Sharplink Acquires 10,000 ETH, Buys Back SBET Shares Amid Market Downturn
Hızlı Bakış
- Ethereum treasury firm Sharplink acquired 10,000 ETH for $16 million last week, its first purchase since October.
- The firm also repurchased over 2.1 million SBET shares, which are down 88% from their 52-week high.
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Sharplink, an Ethereum treasury firm, has made its first ETH acquisition of the year and repurchased company shares. The firm aims to increase ETH per share and believes its stock is undervalued.
In brief
Ethereum treasury firm Sharplink acquired 10,000 ETH last week in its first buy of the year.
The firm also repurchased another 2 million shares of SBET, which are down around 3% on Tuesday.
Shares have now fallen more than 88% off their 52-week high.
Publicly traded Ethereum treasury firm Sharplink added 10,000 ETH for around $16 million last week, marking its first acquisition since October.
The firm now maintains holdings of 886,725 ETH worth $1.38 billion, as Ethereum changes hands around $1,562 on Tuesday.
“Our capital allocation philosophy is disciplined and straightforward: Every financing decision we make is based on our long-term objective to increase ETH per share,” said Sharplink CEO Joseph Chalom in a statement.
Last week, the firm completed a $75 million registered direct offering, raising funds that Chalom said “provided the capital to support our active ETH treasury management strategy.”
In addition to adding to its Ethereum stack, the firm also bought back more than 2.1 million shares of SBET, which it believes is “significantly undervalued.” Since creating its share buyback program last year, Sharplink has now bought back more than 4 million shares of SBET.
Despite the announcement, shares of SBET are down around 3% on Tuesday shortly after market open, trading around $4.76. At that mark, shares have now fallen nearly 22% in the last month of trading and are 88% off SBET’s 52-week high of $40.46.
Sharplink’s primary treasury asset has suffered, too, with Ethereum falling 22% in the last month of trading. It’s now more than 68% off its August all-time high price of $4,946.
Nevertheless, Sharplink remains committed to ETH and its future. Last week, the firm joined with Ethereum treasury rival BitMine Immersion Technologies to help back the founding of Ethlabs, a new nonprofit research and development organization aimed at championing the network and its native asset.
Last month, Sharplink also announced a $125 million fund built in collaboration with Galaxy Research as it seeks to gain access to on-chain yields.
Açık Sorular
- Will SBET share price recover?
- What is Sharplink's next ETH acquisition target?
