SharpLink Gaming aims to be the first public company to tokenize its stock on Ethereum, partnering with Superstate to enhance market efficiency.
SharpLink Gaming, Inc. (Nasdaq: SBET), an esports and technology company, announced plans on Sept. 25, 2025, to tokenize its SEC-registered common stock on the Ethereum ETH $2 940 24h volatility: 0.3% Market cap: $354.86 B Vol. 24h: $13.08 B blockchain.
The company is partnering with financial technology firm Superstate as its Digital Transfer Agent for the initiative.
This move positions SharpLink to potentially become the first public company to place its equity directly on-chain. A recent press release states that the tokenization will be managed through Superstate’s Opening Bell platform.
This technology is designed to facilitate the compliant tokenization of registered securities on public blockchains such as Ethereum and Solana SOL $122.3 24h volatility: 0.8% Market cap: $68.76 B Vol. 24h: $2.16 B . The initiative follows a similar plan from Forward Industries on Solana, which uses Superstate to bring its stock on-chain.
According to SharpLink’s Co-CEO, Joseph Chalom, the plan is a forward-looking step for capital markets. He added that tokenizing the company’s stock on Ethereum represents a significant statement about the future of finance, viewing it as more than just a technological update.
The announcement follows SharpLink’s recent share buyback, detailed on Sept. 9. The company has also been building a significant treasury of digital assets since adopting an Ethereum-focused strategy in June 2025.
The firm’s growing ETH holdings, which currently stand at 838,000 ETH, are a key part of its financial position.
Strategic Shift Toward On-Chain Finance
This initiative represents a significant step in converging traditional finance and blockchain technology. SharpLink aims to improve market efficiency and unlock new avenues for shareholder value by placing its stock on a public ledger.
The involvement of key figures in the Ethereum ecosystem underscores the project’s ambitions. SharpLink’s Board Chairman, Joseph Lubin, is a co-founder of Ethereum and the founder of Consensys.
CEO Robert Leshner, the founder of the popular DeFi lending protocol Compound COMP $26.06 24h volatility: 6.6% Market cap: $252.11 M Vol. 24h: $22.76 M , leads Superstate. Leshner highlighted the partnership as a milestone for bringing regulated financial products on-chain.
SharpLink has benefited from its digital asset strategy, generating 3,815 ETH from staking activities.
The company has indicated it plans to explore trading on DeFi protocols like Automated Market Makers (AMMs) for secondary trading of its tokenized stock. However, it did not specify which platforms it is considering.
Key Questions Remain Unanswered
While the announcement marks a notable development, several important details are still unclear. The company has not provided a specific timeline for when the tokenization will be implemented or when the tokenized shares will become available to investors.
The exact process for navigating SEC regulations remains unclear. Although Superstate is an SEC-registered transfer agent, the path for bringing a public company’s equity on-chain is not yet well-established.
However, the news aligns with a broader industry push, which includes a recent Nasdaq proposal for tokenized trading submitted to the SEC.
Details regarding how existing shareholders will migrate their shares to a tokenized format and what fees might be involved have also not been disclosed.
next