SharpLink Gaming Repurchases $15 Million in Shares Amid Valuation Concerns
SharpLink Gaming (SBET) has repurchased $15 million in shares, citing its market cap as undervalued compared to its holdings of $3.6 billion in ether (ETH). Key points include:
- Purchase of approximately 939,000 shares at an average price of $15.98
- Stock increased by 3.6% in pre-market trading
- Current share price trades at a 0.87 multiple of net asset value (mNAV)
- Nearly all ETH holdings are staked, generating income
- No sales from its at-the-market facility while below mNAV to avoid dilution
- Digital asset treasury firms have faced significant declines recently, with SBET and BitMine (BMNR) down 60%-70% since July highs
SharpLink asserts the buyback reflects confidence in its long-term strategy.