SharpLink Gaming Executes $1.5 Billion Share Buyback Program Starting with $15 Million
SharpLink Gaming Inc. (Nasdaq: SBET) has initiated its $1.5 billion share buyback program, repurchasing approximately 939,000 shares at an average price of $15.98, totaling $15 million.
- The company holds $3.6 billion in ETH with no debt.
- Co-CEO Joseph Chalom stated the stock is undervalued compared to its net asset value (NAV).
- SBET shares gained 3.6% in pre-market trading, reaching $16.53, but remain 60% below July highs.
- Trading volume increased, with around 20.4 million shares traded on September 8.
- SharpLink is the second-largest corporate Ethereum holder, with nearly all ETH holdings staked, generating revenue.
- The company avoids dilutive equity issuances while trading below NAV and focuses on disciplined capital allocation through buybacks.
- The current market capitalization is $3.209 billion, trading at a discount to its ETH treasury value.
SharpLink plans to continue buybacks when shares are attractively valued, reflecting market dynamics affecting publicly traded digital asset firms.