SharpLink Gaming (SBET) has given the green light to a $1.5 billion stock buyback program, part of what it calls a disciplined capital markets strategy. The company has not yet repurchased any shares but says it will act if market conditions line up.
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Co-CEO Joseph Chalom explained the thinking. “This program provides us with the flexibility to act quickly and decisively if those conditions present themselves.” He said buybacks would be considered when SharpLink’s stock trades at or below the net asset value of its Ethereum holdings.
SharpLink Is Already One of the Largest Ethereum Treasuries
SharpLink is already one of the largest Ethereum corporate treasuries in the world, holding 740,800 ETH worth roughly $3.14 billion. Repurchasing shares below net asset value would increase its ETH-per-share ratio, effectively giving shareholders a bigger slice of the Ethereum pie.
The company’s strategy is focused on accumulating and staking Ethereum to expand that metric. In May, SharpLink doubled down by naming Ethereum co-founder Joseph Lubin as its chairman and declaring ETH its primary reserve asset.
Ethereum Is a Big Part of the Strategy
Lubin has been vocal about the importance of Ethereum treasuries. In July, he argued that such holdings are “a great business to run” and “critical to enable the supply-demand dynamics of Ethereum to right-size as we build more and more applications.” SharpLink’s approach reflects that vision, with the firm positioning itself as both a corporate investor and a long-term supporter of Ethereum’s ecosystem.
Despite the ambitious strategy, SharpLink is not the largest player. BitMine (BMNR), once a Bitcoin miner, holds more than 1.5 million Ethereum worth about $6.47 billion, nearly double SharpLink’s holdings. Still, SharpLink’s stash has delivered nearly $600 million in unrealized gains thanks to Ethereum’s recent price surge.
At the time of writing, Ethereum is sitting at $4,588.92.
