SharpLink Gaming, Inc. has greenlit a $1.5B buyback tied to its hefty Ethereum treasury.
The SharpLink Gaming, Inc. (SBET) board of directors has authorized a stock buyback of up to $1.5 billion (around $500 million shy of Yahoo! Inc.’s incredible $2 billion buyback), and it’s explicitly tied to the company’s Ethereum (ETH) treasury.
The company’s board has authorized management to consider repurchasing company shares when SBET’s market price trades at or below the net asset value (NAV) of its ETH holdings. This approach is designed to be accretive, boosting the ETH-per-share metric for remaining shareholders instead of issuing equity that would dilute that value.
The concept of a crypto treasury company, such as SBET, was pioneered by Michael Saylor’s Strategy (MSTR). Saylor has amassed over 632,457 BTC, while the company’s stock has soared to new heights over the last few years.
SBET’s High-Stakes Gamble with its $3B ETH Treasury
As of August 17, 2025, SharpLink reported total holdings of 740,760 ETH, roughly $3.1–$3.2 billion at current prices.
Image showing the details of Sharplink’s August 17 acquisition | Source: Sharplink X account.
That week alone, the company bought 143,593 ETH at an average price of $4,648, financed by $390 million from a registered direct offering and $146.5 million via its ATM program. Since launching the treasury strategy in June, it has also accumulated 1,388 ETH in staking rewards.
The buyback program introduces a crypto-native mechanism to traditional corporate finance. If the stock price fails to reflect the underlying on-chain assets, repurchasing shares at a discount to NAV directly benefits long-term holders by concentrating the valuable ETH treasury among fewer shares.
That’s the logic co-CEO Joseph Chalom outlined when the board authorized the program.
Execution is discretionary, the company may repurchase stock on the open market or via privately negotiated deals, allowing management to act opportunistically as conditions evolve.
Additionally, steering this strategy is Ethereum’s co-founder Joseph Lubin, who serves as SharpLink’s chairman, underscoring the ETH-first posture and aligning the firm’s capital approach with the broader Ethereum ecosystem.
Top Corporate Ethereum Treasuries
| Company | ETH Holdings |
| BitMine Immersion Tech | 1,713,899 ETH |
| SharpLink | 740,760 ETH |
| Bit Digital | 120,306 ETH |
| BTCS Inc. | 70,028 ETH |
Source: The Block data
SharpLink’s aggressive accumulation places it among the largest corporate holders of Ethereum globally, with 740,000 ETH. It’s second only to former Bitcoin mining company, BitMine Immersion Tech, which has amassed over 1.7 million ETH.
The new buyback plan introduces a “crypto-native” twist on a traditional capital strategy, allowing the company to manage its treasury in real time, balancing equity prices with on-chain market dynamics.
However, the company’s equity is now sensitive to ETH’s price path.
Under U.S. GAAP fair-value accounting for crypto assets, mark-to-market swings can affect reported earnings and the balance sheet. Management also notes the risk of impairment charges if prices fall below carrying value.
Nevertheless, execution remains at management’s discretion, and there’s no obligation to buy any specific number of shares.
