SharpLink Gaming, the second-largest corporate holder of Ethereum (ETH), has authorized a $1.5 billion stock repurchase program in a strategic move to boost its Ether-per-share ratio and signal long-term confidence in Ethereum as its core treasury asset.
Announced Friday, the decision adds a new layer to SharpLink’s aggressive Ethereum-focused corporate strategy, which has made the company one of the most significant non-governmental institutional participants in the ETH ecosystem. The firm currently holds 740,800 ETH, valued at approximately $3.14 billion, with plans to further entrench its position in the Ethereum economy through staking and Ether-denominated asset management.
The repurchase plan is aimed at capitalizing on what the company views as a mismatch between its Ether net asset value (NAV) and market capitalization. According to co-CEO Joseph Chalom, SharpLink will only deploy the buyback when shares are trading below NAV, allowing it to reduce supply and increase the ETH-per-share metric for remaining investors.
“This program provides us with the flexibility to act quickly and decisively if those conditions present themselves,” said Chalom in a prepared statement. “Our mission is to grow ETH-denominated shareholder value, and this is one more tool in our arsenal.”
Buyback Strategy Tied Directly to Ether Metrics
The $1.5 billion repurchase plan, which has yet to be activated, is not just a conventional capital return initiative. It is part of what SharpLink calls a “disciplined capital markets strategy” aimed at reinforcing ETH accumulation, staking, and treasury growth as central pillars of the company’s business model.
SharpLink’s management emphasized that buying back shares below NAV allows the company to boost Ether per share (EPS) - a unique variant of earnings per share that aligns with the firm's Ethereum-focused financial framework.
With Ether trading above $4,600, SharpLink's treasury now sits on an unrealized gain of nearly $600 million, making the timing of the buyback particularly compelling from a shareholder value perspective.
Ethereum at the Core: From Betting Platform to Treasury Giant
SharpLink’s transformation from a betting platform into a crypto-native treasury powerhouse began earlier this year. In May 2025, the company officially adopted Ethereum as its primary reserve asset, restructured its capital strategy, and appointed Ethereum co-founder Joseph Lubin as Chairman.
At the time, SharpLink said it was going “all-in” on ETH, transitioning away from traditional fiat or mixed treasuries and choosing instead to hold, stake, and accumulate Ether as its foundational asset. The company began purchasing ETH in bulk shortly thereafter, including a $667 million purchase in early July at near-record prices.
In public statements, Lubin has described ETH-focused corporate treasuries as essential to Ethereum’s long-term economic health.
“It’s going to be critical to enable the supply-demand dynamics of Ether to right-size as we build more and more applications,” Lubin said at the time. “Companies like SharpLink are not only great businesses to run - they’re integral to Ethereum’s future.”
Second-Largest Corporate ETH Holder, But Not the Biggest
Despite its aggressive accumulation strategy, SharpLink is not the largest corporate holder of Ethereum. That title belongs to BitMine, a former Bitcoin mining company that pivoted toward ETH accumulation in 2024. BitMine holds 1.5 million ETH, valued at roughly $6.47 billion, according to data from the Strategic ETH Reserve tracker.
SharpLink’s 740,800 ETH holdings are still significant, placing it firmly as the second-largest Ethereum treasury among publicly known companies. The firm has indicated it may continue accumulating depending on ETH price trends and liquidity conditions in the broader market.
Notably, while other crypto firms diversify across multiple assets, SharpLink’s strategy remains ETH-exclusive, betting that Ethereum will outperform other digital and traditional reserve assets over the long term.
Market Reactions and Valuation Implications
Following the buyback announcement, SharpLink’s shares saw increased trading volume, though the stock has not yet responded with a price breakout. Analysts say the buyback authorization - while not immediately deployed - sends a strong signal to investors about SharpLink’s valuation discipline and long-term outlook on Ether.
“This is a classic NAV arbitrage tactic with a crypto-native twist,” said crypto market strategist Lina Goh of Amberwave Research. “By tying buyback activity to Ether net asset value, SharpLink is aligning shareholder incentives with on-chain asset growth - and that’s pretty innovative.”
Investors now see SharpLink as a proxy play for Ethereum exposure, similar to how MicroStrategy has become a de facto Bitcoin ETF alternative for institutional players wanting balance sheet BTC exposure.
What Makes Ether Treasuries Different?
Unlike Bitcoin-focused treasury strategies that emphasize scarcity and long-term store-of-value use cases, Ethereum-based treasuries like SharpLink’s are built around a more interactive and yield-generating model.
SharpLink actively stakes a portion of its Ether, earning yield from Ethereum’s proof-of-stake consensus mechanism. That income - while variable - can potentially outpace traditional treasury bond yields, offering a new paradigm for how companies deploy their balance sheet capital.
Furthermore, Ethereum’s programmable nature allows companies like SharpLink to experiment with DeFi integrations, tokenized corporate finance tools, and on-chain transparency mechanisms - all of which remain underutilized in traditional capital markets.
Strategic Significance for Ethereum Ecosystem
SharpLink’s aggressive ETH strategy comes at a time when Ethereum is increasingly being positioned as a macro asset. With spot ETH ETFs now trading in the U.S., rising staking participation, and institutional adoption via L2s and tokenization platforms, Ethereum’s demand narrative is rapidly evolving.
Corporate treasuries like SharpLink’s play a key role in locking up supply, enhancing monetary premium characteristics, and signaling institutional confidence in Ethereum’s long-term value.
“We’re building a world where Ether is not just fuel, but collateral - the core monetary asset of the next financial system,” said Lubin during a recent ETH Global conference. “And SharpLink is one of the first companies showing what that actually looks like in practice.”
Final thoughts
SharpLink Gaming’s $1.5 billion stock buyback authorization is more than a standard corporate action - it’s a bold reinforcement of a Ethereum-native balance sheet strategy, offering a new playbook for crypto-aligned companies.
With 740,800 ETH on its books, growing staking yields, and leadership from Ethereum’s founding circle, SharpLink is betting that the future of capital allocation lies on-chain - and it’s using traditional finance tools like buybacks to sharpen that edge.
As ETH continues its upward trajectory and institutional appetite builds, SharpLink’s approach may soon become the blueprint for Web3-native corporate finance - where value isn’t measured just in dollars per share, but in Ether per share.