SharpLink Tokenizes SBET Shares on Ethereum via Superstate
SharpLink Gaming Inc (Nasdaq: SBET) has partnered with Superstate to execute equity tokenization of SBET shares on Ethereum using the Opening Bell platform. The move marks the first direct on-chain issuance of a public company’s registered equity via a compliant digital transfer agent. By issuing tokenized shares directly on-chain, SharpLink aims to modernize capital markets and align with the SEC’s Project Crypto framework. The initiative seeks to unlock deeper liquidity, global investor access and real-time settlement. SharpLink, chaired by Ethereum co-founder Joseph Lubin, holds over 838,000 ETH in its treasury and has generated 3,815 ETH through staking, underscoring its on-chain commitment. The company plans to explore AMM-based secondary trading of tokenized shares on DeFi protocols, though details on timeline, SEC approval, share migration and fee structure remain pending. SBET stock fell 7.6% to $16.26 following the announcement, highlighting the project’s experimental nature. If successful, this equity tokenization could pave the way for broader tokenized share offerings and reshape capital market efficiency on-chain.
Bullish
The planned equity tokenization on Ethereum will likely drive increased network usage, gas demand, and institutional engagement with DeFi. By enabling tokenized share issuance and AMM-based secondary trading, the initiative supports deeper liquidity and new use cases for ETH. Despite short-term regulatory and execution uncertainties, the long-term impact on Ethereum is positive, positioning it as a hub for compliant on-chain equity markets.