SharpLink Gaming Repurchases $15M in Shares Amid Undervalued ETH Holdings

Nasdaq-listed ether treasury firm SharpLink Gaming (SBET), 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 $3.6 billion ether holdings.

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

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

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

Nearly all of SharpLink’s ETH holdings are staked, providing an income stream. The stock currently trades at a 0.87 multiple of net asset value (mNAV), limiting the firm’s ability to raise funds through share sales for additional ETH purchases. Executives emphasized that they have not used their at-the-market facility while the stock trades below NAV, noting that doing so would dilute ETH per share—a key metric for the company.

The digital asset treasury sector has faced sharp declines in recent weeks as crypto markets cooled. Rival BitMine (BMNR), which holds nearly $9 billion in ETH, also trades below 1 mNAV. Both SBET and BMNR have lost roughly 60%-70% since their July highs.