SharpLink Gaming has authorized a stock buyback program of up to $1.5 billion as it aims to repurchase shares based on market conditions and share price fluctuations. Co-CEO Joseph Chalom indicated that if the company's stock trades below the net asset value of their ETH holdings, issuing new equity could dilute earnings per share. In such cases, repurchasing stock would be a more beneficial tactic. The Minnesota-based company, valued at $3.19 billion, takes this step after recent activities to leverage passive yield from ETH staking. The announcement coincides with a surge in the company's stock price to $19.85 amid broader bullish sentiment in the crypto market following remarks from Fed Chair Jerome Powell about possible interest rate cuts in September.

Source đź”—