SharpLink Gaming has announced the recent repurchase of one million shares of its stock, SBET, at an average price of $16.67. This move is part of a broader strategy that has seen the firm utilize nearly $32 million from its authorized $1.5 billion stock buyback program, which was approved in August. Over the past two weeks, SharpLink has successfully repurchased approximately 1.93 million shares.
Amid these buyback activities, the firm has also seen a modest increase in its Ethereum (ETH) holdings, adding around 922 ETH, equivalent to about $4.1 million, since the end of August. SharpLink co-CEO Joseph Chalom emphasized the company’s commitment 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, while showcasing how digital assets can be responsibly and strategically deployed to drive meaningful value creation.”
Despite these efforts, the share price of SBET has experienced a decline, falling by 2.62% in the past 24 hours and trading around $16.33. This recent dip adds to a troubling trend, as the stock has plummeted more than 19% over the last month, underperforming Ethereum, which has only seen a slight decrease of 2.2% in the same time frame.
Currently, SharpLink’s market capitalization is reported to be lower than the net asset value of its Ethereum holdings. Chalom has previously indicated that this discrepancy may encourage the company to continue its stock repurchases. He reiterated, “The Company continues to believe its common stock is significantly undervalued in the market, and that stock repurchases represent the best method to maximize stockholder value under current market conditions.”
SharpLink has established itself as a significant player in the Ethereum treasury sector, holding 838,152 ETH valued at approximately $3.7 billion based on current market prices. This positions it as the second-largest publicly traded ETH treasury, trailing only BitMine Immersion Technologies, which commands over 2.1 million ETH worth around $9.3 billion.
