Ethereum Treasury Giant SharpLink Launches $1.5B Buyback As Shares Trade Below NAV
SharpLink Gaming, the second-biggest Ethereum treasury firm globally, has started a $1.5 billion share buyback program as its stock trades below its Net Asset Value (NAV). To kick off the program, SharpLink bought approximately 939,000 shares of its common stock at an average price of $15.98, the company said in a statement. That helped send SharpLink’s share price up 6% to close Tuesday’s trading session off at $16.69, according to Google Finance. The buying activity continued in after-hours trading, with the company’s share price climbing another 0.48%. SharpLink Gaming share price (Source: Google Finance) SharpLink Gaming shares remain down over 2% in the past week and by more than 25% in the past month. The drop in SharpLink’s NAV means that investors are valuing the company at less than the dollar value of the total ETH it holds on its balance sheet. NEW: SharpLink begins utilizing its $1.5B share buyback program, repurchasing ~1M shares of...