SharpLink Gaming Repurchases $15M in Stock Amid Discount to Ether Holdings
SharpLink Gaming (Nasdaq: SBET), an ether (ETH) treasury company led by Ethereum co-founder Joe Lubin, said Tuesday it has repurchased $15 million worth of shares, taking advantage of a steep discount to the firm’s underlying crypto assets.
The Minneapolis-based company bought back roughly 939,000 shares at an average price of $15.98, according to a press release. The move follows a sharp decline in digital asset treasury stocks, with SharpLink’s shares trading at just 0.87 times net asset value (mNAV) despite the firm’s $3.6 billion ETH position, most of which is staked to generate yield.
“We believe our stock is significantly undervalued, and buybacks reflect our confidence in SharpLink’s long-term strategy and growth prospects,” the company said.
Shares rose 3.6% in pre-market trading Tuesday, boosted by the announcement and a 1% increase in ETH prices since the prior close.
Executives noted the company has refrained from selling stock through its at-the-market facility while trading below NAV, emphasizing that such moves would dilute ETH per share, a key performance metric.
The sector has faced heavy pressure as crypto markets retreated in recent weeks. Rival treasury firm BitMine (BMNR), which manages nearly $9 billion in ETH, also slipped below the 1.0 mNAV threshold. Both SBET and BMNR are down 60–70% from July highs.
