Sea Limited (SE) just gave investors something to smile about. The company announced Monday that its board signed off on a $1 billion stock buyback program, and the market responded accordingly—shares climbed nearly 4% on the news.

What's the Plan? Sea's board authorized the repurchase of up to $1 billion worth of its American depositary shares, or ADS. Each ADS represents one Class A ordinary share, for those keeping score at home.

According to the company, this buyback initiative signals confidence in Sea's long-term strategy while giving management room to scoop up shares when the timing looks right. The repurchases could happen through various methods: open market purchases, privately negotiated deals, block trades, derivative transactions, or preset trading plans. In other words, Sea's keeping its options open.

The Market Reaction

Sea shares traded up 3.90% at $146.34 on Monday following the announcement. That said, the stock is still trading 26.3% below its 52-week high, leaving plenty of room for optimism—or caution, depending on your perspective. Monday's trading range stretched from $143.69 to $148.08.

For investors looking to get exposure to Sea, there are multiple pathways beyond buying individual shares. The stock falls under the Consumer Discretionary sector, so investors might also consider ETFs that track that segment, offering broader exposure to the sector's trends while holding Sea among other liquid, large-cap names.