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

Core Viewpoint - SharpLink Gaming Inc. is actively repurchasing shares, reflecting management's belief that the stock is undervalued and that buybacks are the best way to deliver shareholder value in the current market conditions [2][6]. Share Buyback Program - The company has repurchased a total of 1,938,450 shares since the buyback program began in early September 2025, with the latest purchase of 1 million shares at an average price of $16.67 [1][2]. - The buyback program was initiated in late August 2025 and is part of the company's strategy to enhance shareholder returns [1][2]. Financial Position - As of September 14, 2025, SharpLink reported a net asset value (NAV) of $3.86 billion, equating to approximately $18.55 per fully diluted share, with no outstanding debt obligations [3]. - The company's total Ethereum (ETH) holdings have grown to 838,152 coins, valued at $3.86 billion, with nearly all assets staked to generate steady revenue [4]. Ethereum Strategy - SharpLink's strategy emphasizes the importance of Ethereum, with cumulative staking rewards reaching 3,240 ETH in just over three months and a concentration ratio of 3.97, reflecting a 98% increase since June [5]. - Management views Ethereum as a cornerstone of the digital asset economy, with stock buybacks and ETH accumulation seen as complementary goals [6][7]. Future Outlook - The company plans to continue share repurchases, funded by cash on hand, staking revenue, or alternative financing methods, depending on market conditions [8]. - With ETH holdings nearing $4 billion, SharpLink aims to position itself as a leader in corporate digital asset adoption [8].