Ethereum treasury firm SharpLink Gaming continued its share buybacks, repurchasing one million shares of SBET at an average price of $16.67 while its ETH holdings expanded modestly, the firm announced on Tuesday. 

The Minneapolis, Minnesota-based firm has now repurchased 1.93 million shares of SBET in the last two weeks, using nearly $32 million of the $1.5 billion it approved for a share repurchase program in August. 

Meanwhile, it has added just 922 ETH or around $4.1 million to its treasury, since August 31. 

“We continue to be focused on stockholder value,” said Sharplink co-CEO Joseph Chalom in a statement. “By expanding our ETH concentration, we are reinforcing our commitment to align the long-term interests of SharpLink, Ethereum and our shareholders, while showcasing how digital assets can be responsibly and strategically deployed to drive meaningful value creation.”

The firm’s market cap is currently trading below its net asset value of Ethereum holdings, according to its Ethereum dashboard—a situation in which Chalom previously indicated it would seek to repurchase its common stock. 

“The Company continues to believe its common stock is significantly undervalued in the market, and that stock repurchases represent the best method to maximize stockholder value under current market conditions,” the firm said in Tuesday’s announcement. 

Shares of SharpLink (SBET) were down around 2.6% since the opening bell on Tuesday, changing hands for $16.33. SBET has fallen more than 19% in the last month, underperforming ETH which has dropped just 2.2% in that time. 

The gambling marketer turned Ethereum treasury has amassed the second largest publicly traded ETH treasury thus far.

It currently holds 838,152 ETH valued at around $3.7 billion based on ETH’s current price of $4,448. Only BitMine Immersion Technologies holds more, boasting greater than 2.1 million ETH valued at around $9.3 billion.