SharpLink Gaming repurchased 1,000,000 SBET shares at an average $16.67 per share and has bought back 1.93 million SBET shares in two weeks, while modestly adding 922 ETH to its treasury — a move driven by the company’s view that SBET is undervalued relative to its Ethereum holdings.
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Repurchased 1,000,000 SBET at $16.67 average price
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Total repurchases of 1.93 million SBET using nearly $32M of a $1.5B program
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ETH treasury stands at 838,152 ETH (~$3.7B); added 922 ETH (~$4.1M) since Aug 31
SharpLink Gaming buyback: SharpLink repurchased 1M SBET shares at $16.67 while expanding its ETH treasury; read the full breakdown and implications for investors.
What is SharpLink Gaming’s SBET buyback and why is it occurring?
SharpLink Gaming’s buyback is a share repurchase program in which the company has repurchased 1,000,000 SBET shares at an average price of $16.67 and 1.93 million shares in two weeks, funded from a previously approved $1.5 billion program. The company says the market is pricing SBET below the value of its Ethereum holdings, prompting repurchases to enhance stockholder value.
How many SBET shares did SharpLink repurchase and what was the cost?
SharpLink repurchased a total of 1.93 million SBET shares over the past two weeks, using nearly $32 million of the approved $1.5 billion repurchase authorization. The most recent tranche was 1,000,000 shares at an average price of $16.67 per share.
How has SharpLink’s Ethereum treasury changed?
The company’s Ethereum treasury rose modestly by 922 ETH (approximately $4.1 million) since August 31. SharpLink now holds 838,152 ETH, valued at roughly $3.7 billion based on an ETH price near $4,448. The firm reports one of the largest publicly disclosed ETH treasuries, second only to BitMine Immersion Technologies, which holds over 2.1 million ETH.
Is SharpLink’s market cap below its ETH net asset value?
Yes. SharpLink’s market capitalization is currently trading below the net asset value of its Ethereum holdings according to the company’s Ethereum dashboard. Management has stated that repurchasing common stock is the optimal way to maximize stockholder value under current market conditions.
How does SharpLink’s performance compare to ETH and peers?
SBET has underperformed ETH recently: SBET fell about 19% in the last month vs. ETH’s ~2.2% decline over the same period. Shares traded near $16.33 after the repurchase announcement, down roughly 2.6% on the day of the release.
What did management say about strategy and alignment?
Co-CEO Joseph Chalom emphasized stockholder value and alignment: “By expanding our ETH concentration, we are reinforcing our commitment to align the long-term interests of SharpLink, Ethereum and our shareholders,” highlighting a dual strategy of share repurchases and selective ETH accumulation.
How can investors interpret this buyback?
- Undervaluation signal: Management believes SBET is undervalued relative to ETH assets.
- Capital allocation: The company is allocating capital to buybacks while gradually increasing treasury ETH.
- Risk alignment: Combining equity buybacks with crypto treasury increases exposure to ETH price movements.
Comparison: Public ETH Treasuries
| Company | ETH Holdings | Approx. USD Value |
|---|---|---|
| SharpLink Gaming (SBET) | 838,152 ETH | ~$3.7 billion |
| BitMine Immersion Technologies | >2.1 million ETH | ~$9.3 billion |
Frequently Asked Questions
Why is SharpLink buying back SBET shares now?
SharpLink views its common stock as significantly undervalued versus its Ethereum net asset value and believes repurchases are the best way to maximize stockholder value in current market conditions.
How much of the repurchase program has been used?
The company has used nearly $32 million of a $1.5 billion share repurchase authorization to repurchase 1.93 million shares in the past two weeks.
Key Takeaways
- Share repurchases: 1.93M SBET repurchased in two weeks; 1M at $16.67 average in latest tranche.
- ETH treasury expansion: Added 922 ETH since Aug 31; total ~838,152 ETH (~$3.7B).
- Valuation implication: Market cap trading below ETH net asset value prompted repurchases to enhance shareholder value.
Conclusion
SharpLink Gaming’s recent buybacks and measured ETH accumulation reflect a deliberate capital-allocation stance: repurchase shares when stock appears undervalued while maintaining and modestly expanding a substantial Ethereum treasury. Investors should monitor ETH price movements and repurchase pacing for future signals about management’s valuation views and stockholder alignment.
