SharpLink Gaming, Inc., a Nasdaq-listed company, has executed a major stock buyback of 1 million shares at an average price of $16.67, bringing its cumulative repurchases to 1,938,450 shares since late August 2025. The buyback is part of a $1.5 billion program funded entirely by staking rewards from the company's substantial Ethereum holdings, with no debt involved.
As of September 14, 2025, SharpLink holds 838,152 ETH valued at approximately $3.86 billion, representing one of the largest corporate Ethereum portfolios globally. Nearly all of these assets are staked, generating 3,240 ETH in rewards since June 2, 2025. The company's ETH concentration ratio has surged to 3.97, a 98% increase since June.
Co-CEO Joseph Chalom emphasized the strategic vision: "Ethereum is rapidly emerging as the cornerstone of the digital asset economy... By expanding our ETH concentration, we are reinforcing our commitment to align the long-term interests of SharpLink, Ethereum, and our shareholders." The company's net asset value (NAV) stands at $18.55 per fully diluted share.
Despite the buyback's intention to support stock value, SharpLink's share price experienced a slight dip post-announcement, reflecting market concerns about potential dilution. The company has been compared to MicroStrategy's Bitcoin accumulation strategy, with Chalom noting they aim to become "the MicroStrategy of Ethereum" by offering investors exposure to capital appreciation, staking yield, and ecosystem support.