SharpLink Gaming (SBET), a Minnesota-based performance marketing firm and one of the world's largest public holders of Ether, announced on September 25, 2025, that it will tokenize its common stock on the Ethereum blockchain. The company has partnered with tokenization specialist Superstate, utilizing its SEC-registered Opening Bell platform to natively issue equity tokens that are legally identical to traditional shares. These tokens can be stored in digital wallets and integrated with on-chain protocols.
SharpLink co-CEO Joseph Chalom emphasized the significance, stating, "Tokenizing SharpLink’s equity directly on Ethereum is far more than a technological achievement — it is a statement about where we believe the future of the global capital markets is headed." The move aligns with a broader trend, following similar efforts by companies like Galaxy (GLXY) and Forward Industries, which tokenized shares on Solana and other platforms. Beyond issuance, SharpLink and Superstate plan to explore compliant trading on decentralized exchanges (DEXs) and automated market makers (AMMs), potentially testing how tokenized securities circulate in DeFi markets under U.S. regulations.
Notably, SharpLink pivoted to holding an ETH treasury in June 2025, causing its stock price to surge over 100% in May, though it later dropped to around $10 by mid-June. On the day of the tokenization announcement, SBET stock fell 7% in early trading, while ETH declined to below $4,000.