SharpLink Gaming Authorizes $1.5 Billion Stock Buyback Program
SharpLink Gaming (SBET) has initiated a stock buyback program of up to $1.5 billion. The firm, led by Ethereum co-founder Joseph Lubin, will execute repurchases based on market conditions and share price.
- Co-CEO Joseph Chalom stated that if stock trades at or below the net asset value of their ETH holdings, issuing new equity would dilute value.
- The company holds 740,760 ETH, valued at approximately $3.19 billion.
- Shares increased over 10% to $19.85 following the announcement and positive market reactions from Fed Chair Jerome Powell's comments regarding a potential rate cut.