SharpLink Gaming Repurchases $15M in Shares as ETH Holdings Outperform Market Price
SharpLink Gaming (SBET), the Nasdaq-listed ether treasury firm led by Ethereum co-founder Joe Lubin, announced a $15 million share buyback on Tuesday, noting that its stock is trading below the net asset value of its $3.6 billion ETH holdings.
The Minneapolis-based company repurchased roughly 939,000 shares at an average price of $15.98 as part of its ongoing buyback program, according to a press release.
“The company believes its common stock is significantly undervalued and views buybacks as a strong investment that demonstrates confidence in our long-term strategy and growth prospects,” SharpLink said.
Following the announcement, SBET shares gained 3.6% in pre-market trading, while ether’s price rose over 1% since Monday’s close.
Nearly all of SharpLink’s $3.6 billion ETH holdings are staked, generating an ongoing income stream. The stock currently trades at a 0.87 multiple of net asset value (mNAV), limiting the firm’s ability to raise funds by selling shares for additional ETH acquisitions. Executives noted that they have not tapped their at-the-market facility while shares trade below NAV, as such moves would dilute ETH holdings per share—a key metric for the company.
Digital asset treasury firms have been hit hard in recent weeks amid cooling crypto markets. Competitor BitMine (BMNR), holding nearly $9 billion in ETH, also trades below 1 mNAV. Both SBET and BMNR have seen losses of roughly 60%-70% since their July highs.
