SharpLink Expands Buyback Program as BitMine Crosses $100B in Holdings

SharpLink (NASDAQ: SBET) announced the repurchase of 1 million SBET shares this week as part of its $1.5 billion buyback program. The move lifts total repurchased shares to 1,938,450 SBET to date.

The company stressed that buybacks remain its most accretive strategy when $SBET trades below NAV. By reducing outstanding shares, SharpLink increases ETH-per-share, creating more long-term alignment with shareholders.

“Expanding our ETH Concentration reinforces our commitment to Ethereum, SharpLink, and our investors,” the company said.

Weekly Highlights: Ethereum Position Grows

For the week ending September 14, 2025, SharpLink reported steady growth in its Ethereum strategy:

•  Total ETH holdings: 838,152 ETH, valued at ~$3.86B
•  Staking rewards: 3,240 ETH earned since June 2 launch
•  ETH Concentration: 3.97, up 99% since June 2
•  Assets: ~$3.86B, backed by zero debt

SharpLink emphasized that the combination of buybacks and staking yield positions it for stronger shareholder value creation.

Why Buybacks Matter Now

With ETH holdings as the foundation of its balance sheet, SharpLink is treating share repurchases as an extension of its Ethereum strategy.

•  Buybacks increase ETH-per-share.
•  NAV-driven repurchases align stockholders directly with ETH upside.
•  The program, at $1.5B, is one of the largest relative to market size in the gaming-tech space.

The company sees its buyback plan as a bridge between crypto performance and traditional equity markets.

BitMine Crosses $100B in Total Holdings

Elsewhere in the crypto treasury sector, BitMine ($BMNR) reached a historic milestone: over $100B in total holdings.

The breakdown:

•  2,151,676 ETH (~$9.97B per CoinMarketCap data)
•  192 BTC
•  $214M stake in Eightco Holdings ($ORBS)
•  $569M cash reserves
• Total portfolio value: $10.771B in crypto and “moonshot” bets.

The “Alchemy of 5%” Target

BitMine continues to push toward its alchemy of 5% goal, a self-defined target to hold 5% of all circulating ETH. The company is already the largest Ethereum treasury globally and the second-largest crypto treasury overall, behind only MicroStrategy ($MSTR).

Institutional support remains strong. BitMine is now ranked 28 among the most liquid U.S. stocks, ahead of Arista Networks ($ANET). The company’s activity on X has drawn significant retail engagement, boosting visibility beyond Wall Street.

Ethereum Resilience and Price Outlook

Ethereum remains the centerpiece of both SharpLink and BitMine strategies. Analysts continue to forecast ETH/BTC strength in the coming cycle.

A recent note from Fundstrat Research suggests ETH’s ratio against BTC is likely to increase. Their price models point to a potential near-term upside range of $12,000 to $22,000 per ETH.

With 838,152 ETH held by SharpLink and 2.15M ETH in BitMine’s treasury, both companies are directly levered to Ethereum’s next growth phase.

Why ETH Concentration Matters

ETH concentration reflects how tightly a company’s balance sheet is tied to Ethereum. SharpLink’s concentration ratio has climbed to 3.97, a 99% increase since June 2.

That alignment is deliberate:

•  Shareholders are positioned alongside Ethereum performance.
•  Buybacks amplify the ETH-per-share effect.
•  Staking rewards create compounding ETH growth.

Meanwhile, BitMine’s scale makes it the anchor ETH treasury. Together, the two companies showcase how public entities are evolving into hybrid crypto-equity vehicles.

The story of SharpLink and BitMine highlights a broader trend: public companies are treating Ethereum as a core treasury asset, not just an investment.

•  SharpLink: Blending share buybacks with ETH holdings to maximize NAV impact.
•  BitMine: Scaling its ETH dominance with the goal of controlling a structural percentage of supply.

In both cases, Ethereum acts as the foundation of corporate value. Traditional balance sheet strategies, debt management, liquidity, shareholder buybacks, are now being integrated directly with ETH accumulation.

SharpLink’s program has room to run. With $1.5B authorized, only a fraction has been deployed. More buybacks are expected if $SBET trades at discounts to NAV.

For BitMine, the next milestone is closing in on its 5% of ETH supply target. At current levels, this would cement its role as a permanent fixture of Ethereum’s ecosystem.

With ETH forecasted to climb into five figures, both companies stand positioned as leverage points for institutional and retail investors seeking crypto exposure through traditional equity markets.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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