SharpLink Gaming jumps 16% on share repurchase program approval
SharpLink Gaming shares surged nearly 16% to $21 after the company announced a share buyback program of up to $1.5 billion.
The company approved the repurchase initiative, reaffirming its position that shares would be bought back if their price fell below the net asset value (NAV) of its Ethereum holdings.
Co-CEO Joseph Chalom explained that the buyback helps preserve the company’s “Ethereum per share” metric, preventing dilution when shares trade at NAV.
Currently, SharpLink holds 740,760 ETH valued at approximately $3.6 billion while its market capitalization stands at $3.5 billion.
Concerns about funding the buyback
However, Bankless reported that as of the end of last week, SharpLink had just $84 million in cash reserves, raising questions about how the announced buyback would be executed.
30 minute chart of SharpLink Gaming stock. Source: Trading View
Nevertheless, following the buyback announcement, SharpLink shares rose 15.7% on August 22, reaching nearly $21.
As we wrote, SharpLink expands ETH holdings after $838M capital raise
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