SharpLink’s stock rose over 15% to above $20 after the company announced a $1.5 billion stock buyback program. The board of directors approved this plan to show its commitment to increasing shareholder value and promoting long-term growth. Details of SharpLink Stock Repurchase Plan According to a press release , SharpLink mentioned that the stock program lets the company buy back shares in different ways, such as open market transactions or private deals. The company noted that the volume and timing of the share purchase will depend on several factors. These include market conditions, available cash, and current stock prices. Notably, the Ethereum treasury-focused firm made it clear that this program does not require the company to buy back a fixed number of shares. The board can change, pause, or stop the program based on market conditions or company needs. This strategy allows SharpLink to stay flexible while also showing confidence in its long-term value. SharpLink’s co-CEO Joseph Chalom affirmed that the main goal of the initiative is to prevent the loss of value for investors. Furthermore, he said the initiative will help to increase the Ethereum value per share. This compounding effect is also meant to provide lasting benefits for investors. SharpLink Adopts Ethereum as Main Treasury Asset In July, the Minneapolis-based tech company revealed its plan to hold its ETH holdings , stake them on Ethereum’s proof-of-stake network, and increase the amount of ETH each investor owns. To SharpLink, ETH is more than just a digital coin. It is a scarce and secure asset that can also earn rewards when staked. It is also worth noting that the company sees it as a smart long-term investment. Since launching its ETH plan, SharpLink has rapidly built up its holdings. Between May 30 and June 12, the company purchased over 176,000 ETH, valued at $463 million. In mid-June, the firm added over 12,000 ETH, bringing the total holdings to 188,478 ETH by June 24. Growing Market for Ethereum Treasuries As reported by TheCoinRise, the company’s strategy focuses on generating value for shareholders through yield creation and management of capital. Interestingly, SharpLink wants to stand out from other companies by using this strategy . Reportedly, the total market value of companies holding ETH on their balance sheets has now surpassed $10 billion. This reflects a growing trend in digital asset treasuries. BitMine Immersion Technologies, which recently added 317,000 ETH , valued at about $4.9 billion, to its stash, is leading this trend. Nevertheless, SharpLink’s aggressive accumulation, staking, and ETH management place it among the top holders of Ethereum among publicly traded companies. The post SharpLink Stock Surges Over 15% Amid Stock Repurchase Plan appeared first on TheCoinrise.com .
