SharpLink Gaming Launches $1.5 Billion Stock Buyback Program, Reinforcing Ethereum-Centric Treasury Strategy
SharpLink Gaming, Inc. (Nasdaq: SBET), one of the world’s largest corporate holders of Ethereum (ETH), announced today that its Board of Directors has authorized a stock repurchase program of up to $1.5 billion.
The move is part of the company’s ongoing commitment to shareholder value while reinforcing its unique capital markets strategy built around Ethereum adoption.
SharpLink Buyback Designed to Enhance Shareholder Value
The program allows SharpLink to repurchase its common stock through open market purchases, privately negotiated transactions, or other legally permissible methods. According to the company, execution will depend on market conditions, trading volumes, and other factors, with no obligation to buy back a specific number of shares.
Joseph Chalom, Co-Chief Executive Officer of SharpLink, said the decision was driven by a disciplined approach to capital allocation:
“Should there exist periods where our stock trades at or below the net asset value of our ETH holdings, it would be dilutive on an ETH per share basis to issue new equity. In that scenario, the accretive course of action may be to repurchase our common stock. This program provides us with the flexibility to act quickly and decisively if those conditions present themselves.â€
Ethereum at the Core of Treasury Strategy
SharpLink has distinguished itself in the gaming and sports media sectors by adopting Ethereum as its primary treasury reserve asset, giving investors direct exposure to the world’s second-largest cryptocurrency.
That alignment with Ethereum, the leading smart contract platform, places the company among a select group of public firms using digital assets as the backbone of their balance sheet.
The buyback program is designed not only to support the company’s stock but also to protect the ETH-per-share value for investors, particularly during periods of market dislocation or undervaluation relative to its Ethereum holdings.
Massive ETH Accumulation Since June
The buyback announcement follows a string of high-profile Ethereum acquisitions that have reshaped SharpLink’s financial profile in just three months.
Since launching its ETH treasury strategy on June 2, 2025, the company has built a position of 740,760 ETH worth more than $3 billion as of mid-August.
Most recently, SharpLink acquired 143,593 ETH in the week ending Aug. 17 at an average price of about $4,648, financed through $537 million in net proceeds raised via a registered direct offering and an at-the-market facility.
The company has also earned 1,388 ETH from staking rewards.
To measure performance, SharpLink introduced an ETH Concentration metric, which tracks ETH held per 1,000 diluted shares. This figure climbed to 3.87 by mid-August, a nearly 94% increase since June.
Comparative Scale and Regulatory Risks
Despite its aggressive pace of accumulation, SharpLink still trails BitMine Immersion Technologies, which controls roughly 1.5 million ETH valued at $6.76 billion. Still, SharpLink’s rapid rise has made it one of the most prominent Ethereum treasuries among publicly traded companies.
Largest ETH treasury firms (Source: StrategicETHReserve)
The company’s SEC filings reveal that much of its ETH is deployed in staking—including liquid staking—though this strategy faces evolving regulatory scrutiny.
In Q2 2025, SharpLink reported a $103 million net loss, largely due to accounting treatments of liquid staked ETH, though it retains $84 million in unused cash reserves for potential future purchases.
Balancing Innovation and Capital Discipline
Beyond its treasury management, SharpLink continues to expand its footprint in online gaming, developing scalable, secure, and transparent solutions for sports media and gaming markets.
Backed by a veteran team, the company is seeking to reimagine digital wagering and gaming experiences while using its Ethereum-backed balance sheet to anchor long-term shareholder value.
