SharpLink Gaming, one of the world’s biggest public holders of Ether, announced plans to tokenize its common stock on the Ethereum blockchain.
SharpLink has partnered with the financial technology firm Superstate to tokenize its Nasdaq-listed stock SBET through Superstate’s Open Bell tokenization platform, the company said Thursday.
“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,” SharpLink co-CEO Joseph Chalom said.
In partnering with Superstate, SharpLink joins the growing number of companies looking to tokenize their common stock via the Open Bell platform, including Forward Industries, which announced tokenizing its shares on Solana on Monday.
Second-largest ETH holder
SharpLink, which was founded in 2019, operates as a performance-based marketing company serving the iGaming and sports betting sectors.
The company pivoted toward creating a corporate Ether (ETH) reserve in June 2025, earning the title of one of the world’s largest public ETH holders.
Soon after announcing an ETH treasury in May, SharpLink saw its shares rally more than 100%, the stock price surging from about $40 on May 27 to nearly $90 on May 30.
The rally was short-lived, as the shares quickly dropped to around $10 by mid-June and haven’t crossed $40 since, according to TradingView.
Trading SBET on DeFi platforms
According to a statement Sharplink filed with the US Securities Exchange Commission, the company also plans to work with Superstate to advance how tokenized public equities can ultimately trade on automated market makers (AMMs).
An AMM is a type of decentralized exchange (DEX) protocol that uses smart contracts and liquidity pools to enable the automatic trading of digital assets without relying on traditional buyers and sellers.
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In addition to AMMs, Sharplink wants to enable such trading on other decentralized finance (DeFi) protocols in a fully compliant manner, it said.
“This initiative aligns with the SEC’s broader Project Crypto innovation agenda aimed at modernizing US securities regulation to better enable digital assets, blockchain and on-chain markets,” Sharplink noted.
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