SharpLink Reacts to NAV Discount with $1.5 billion Repurchase Plan

- SharpLink begins $1.5 billion buyback as stock trades below NAV. - Planned repurchases aim to boost ETH and cash per share. On September 9, 2025, The Block reported that Ethereum treasury firm SharpLink Gaming (ticker SBET) began its newly authorized $1.5 billion share repurchase program. The company has already repurchased approximately 939,000 shares at an average price of $15.98, spending a total of $15 million. The company considers the program "immediately accretive" because SBET shares currently trade below its net asset value (NAV). NAV measures the per-share worth of a company’s assets—including its 837,000 ETH and cash—minus its liabilities. When a company's stock price dips below NAV, it suggests the market values the company at less than its underlying assets. SharpLink aims to capitalize on this undervaluation by purchasing its own shares, which boosts the per-share ETH and cash value for remaining shareholders. In a statement on September 9, Co-CEO Joseph Chalom endorsed the strategy, stating, "We believe the market currently undervalues our business." He highlighted SharpLink’s commitment to disciplined capital allocation, and as a result, the company will prioritize share buybacks to strengthen stockholder value instead of issuing new shares while its market price remains below NAV. This strategic move follows the SharpLink board's authorization of the $1.5 billion buyback program and underscores the company’s position as a major Ethereum treasury player. SharpLink's prominence in the blockchain space is reinforced by its holdings of 837,000 ETH, valued at approximately $3.6 billion at current market prices. The company also stakes most of its Ethereum holdings to generate additional income through network participation. Based on market conditions, the company projects these staking yields will produce 15,700 to 35,200 ETH annually, which at Ethereum’s current price of $4,300, translates to an income of $67 million to $151 million per year. Future buybacks under the program will depend on market conditions, and SharpLink will fund these repurchases using existing cash reserves, staking revenue, or alternative financing methods. The company also confirmed it has not used its at-the-market (ATM) equity facility while its shares trade below NAV. The market has responded positively to the announcement, with SBET’s stock price recently ticking up. According to CoinMarketCap on September 9, Ethereum (ETH) traded at $4,289.95 as of 19:08 UTC, a price reflecting a 0.79% decrease in 24-hour trading volume.