SharpLink, ETHZilla and BitMine Launch Massive Buybacks as ETH Treasury Firms Respond to Market Undervaluation

SharpLink Gaming (NASDAQ: SBET), ETHZilla (NASDAQ: ETHZ), and BitMine Immersion Technologies (NYSE AMERICAN: BMNR) represent a growing cohort of publicly traded companies integrating Ethereum as a core treasury asset while authorizing significant share repurchases in August 2025.

These firms hold substantial ETH reserves while allocating capital toward buybacks amid market undervaluation, prompting scrutiny over their preference for enhancing stock value instead of expanding cryptocurrency holdings further.

Together, their announcements mark a shift in how crypto-integrated companies are balancing treasury strategies with shareholder returns.

Three ETH Treasury Firms Announce Buybacks

SharpLink Gaming (NASDAQ: SBET) authorized a $1.5 billion stock repurchase program on August 22, 2025, with flexibility for open market or negotiated transactions based on prevailing conditions.

• The company reported 797,704 ETH holdings valued at approximately $3.6 billion as of August 24, 2025,

• following acquisitions of 56,533 ETH at an average price of $4,462 per unit during the week ending August 24.

• This buyback complements recent capital raises of $360.9 million directed toward ETH treasury growth, positioning the firm to address perceived undervaluation in its shares.

Since the announcement, SBET surged from $18 to nearly $21, possibly boosted by Powell’s dovish remarks, but as market enthusiasm faded the stock adjusted with the broader market and now trades around $19.5 as of August 27, 2025, with volumes exceeding 30 million shares.

ETHZilla (NASDAQ: ETHZ) disclosed a $250 million repurchase authorization on August 25, 2025, effective immediately and scheduled to run through June 30, 2026.

• Holdings stand at 102,237 ETH, acquired at an average cost of $3,948.72 per unit and currently valued at $489 million as of August 24, 2025,

• alongside $215 million in cash equivalents. This initiative follows treasury expansion exceeding 100,000 ETH, aiming to support share prices after recent declines while maintaining liquidity for potential future acquisitions.

As of August 27, 2025, ETHZ closed at $2.98 after ranging from $2.61 to $3.20, continuing a sharp drop from $5.23 on August 20 with volumes around 12-13 million shares. The buyback announcement failed to lift the stock, which has fallen more than 43% over the past five days.

BitMine (NYSE AMERICAN: BMNR) extended its $1 billion buyback program, initially announced on July 29, 2025, into August activities.

• The firm amassed over 1.7 million ETH tokens, valued at $8.8 billion as of August 24, 2025,

• with $562 million in remaining purchasing power and a net asset value per share of $39.84. This repurchase supports aggressive treasury growth, including a 33% ETH increase in recent weeks, while enhancing stock liquidity as one of the top-traded U.S. equities.

Since the buyback announcement, BMNR climbed from around $35 to above $60 before retreating with the broader market, now trading near $46 as of August 27, 2025, with volumes exceeding 60 million shares.

Reasons for Choosing Buybacks Over Further ETH

AcquisitionsCompanies such as SharpLink, ETHZilla, and BitMine view repurchases as a more efficient capital utilization method when shares trade below net asset value, amplifying per-share ETH exposure more effectively than additional cryptocurrency buys.

• Value accretion: This reduces outstanding shares, elevates intrinsic value, and counters dilution from prior equity raises used for ETH accumulation, as seen in SharpLink Gaming's $360.9 million capital influx for treasury growth.

• Market signals: Repurchases convey strong confidence during ETH price volatility around $4,462 to $4,808 per unit, bolstering investor sentiment and stabilizing stock performance, unlike further ETH purchases that heighten exposure to short-term downturns.

• Regulatory and financial considerations: These firms manage debt from stock issuances for ETH buys while benefiting from improved 2025 crypto regulations, optimizing cash flows without overextending treasury risks.

Bitcoin treasury firms exhibit contrasting strategies, often eschewing repurchases in favor of continuous asset accumulation due to BTC's sustained upward trajectory exceeding $100,000 in 2025, which minimizes the need for defensive capital allocation.

MicroStrategy (NASDAQ: MSTR), holding 629,000 BTC valued at $71 billion, trades at a premium to its net asset value, allowing it to raise $4.37 billion from stock sales and $2.6 billion from debt in early 2025 quarters solely for BTC purchases without buybacks, as market confidence in BTC's lower volatility compared to ETH supports leveraging for growth over share reduction.

Future Implications for Crypto Treasury Strategies

Repurchase trends among ETH treasury firms could reshape hybrid finance models, influencing equity valuations and cryptocurrency adoption in corporate balance sheets moving forward.

As companies like SharpLink, ETHZilla, and BitMine demonstrate, this shift toward buybacks in undervalued scenarios may encourage broader market resilience, balancing treasury growth with shareholder returns.

In contrast, BTC-focused strategies highlight asset-specific dynamics, suggesting that future regulatory evolutions and price stability will dictate whether more firms adopt similar pivots, ultimately fostering a more integrated role for digital assets in traditional finance.