SharpLink Gaming unveiled its $1.5 billion share buyback program, repurchasing nearly 939,000 shares at ~$15.98 each, aiming to narrow the gap where its stock trades below the value of its Ethereum (ETH) treasury.
Key Takeaways:
- Currently considered by analysts and financial firms as undervalued stock, SharpLink is trading below its net asset value, with market capitalization lagging behind its ~$3.6 billion ETH holdings.
- The company initiated the program by repurchasing approximately 939,000 shares for about $15 million at an average price of $15.98 per share.
- All of SharpLink’s ETH, around 837,230 ETH (~$3.59–$3.6 billion) is staked, generating ongoing revenue with zero debt.
SharpLink Gaming (Nasdaq: SBET), known for being one of the largest Ethereum treasury firms, started executing its previously authorized $1.5 billion share buyback program, where it repurchased about 939,000 shares at an average of $15.98, totaling around $15 million in share repurchases.
Besides publicizing it in its official website’s report, SharpLink announced the buyback program on their X (formerly Twitter) account, emphasizing that their stock is “significantly undervalued” while also including key facts such as their total ETH holdings fully staked, no current debt, and no equity below 1x Net Asset Value (NAV) issued.
Undervalued Stock Sparks Action
The firm's stock is trading at a substantial discount to its NAV, driven by its underlying ETH holdings. SharpLink holds approximately 837,230 ETH, valued around $3.59 billion, and nearly all of it is staked to produce income. CEO Joseph Chalom highlighted that maximizing stockholder value remains as their “top priority,” noting that repurchasing undervalued stock is more advantageous than issuing new equity under these conditions.
We continue to be focused on the long-term Ethereum opportunity, and our strategy reflects that. he added.
Meanwhile, this move is being backed by industry voices. For instance, NYDIG’s Greg Cipolaro recommended buybacks as a go-to measure for digital asset treasury (DAT) companies trading below NAV.
Market Reaction Shows Early Confidence
In response to the announcement, SharpLink’s stock rose roughly 6.5% as per Google Finance, closing at about $16.69 the following day. Still, the stock remains down approximately 25–30 % over the past month, underlining the depth of the NAV discount.
SharpLink Gaming’s stock price saw a 6.51% gain over the past 24 hours. Source: Google Finance
Meanwhile, Ethereum (ETH) is currently (8:30 AM UTC) trading at approximately $4,326.50, logging a modest drop of 0.8% in the day despite the buyback announcement. The token reached intraday highs near $4,365.73 and lows around $4,280.00.
The token’s marginal daily price changes show relative stability despite broader market volatility. ETH’s performance remains central to SharpLink’s valuation, given the scale of its crypto treasury.
Outlook
SharpLink’s move signals confidence in the long-term value of its ETH-backed business model and a commitment to smart capital deployment. By repurchasing shares below NAV, the firm not only offers direct value back to shareholders but also reduces downward pressure on its ETH-per-share metric.
Going forward, the market will watch for how much further shares will be repurchased, how stakeholder sentiment evolves, and whether this triggers a sustained rally. Should macro pressure persist, buybacks may remain a key strategic lever for crypto-treasury firms trading at a discount.
Summary
SharpLink Gaming initiated its $1.5B share buyback program, repurchasing 939,000 shares (~$15M) at an average of $15.98 each. The move comes as the firm’s stock trades at a steep discount to its Ethereum-backed NAV, despite holding 837,230 ETH (~$3.6B) fully staked and carrying zero debt. The buyback is aimed at narrowing the gap between market value and underlying assets while reinforcing shareholder confidence. Early reaction saw the stock climb ~6.5%, though it remains down ~25–30% over the month. With ETH trading steady near $4,326, SharpLink’s long-term strategy continues to center on maximizing value through its digital asset treasury model.
