SharpLink Expands Buyback to 1.94M Shares, Holds ETH Worth $3.86B

SharpLink Gaming Inc., one of the world’s largest corporate holders of Ethereum, has announced the repurchase of 1 million shares of its common stock.

The shares were bought at an average price of $16.67 as part of the company’s ongoing buyback program, launched in late August 2025.

Buyback Momentum Builds

The latest purchase brings SharpLink’s cumulative repurchases to 1,938,450 shares since the program began earlier this month.

Executives say the decision reflects their view that SharpLink stock remains undervalued and that buybacks represent the best method of delivering value to shareholders in current market conditions.

As of September 14, 2025, the company reported a net asset value (NAV) of $3.86 billion, or approximately $18.55 per fully diluted share, and confirmed it had no outstanding debt obligations.

Ethereum Strategy Deepens

SharpLink’s balance sheet is increasingly defined by Ethereum. Since adopting a dedicated treasury strategy on June 2, the company’s total ETH holdings have grown to 838,152 coins, now valued at $3.86 billion. Nearly all of those assets are staked, generating steady revenue.

Cumulative staking rewards have reached 3,240 ETH in just over three months, while SharpLink’s ETH concentration ratio has climbed to 3.97—a 98% jump since June. Management said that the rising concentration demonstrates the company’s conviction in Ethereum’s role at the center of the digital asset economy.

“Ethereum Is the Cornerstone”

Joseph Chalom, co-CEO of SharpLink, shares the long-term vision underpinning the strategy. He explains that stock buybacks and ETH accumulation remain complementary goals:

“Ethereum is rapidly emerging as the cornerstone of the digital asset economy, with momentum accelerating as institutions announce tokenization across stocks and funds, regulators provide greater clarity across global markets, and central banks prepare for easing monetary policy,” Chalom said.

“By expanding our ETH concentration, we are reinforcing our commitment to align the long-term interests of SharpLink, Ethereum, and our shareholders, while showcasing how digital assets can be responsibly and strategically deployed to drive meaningful value creation,” adds Chalom.

Outlook

SharpLink expects to continue repurchasing shares, funded by cash on hand, revenue from staking activities, or alternative forms of financing, depending on market conditions.

With ETH holdings approaching $4 billion and shareholder returns front and center, the company is positioning itself as a bellwether for corporate digital asset adoption.

The ‘MicroStrategy of Ethereum’

SharpLink has been compared to Michael Saylor’s MicroStrategy, which famously accumulated billions of dollars in Bitcoin. This comparison has followed SharpLink since it began deploying its capital into ETH.

“Saylor has demonstrated that over a multi-year period, you can have a public company that buys a crypto asset and that company can trade at a premium in value,” Chalom told Cryptonews in an interview.

“We are trying to do a very similar thing with Ethereum, which is to be a public treasury, raise capital from investors, buy Ethereum, and allow investors to participate in three things: capital appreciation, staking yield, and supporting the ecosystem,” Chalom said.