Markets, Ethereum Treasury, Joseph Lubin, Ether, News SharpLink said it will make the repurchases at a time and in amounts depending on the market conditions and share price.
Ether treasury firm SharpLink Gaming (SBET) has authorized a stock purchase program of up to $1.5 billion.
SharpLink, which is helmed by Ethereum co-founder and ConsenSys CEO Joseph Lubin, said it will make the repurchases at a time and in amounts that depend on market conditions and share price in an announcement on Friday.
“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,” co-CEO Joseph Chalom said in the announcement.
“In this scenario, the accretive course of action may be to repurchase our common stock.”
The Minneapolis-based company holds 740,760 ETH, worth $3.19 billion at current prices. Numerous companies have unveiled ether treasury strategies in recent months to capture the upside from generating passive yield through ETH staking.
SharpLink shares traded over 10% higher at $19.85 on Friday morning following the buyback program announcement and as bitcoin surged after Fed Chair Jerome Powell’s comments opened the door to a September rate cut.
Read more: Powell Puts September Rate Cut in Play; Bitcoin Pushes Higher
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