SharpLink Gaming authorizes $1.5 billion stock buyback program

SharpLink Gaming Inc. (NASDAQ: SBET) announced that its board of directors authorized a stock repurchase program of up to $1.5 billion of the company's common stock.

The Minneapolis-based company, which describes itself as one of the world's largest corporate holders of Ether, said the program provides flexibility to repurchase shares when they trade at or below the net asset value of its ETH holdings.

"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," said Joseph Chalom, co-chief executive officer of SharpLink. "In this scenario, the accretive course of action may be to repurchase our common stock."

Repurchases under the program may be made through open market purchases, privately negotiated transactions or other means permitted under applicable securities laws, according to the company's statement. The timing and amount of repurchases will depend on market conditions, share price, trading volume and other factors.

The company is not obligated to repurchase any specific number of shares, and the program may be suspended or discontinued at any time. SharpLink operates in online gaming and has adopted Ether as its primary treasury reserve asset.

The information is based on a company press release statement.

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