SharpLink Bets Big With a $1.5 Billion Share Repurchase Gambit – Buyback Wednesdays

A fascinating new trend is emerging among struggling public companies: the pivot from traditional business models to becoming crypto treasury stocks. Taking a page from MicroStrategy’s (now called Strategy) playbook, these firms are repurposing their balance sheets by accumulating digital assets such as Bitcoin, Ethereum, and Solana, often financed through equity issuance. 

What makes this trend even more curious is the paradoxical use of massive share repurchase programs alongside aggressive equity raises for crypto accumulation: two strategies that typically run counter to each other.

We discussed crypto treasury companies on two back-to-back podcasts with Julian Klymochko and Andrew Walker in August. 

In this article, we will explore this phenomenon in depth, with a particular spotlight on SharpLink Gaming Ltd. (SBET). Once a niche online betting solutions provider, SharpLink has seen its core revenues erode steadily since mid-2023. Facing financial headwinds, management embraced a radical pivot, recasting the company as a crypto treasury vehicle with Ethereum at its core. This transformation revived its battered stock. Recently, it also announced a $1.5 billion share buyback, representing approximately 42% of its market cap at announcement.

SharpLink Gaming Ltd. (SBET): $16.98

Market Cap: $3.14B

Key Insights

• SharpLink pivoted its treasury strategy to adopt Ethereum (ETH) as its primary reserve asset, marking a full transition into a crypto treasury model.
• It has aggressively raised capital to accumulate ETH, now holding approximately 797,704 ETH valued at approximately $3.7 billion.
• Nearly 99.7% of its ETH is staked, generating an annualized 3% yield, with staking rewards totaling 1,799 ETH since the launch of its treasury strategy in June 2025.

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