SharpLink Gaming Authorizes $1.5 Billion Stock Buyback Program
SharpLink Gaming (NASDAQ: SBET) has authorized a $1.5 billion stock buyback program, leading to a 5% increase in share price during pre-market trading. This move aims to enhance market support and optimize capital allocation.
Key Points of the Buyback Plan
- The buyback reinforces commitment to sustainable shareholder value.
- This announcement follows a $668 million purchase of ETH.
- Repurchases may occur through various methods, depending on market conditions.
- No obligation exists for the company to repurchase a specific number of shares.
- The program can be suspended or discontinued at any time.
Joseph Chalom, Co-CEO, emphasized that buybacks may be preferable if stock trades below the net asset value of their ETH holdings. Following the announcement, SBET stock, which had previously corrected 30%, is up 5% and approaching $19. The stock has risen 133% since early 2025, driven by significant ETH purchases.
Competition Among ETH Treasury Firms
- SharpLink competes with Bitmine Technologies for the largest ETH holdings.
- Bitmine currently leads with 1.5 million ETH acquired in two months.
- ETH price has increased nearly 80% since early June, currently consolidating around $4,400.
- Potential breakout targets are set at $5,000 and beyond.