SharpLink taps Superstate to launch tokenized SBET stock on Ethereum

• SharpLink Gaming is partnering with Superstate to tokenize its stock on the Ethereum blockchain.
• The company, one of the largest corporate holders of ETH, will tokenize SBET through Superstate's Opening Bell platform.
• SharpLink's shares declined over 8% on Thursday despite the announcement.

SharpLink Gaming (SBET) is set to tokenize its common stock on the Ethereum (ETH) blockchain, leveraging the Superstate Opening Bell platform.

SharpLink plans to bring its common stock on-chain via Superstate's Opening Bell

Ethereum treasury firm SharpLink Gaming (SBET) announced in a statement on Thursday that it will tokenize its SEC-registered common stock on the Ethereum blockchain, in partnership with fintech firm Superstate.

The company will use Superstate's tokenization platform Opening Bell, becoming the first public company to launch its stock on Ethereum via the platform.

"SharpLink will be the first public company to tokenize their shares on Ethereum using Superstate's Opening Bell, a milestone worthy of such an important Ethereum-aligned company," said Superstate CEO Robert Leshner.

SharpLink stated that it aims to showcase how public companies can apply blockchain infrastructure to boost shareholder returns and help shape the "next generation of capital markets."

"As one of the largest corporate holders of ETH, this major step forward reinforces SharpLink's conviction that Ethereum is the foundation upon which the next generation of financial infrastructure will be built," said SharpLink's chairman of the board and Ethereum co-founder, Joseph Lubin.

The two companies also plan to collaborate on developing compliant methods for tokenized public equities to trade on automated market makers (AMMs) and other decentralized finance protocols.

"At SharpLink, our core mission is two-fold: to build the world's most trusted digital asset treasury and to pursue initiatives that accelerate the global adoption of the Ethereum network," Lubin added.

SharpLink also noted that the tokenization push aligns with the US Securities and Exchange Commission's (SEC) Project Crypto initiative, launched in July to ease regulatory hurdles for the industry.

As one of the largest public Ethereum treasuries, SharpLink joins a larger trend of companies that are tokenizing their stocks. Superstate previously worked with Galaxy Digital, alongside Solana-focused treasuries Forward Industries and Upexi, to tokenize their shares on the Solana blockchain.

SharpLink transformed from a gaming business to a crypto treasury earlier this year after appointing Ethereum co-founder Joseph Lubin as chairman in May following a $425 million funding round led by Consensys. The firm said it holds over 838,738 ETH in its treasury.

SharpLink's stock, SBET, is down over 8% at the time of publication on Thursday, despite the announcement.