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The repurchase happened as the firm’s stock price fell below the net asset value of its underlying ether holdings.
By Krisztian Sandor, AI Boost|Edited by Stephen Alpher
Sep 9, 2025, 1:03 p.m.
- SharpLink Gaming repurchased $15 million worth of shares, viewing them as undervalued compared to the firm’s underlying ETH holdings.
- The stock was up 3.7% pre-market, but still trades 60% below its July high.
- Waning appetite for digital treasury firms saw their stock prices falling below net asset values, limiting their ability to raise funds for more purchases.
SharpLink Gaming (SBET), a Nasdaq-listed ether (ETH) treasury firm helmed by Ethereum co-founder Joe Lubin, said on Tuesday it has bough back $15 million worth of shares, noting the stock’s market cap is below the company’s $3.6 billion in ETH holdings.
The Minneapolis-based firm repurchased about 939,000 shares at an average price of $15.98 as part of its share buyback program, according to a press release.
STORY CONTINUES BELOW
“The Company believes its common stock is significantly undervalued in the market and believes buybacks represent a compelling investment that underscores confidence in its long-term strategy and growth prospects,” said SharpLink.
The stock was up 3.6% in pre-market trading on Tuesday alongside this news and more than a 1% rise in the price of ETH since yesterday’s close.
SharpLink holds about $3.6 billion worth of ETH with nearly all of its holdings staked, providing an income stream, the firm said. The stock currently trades at a 0.87 multiple of net asset value (mNAV), according to SharpLink dashboard, limiting its ability to raise funds by selling shares for ETH purchases as part of its strategy.
Executives said that the firm has not tapped its at-the-market facility to sell shares while trading below net asset value, noting such moves would dilute ETH holdings per share, a key metric for the firm.
Digital asset treasury firms plunged sharply over the past weeks as crypto markets cooled off. Rival digital asset treasury firm BitMine (BMNR), which holds nearly $9 billion in ETH, also fell below the 1 mNAV threshold.
BMNR and SBET have each decline about 60%-70% since their July highs.
Read more: Asia Morning Briefing: BTC Treasury Demand Is Weakening, CryptoQuant Cautions
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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