$15M Buyback by SharpLink Gaming Targets ‘Undervalued’ Ether Treasury Shares

SharpLink Gaming Repurchases $15M in Shares as ETH Holdings Outpace Stock Valuation

Nasdaq-listed ether treasury firm SharpLink Gaming (SBET), led by Ethereum co-founder Joe Lubin, announced a $15 million share buyback on Tuesday, highlighting that its stock is trading below the net asset value of its $3.6 billion ETH holdings.

The Minneapolis-based firm repurchased approximately 939,000 shares at an average price of $15.98, part of its ongoing buyback program, according to a press release.

“The company believes its stock is significantly undervalued and views buybacks as a strong investment that underscores confidence in our long-term strategy and growth prospects,” SharpLink stated.

Following the announcement, SBET shares rose 3.6% in pre-market trading, while ether gained more than 1% since Monday’s close.

Nearly all of SharpLink’s ETH holdings are staked, generating a steady income stream. The stock currently trades at 0.87 times net asset value (mNAV), limiting the firm’s ability to raise funds through share sales for additional ETH acquisitions. Executives noted they have not used the at-the-market facility while trading below NAV, as such moves would dilute ETH holdings per share—a critical performance metric for the firm.

The broader digital asset treasury sector has experienced significant declines amid a cooling crypto market. Rival BitMine (BMNR), which holds 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.