SharpLink Ramps Up Buybacks as Ethereum Treasury Swells to $3.7 Billion

SharpLink Gaming is doubling down on its dual strategy of aggressive share repurchases and steady Ethereum accumulation. The Minneapolis-based company disclosed on Tuesday that it snapped up an additional one million shares of its SBET stock at an average of $16.67, bringing total buybacks over the past two weeks to 1.93 million shares—about $32 million of the $1.5 billion program approved in August.

While enhancing its equity position, SharpLink has also inched up its Ethereum reserves, adding 922 ETH—roughly $4.1 million—since August 31. The company now sits on an impressive 838,152 ETH worth approximately $3.7 billion at today’s price of $4,448, making it the second-largest publicly traded Ethereum holder behind BitMine Immersion Technologies.

Management says these moves aim to unlock long-term value as SBET trades below the net asset value of its ETH holdings. Shares opened Tuesday at $16.33, down about 2.6% on the day and more than 19% for the month, underperforming Ethereum’s 2.2% dip over the same period. Despite the stock slide, SharpLink maintains that repurchases remain the most effective way to maximize shareholder returns in the current market.