TLDR
- SharpLink ($SBET) closed at $16.95 on Sept. 16, up 120.7% YTD.
- Company expands buyback program to nearly 1.94M shares.
- Ethereum holdings now total 838,152 ETH valued at $3.86B.
- Co-CEO calls ETH “the cornerstone of the digital asset economy.”
- Compared to MicroStrategy for its crypto-first corporate strategy.
SharpLink Gaming Inc. ($SBET) closed at $16.95 on September 16, 2025, reflecting strong investor momentum in a year where shares have surged over 120%.
The company announced it has repurchased 1 million shares at an average price of $16.67, expanding its cumulative buyback to 1,938,450 shares since launching the program in late August.
Executives highlighted that the buybacks underscore confidence in the stock’s valuation. With no outstanding debt and strong balance sheet fundamentals, management views buybacks as the most efficient way to deliver shareholder value in the current market environment.
Ethereum Holdings Drive Growth
SharpLink’s identity is increasingly tied to Ethereum. As of September 14, 2025, the company reported $3.86 billion in net asset value (NAV), equal to $18.55 per fully diluted share. Nearly all of this value comes from its Ethereum treasury strategy, adopted on June 2, 2025.
The company now holds 838,152 ETH, most of which is staked to generate yield. Cumulative staking rewards have already reached 3,240 ETH in just over three months, while SharpLink’s ETH concentration ratio has surged 98% since June to 3.97. Management views this as proof of its deep conviction in Ethereum’s long-term role in global finance.
Strategic Vision and Long-Term Commitment
Co-CEO Joseph Chalom described Ethereum as “the cornerstone of the digital asset economy,” pointing to accelerating institutional tokenization, regulatory clarity, and favorable monetary policies. He emphasized that SharpLink’s strategy aligns shareholder value creation with the growth of Ethereum, showcasing how corporate treasuries can responsibly deploy digital assets.
Chalom framed buybacks and ETH accumulation as complementary strategies designed to reward investors through capital appreciation, staking yields, and ecosystem participation.
The ‘MicroStrategy of Ethereum’
SharpLink has drawn comparisons to MicroStrategy, the software company that built its market reputation around Bitcoin accumulation. Chalom acknowledged these comparisons, explaining that SharpLink aims to serve as a public treasury for Ethereum. The strategy allows investors to indirectly participate in ETH appreciation, staking income, and broader ecosystem growth.
“We are trying to do a very similar thing with Ethereum,” Chalom said, reinforcing that SharpLink’s path mirrors Michael Saylor’s Bitcoin playbook, but with ETH at the core.
Performance Overview
Despite recent gains, SharpLink’s long-term stock performance remains volatile. Shares are up 120.70% year-to-date and 104.71% over one year, easily outpacing the S&P 500’s 12.33% and 17.28% respective returns. However, over three years, SBET is down 87.61%, and over five years it has lost 94.35% of its value, starkly contrasting the S&P 500’s double-digit gains.
SharpLink’s future performance will hinge on its ability to balance aggressive Ethereum accumulation with consistent shareholder returns through buybacks and staking income. With ETH holdings nearing $4 billion, the company is positioning itself as a bellwether for corporate digital asset adoption.
