committed to being the most transparent treasury with institutional grade discipline.… https://t.co/qUB9mZ9E86
Stock Volatility and Market Reactions
SBET stock has experienced dramatic price swings in recent months. From March to June 2025, the stock surged over 240% before sharply retreating in July. It is now trading around $15-16 per share, with pre-market data showing a 3.6% bump following the share repurchase announcement.
Despite the recent downturn, management views this as a buying opportunity and a chance to strengthen shareholder value. The broader market correction in crypto assets has impacted other digital treasury firms as well, including rival BitMine (BMNR), which also dropped below the 1.0 mNAV mark.
CoinLaw’s Takeaway
I’ve seen buybacks before, but this one feels different. SharpLink isn’t just trying to prop up its stock with flash moves. They are making a long-term bet on Ethereum and backing it with real numbers: billions in staked ETH, no debt, and now a serious buyback to match. In my experience, when a company avoids diluting shareholders and instead buys back stock at a discount, it usually signals they believe in their fundamentals. And let’s be honest, holding $3.6 billion in ETH while trading below NAV? That’s rare. I’d keep a close eye on SBET as this strategy unfolds.
