SharpLink Gaming announced a new stock repurchase program allowing it to buy back up to $1.5 billion worth of its common stock. This purchase could significantly impact the company's market cap of $3.5 billion, representing nearly half of its total value. Co-CEO Joseph Chalom indicated that the buyback program is intended to address instances where the company’s stock is trading at a discount compared to its Ethereum holdings. The stock reached a high of $20.83, reflecting a 15% increase on the day news of the buyback was released, even as it has seen a 24% decline over the past month. SharpLink owned 740,000 ETH valued at over $3.5 billion, and the repurchase program is designed to enhance shareholder value amidst fluctuating stock prices. Ethereum is currently experiencing a surge in value, contributing to the renewed interest from investors after several favorable regulatory developments. The program's execution will depend on market conditions and could be suspended at any time.

Source 🔗