SharpLink Gaming has stepped up its stock repurchase program, buying back one million shares of its SBET stock at an average price of $16.67. The move comes as the company’s market capitalisation continues to sit below the value of its Ethereum holdings, highlighting what executives see as a significant undervaluation.
The Minnesota-based firm revealed that it has now repurchased 1.93 million shares since late August, deploying roughly $32 million of the $1.5 billion buyback program it authorised earlier this summer. Over the same period, SharpLink added 922 ETH — worth about $4.1 million — to its already massive Ethereum treasury.
Co-CEO Joseph Chalom said the strategy reflects the company’s dual focus on digital assets and shareholder value. “By expanding our ETH concentration, we are reinforcing our commitment to align the long-term interests of SharpLink, Ethereum, and our shareholders,” he noted, adding that the company sees responsible use of digital assets as a way to drive sustainable growth.
SharpLink currently holds more than 838,000 ETH, valued at about $3.7 billion, making it the second-largest publicly traded Ethereum treasury after BitMine Immersion Technologies. Despite that strong position, its stock has struggled. Shares of SBET traded down 2.6% Tuesday to $16.33, extending a monthly decline of more than 19%. Over the same period, ETH itself has only slipped by about 2.2%.
The company reiterated that it views its shares as deeply undervalued and believes continued buybacks remain the most effective way to enhance shareholder returns under current market conditions.
