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SharpLink Gaming approved a stock repurchase program of up to $1.5B, positioning itself to buy back shares when trading below the net asset value (NAV) of its ether holdings.
What’s the Scoop?
- Capital strategy: Co-CEO Joseph Chalom said buybacks help preserve the company’s “ether per share” metric, avoiding dilution when shares trade under NAV.
- ETH treasury: SharpLink holds 740,760 ETH, worth about $3.6B, and trades at a market capitalization of $3.5B.
- Treasury trend: The top five public
Ethereum treasury companies hold more than $13B in ETH combines, with top holder BitMine holding $7B alone.
Bankless Take:
Crypto treasury companies trading may experience difficulties raising funds when trading at discounts to NAV, and at last week's end, SharpLink held just $84M of cash on hand. Although the firm has authorized a sizable buybacks, it is unclear whether SharpLink can execute on the program.
At SharpLink, we’re building Ethereum-backed value per share with institutional-grade discipline and full transparency
— SharpLink (SBET) (@SharpLinkGaming) August 22, 2025
Our mission is simple: accumulate ETH, stake ETH, and grow ETH-per-share as the most trusted Ethereum treasury in the world
That’s why our Board just… https://t.co/BqUR5vtpjE
