SharpLink (SBET) has halted on‑chain Ethereum accumulation, leaving its reserves steady at 837,230 ETH since September 3. The pause reflects a temporary stop in purchases over the past week even as the company simultaneously executed a sizable corporate action: a $1.5 billion share buyback, repurchasing roughly 1 million shares of SBET.
Management framed the buyback as a response to perceived undervaluation, using repurchases while NAV is below 1 to drive immediate earnings accretion and compound long‑term shareholder value.
Context: the buyback was positioned to capture perceived undervaluation and accelerate shareholder value while on‑chain purchases are paused.
By contrast, miner Bitmine stepped up its accumulation cadence, adding 206,900 ETH over the last seven days and boosting its balance to about 2.07 million ETH.
- SharpLink (SBET): paused on‑chain purchases; reserves unchanged at 837,230 ETH; executed a $1.5B buyback (~1M shares).
- Bitmine: added 206,900 ETH in seven days; balance ≈ 2.07M ETH, increasing miner‑held supply concentration.
The divergence underscores differing capital allocation strategies among institutional crypto holders — one prioritizing equity repurchases and NAV management, the other increasing on‑chain exposure to Ethereum.
Market observers will be watching how these moves affect supply dynamics and investor sentiment. SharpLink’s pause could reduce short‑term buying pressure on ETH, while Bitmine’s inflows add to miner‑held supply concentration. Together, the developments highlight the varied ways institutions are positioning around Ethereum amid evolving macro and crypto market conditions.
