Ether treasury firm SharpLink Gaming (SBET) has authorized a stock purchase program of up to $1.5 billion.

SharpLink, which is helmed by Ethereum co-founder and ConsenSys CEO Joseph Lubin, said it will make the repurchases at a time and in amounts that depend on market conditions and share price .

"Should there exist periods where our stock trades at or below the net asset value of our ETH holdings, it would be dilutive on an ETH per share basis to issue new equity through our capital raising efforts," co-CEO Joseph Chalom said in the announcement.

"In this scenario, the accretive course of action may be to repurchase our common stock."

The Minneapolis-based company , worth $3.19 billion at current prices. in recent months to capture the upside from generating passive yield through ETH staking.

SharpLink at $19.85 on Friday morning following the buyback program announcement and as bitcoin surged after Fed Chair Jerome Powell's comments opened the door to a September rate cut.

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