Ether-Focused Treasury Firm SharpLink Gaming Buys Back $15M in Shares Considered Undervalued

SharpLink Gaming Buys Back $15M in Shares as Ether Holdings Outshine Market Valuation

SharpLink Gaming (SBET), the Nasdaq-listed ether (ETH) treasury firm led by Ethereum co-founder Joe Lubin, announced a $15 million share buyback on Tuesday, citing the stock’s market price trading below the net asset value of its underlying ETH holdings.

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

“The Company believes its common stock is significantly undervalued and sees buybacks as a compelling investment that highlights confidence in our long-term strategy and growth prospects,” SharpLink said.

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

SharpLink currently holds about $3.6 billion in ETH, nearly all staked to generate income. The stock trades at a 0.87 multiple of net asset value (mNAV), constraining the firm’s ability to raise funds through share sales for additional ETH purchases. Executives emphasized that they have not used the at-the-market facility while the stock trades below NAV, noting that such moves would dilute ETH holdings per share—a key performance metric for the firm.

Digital asset treasury firms have faced significant declines in recent weeks amid cooling crypto markets. Rivals such as BitMine (BMNR), which holds nearly $9 billion in ETH, have also dropped below the 1 mNAV threshold. Both BMNR and SBET have seen losses of roughly 60%-70% since their July highs.