SharpLink Gaming repurchases 1 million shares at $16.67 each, expanding its buyback program

SharpLink Gaming, Inc. (Nasdaq: SBET) disclosed on Monday that it had repurchased 1,000,000 shares of its common stock as part of its ongoing buyback program. 

According to a press statement posted on the company’s website on Tuesday, the purchases were executed at an average price of $16.67 per share, This brings SharpLink’s total repurchases since the start of September to 1,938,450 shares.

As reported by Cryptopolitan, the program was first announced in late August by management, who promised it would boost stocks and shareholder value, and encourage more investors to buy SBET “while it is still undervalued.”

SharpLink resumes buyback program with no debt

In its weekly recap, the company confirmed that no capital was raised through its at-the-market (ATM) facility in the last seven days ending September 14. The repurchases were instead funded directly with available cash. 

As of Monday, the company had reported no outstanding debt obligations and reported a net asset value (NAV) of $3.86 billion, equal to $18.55 per fully diluted share.

Executives noted that future buybacks will continue, but it will depend on market conditions and may be financed using cash generated through staking crypto, operating activities, or other forms of financing. 

Nearly 100% of SharpLink’s Ethereum holdings are currently staked, garnering over 3,240 ETH in returns, valued at approximately $14,387,019 at current prices.

SharpLink has the world’s second-largest corporate Ethereum treasury and has been aggressively adding to its treasury position in recent months. It falls second in the list to BitMine Immersion Technologies Inc, which has 2.15 million ETH tokens, totally valued at over $10 billion.

Since launching its ETH-focused treasury strategy on June 2, the company’s holdings have grown to 838,152 ETH, bought at an average price of $3,603 per coin, and is now worth $3.86 billion at current prices. The firm’s ETH concentration ratio rose to 3.97, a gain of more than 98% since early June.

The program has also delivered $717,312,476 in unrealized profits since it began investing in ETH. SharpLink’s ETH holdings are almost fully staked, a strategy executives insist is a business model that creates both value for shareholders and credibility for Ether as a treasury asset class.

“Ethereum is rapidly emerging as the cornerstone of the digital asset economy, with momentum accelerating as institutions announce tokenization across stocks and funds, regulators provide greater clarity across global markets, and central banks prepare for easing monetary policy,” Joseph Chalom, SharpLink’s Co-Chief Executive Officer told the press earlier today.

Management doubles down on stock valuation

SharpLink has repeatedly stated that it views its common stock as significantly undervalued, and according to Chalom, the company’s ETH accumulation strategy is directly tied to shareholder returns. 

“By expanding our ETH concentration, we are reinforcing our commitment to align the long-term interests of SharpLink, Ethereum and our shareholders, while showcasing how digital assets can be responsibly and strategically deployed to drive meaningful value creation,” he added.

According to SharpLink’s ETH dashboard, the firm has an ETH net asset value (NAV) of $3.86 billion, and $3.5 billion in market capitalization, with no debt. Its shares have surged by 111% over the twelve months, outpacing both the broader US market index S&P500, which rose 12.5%, and the US hospitality industry, which gained 23.2% in the same period.

The pace of gains accelerated in recent months, with the company reporting a 92% rise in its stock price during the last quarter alone. Average daily trading volume for SBET over the past 30 days reached $803.6 million, which shows heightened investor activity. The company’s “ETH Standard Era” metric also recorded a 166.50% increase.

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