Ethereum Treasury SharpLink Gaming (SBET) has begun using its $1.5 billion stock buyback program, starting with the purchase of $15 million worth of SBET shares. “Maximizing stockholder value remains our top priority as we execute on our vision of being the most trusted ETH treasury company in the market,” said SharpLink Co-CEO Joseph Chalom in a statement.

“With a robust balance sheet, zero debt, and a powerful ETH treasury generating income, we are in a position of strength. We believe the market currently undervalues our business, and rather than issue equity while trading below NAV, we are focused on disciplined capital allocation – including share repurchases – to increase stockholder value.” SharpLink Gaming maintains the second-largest publicly traded Ethereum treasury with 837,230 ETH valued at around $3.6 billion.

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Ethereum is currently one of the leading market assets, gaining a steady price surge on the go. The token has become a center of leading market activity as companies continue to explore ETH at a rapid pace. Companies have been touting Ethereum as one of the tokens capable of delivering stunning gains, banking on the fact that the chain could become a center of stablecoin deployment and infrastructure in the near future.

Shares of SBET jumped around 4.6% on Tuesday amid the announcement, but are down 30% in the last 30 days. Digital asset treasury firms plunged over the past weeks as crypto markets cooled off. Rival digital asset treasury firm BitMine (BMNR), which holds nearly $9 billion in ETH, also fell in stock value. Meanwhile, ETH is steady at the $4,287 mark.