SharpLink Gaming Launches $1.5B Buyback to Strengthen Ethereum Treasury

SharpLink Gaming, one of the largest corporate holders of Ether, has authorized a $1.5 billion stock repurchase program designed to reinforce its Ethereum-based treasury strategy. The move highlights the company’s growing reliance on Ether as a reserve asset and signals its intention to align shareholder value with long-term crypto exposure.

In its Friday announcement, the betting and gaming platform confirmed that no shares have yet been repurchased, but the authorization will allow the company to act swiftly when market conditions are favorable. Co-CEO Joseph Chalom explained that buybacks will be considered when the company’s stock trades at or below the net asset value of its Ether holdings. “This program provides us with the flexibility to act quickly and decisively if those conditions present themselves,” Chalom said.

SharpLink currently holds 740,800 ETH valued at roughly $3.14 billion, making it the second-largest Ether treasury among corporations. The firm estimates it has an unrealized gain of nearly $600 million following Ether’s latest price rally. Its strategy centers on both accumulating and staking ETH, with the goal of increasing the ETH-per-share ratio. By repurchasing shares at favorable levels, SharpLink expects to enhance shareholder exposure to Ethereum’s long-term growth.

The company has made a decisive pivot toward Ethereum in recent months. In late May, SharpLink appointed Ethereum co-founder Joseph Lubin as chairman, solidifying its alignment with the blockchain ecosystem. At that time, the firm declared that Ether would serve as its primary reserve asset, replacing more traditional treasury management strategies.

Lubin himself has argued that Ether treasuries play an essential role in strengthening the ecosystem, describing such initiatives as critical for balancing supply and demand dynamics. He also suggested that corporate treasuries adopting ETH could accelerate adoption as Ethereum expands through new applications and services.

SharpLink’s treasury strategy reflects broader corporate interest in crypto assets, though the company still trails behind BitMine, a former Bitcoin mining firm that has pivoted to Ethereum. According to Strategic ETH Reserve data, BitMine holds 1.5 million ETH valued at $6.47 billion, securing the top spot for Ether corporate reserves.

While SharpLink’s $3.14 billion ETH treasury is less than half of BitMine’s, its stock buyback plan underlines a commitment to expanding its position and maximizing shareholder value. The repurchase authorization suggests the company is prepared to deploy significant capital when its stock valuation fails to reflect the strength of its digital asset holdings.

As Ethereum continues to establish itself as a core component of corporate treasuries, SharpLink’s aggressive accumulation and buyback strategy positions it as a leading player in the transition from traditional finance to blockchain-based reserves. Whether this approach will deliver long-term benefits for shareholders depends on both Ethereum’s market trajectory and the company’s execution of its ambitious plan.