SharpLink Gaming, Inc. (NASDAQ: SBET) reported its shares much higher Friday. The company, one of the world’s largest corporate holders of Ether and prominent industry advocate of Ethereum adoption, today announced that its Board of Directors has authorized a stock repurchase program of up to $1.5 billion of the Company’s common stock.
“At SharpLink, we remain committed to a disciplined capital markets strategy,” said Joseph Chalom, Co-Chief Executive Officer of SharpLink. “Should there exist periods where our stock trades at or below the net asset value of our ETH holdings, it would be dilutive on an ETH per share basis to issue new equity through our capital raising efforts. In this scenario, the accretive course of action may be to repurchase our common stock. This program provides us with the flexibility to act quickly and decisively if those conditions present themselves.”
The stock buyback program is designed to provide enhanced support to the market, optimize capital allocation and reinforce SharpLink’s long-term commitment to driving sustainable stockholder value.
Repurchases under the program may be made from time to time through open market purchases, privately negotiated transactions or other means permitted under applicable securities laws.
SBET shares popped $1.92, or 10.6%, to $19.96.
