SharpLink Stock Plummets After Latest Buyback Move—Ethereum Holdings Soar to $3.8B

SharpLink's stock takes a nosedive as the company doubles down on buybacks—while quietly amassing a staggering $3.8 billion Ethereum treasury.

Market maneuvers or misstep?

Investors flee as shares tumble post-announcement. The buyback play—intended to boost confidence—instead triggers a selloff. Classic move: trying to prop up the price while the foundation shakes.

Meanwhile, SharpLink’s Ethereum war chest balloons. That $3.8 billion stash isn’t just sitting pretty—it’s a bold bet on crypto’s blue-chip asset. Forget bonds; this is corporate treasury management gone digital.

Balancing traditional market optics with a crypto-native strategy? Risky—but potentially revolutionary. Or just another case of financial theater masking real volatility.

One thing’s clear: in today’s market, if you’re not stacking digital assets, you’re basically using a flip phone in the AI era.

Ethereum reserves expand

Alongside the buybacks, SharpLink continued to build its Ethereum balance sheet. The firm reported holding 838,152 ETH as of Sept. 16, up from 740,760 tokens a month earlier, with a total value of about $3.86 billion. The figure includes 3,240 ETH earned through staking since June.

The company, backed by Ethereum developer Consensys, is the second-largest corporate holder of ETH after Bitmine Immersion, which controls more than 2 million tokens.

Together, the two firms account for the majority of Ethereum kept on the books by the roughly 70 public digital asset treasury companies that own at least 100 ETH each.

Buybacks and valuation strategy

SharpLink said it will only repurchase shares when its net asset value (NAV) falls below 1 — a level it considers a signal that the stock is undervalued compared with its crypto holdings.

As of Sept. 15, SBET’s NAV stood at 0.91x, meaning the market was valuing its shares at about 9% below its ether reserves.

Buybacks have become increasingly common among digital asset treasuries, though they remain controversial. Critics say they risk prioritizing short-term price support, while SharpLink CEO Joseph Chalom, a former BlackRock executive, argues the program is “immediately accretive” and strengthens long-term shareholder returns.

SharpLink shares surged earlier this year after announcing a partnership with Consensys, briefly topping $78 in June, but have since pulled back.

The company said it remains committed to aligning shareholder value with Ethereum’s growth, underscoring its strategy of using token accumulation and selective buybacks to “buy low and sell high.”