In a notable development at the crossroads of traditional finance and blockchain technology, SharpLink Gaming — one of the largest public holders of Ether — has revealed plans to tokenize its common stock on the Ethereum blockchain. This decision mirrors a wider movement of firms adopting blockchain for inventive capital markets solutions, aiming to boost liquidity, transparency, and regulatory compliance in securities trading.
SharpLink Gaming partners with Superstate to tokenize NASDAQ-listed SBET shares on Ethereum. The company has built a sizable Ether treasury, making it the second-largest public ETH holder. The tokenization seeks to enable trading of public equities on decentralized platforms and compliant DeFi protocols. This effort corresponds with shifting U.S. crypto regulation and the incorporation of blockchain into traditional markets.
SharpLink Gaming, a notable operator in the performance marketing arena focused on iGaming and sports betting, disclosed plans to tokenize its common stock via the Ethereum blockchain. Teaming up with fintech firm Superstate, the company will utilize its Open Bell platform to convert its Nasdaq-listed shares (SBET) into digital tokens. This move represents a technological landmark and a strategic effort to modernize capital markets.
“Tokenizing SharpLink’s equity directly on Ethereum represents not only a technological milestone but also reflects our view of where global capital markets are moving,” said co-CEO Joseph Chalom.
By collaborating with Superstate, SharpLink joins an emerging group of companies choosing public stock tokenization. For instance, Forward Industries recently revealed plans to tokenize shares on the Solana blockchain, further supporting the industry’s turn toward blockchain-enabled equity trading.
Second-largest ETH holder
Founded in 2019, SharpLink originally concentrated on marketing services within the iGaming and sports betting industries. In June 2025, the company shifted to building a corporate Ether reserve, becoming one of the world’s largest public ETH holdings. This strategic reserve highlights a rising pattern among public companies incorporating cryptocurrencies into their treasury approaches.
Following the disclosure of its ETH treasury, SharpLink’s shares jumped more than 100%, rising from roughly $40 on May 27 to nearly $90 on May 30. However, the stock later plunged sharply, dropping below $40 by mid-June and settling around that range since. This volatility highlights the experimental character of blending cryptocurrencies with traditional equity markets.
Expanding trading through DeFi
According to a filing with the U.S. Securities and Exchange Commission, Sharplink plans to build mechanisms for trading its tokenized shares on decentralized exchanges, especially automated market makers (AMMs). These protocols use smart contracts and liquidity pools, permitting smooth trading of digital assets without conventional market intermediaries.
Additionally, the company intends to broaden these efforts across other decentralized finance (DeFi) protocols in a fully compliant way. This project complements regulatory progress and aims to modernize securities trading, aligning with the SEC’s broader goals to encourage innovation while protecting investor interests.
“This initiative aligns with the SEC’s Project Crypto agenda, focused on integrating digital assets into the regulatory framework and supporting on-chain markets,” stated Sharplink.
As companies explore new financial technologies, understanding the underlying infrastructure becomes crucial. For example, innovations in marking and identification systems are often foundational to securing digital transactions.
Crypto Investing Risk Warning
Crypto assets are highly volatile. Your capital is at risk. Don’t invest unless you are prepared to lose the entire amount you put in.
