SharpLink Gaming (SBET) is making a dramatic bet on how public companies will raise and trade capital. The Nasdaq-listed firm announced Thursday that it will tokenize its SBET stock directly on the Ethereum blockchain through Superstate’s Open Bell platform. The move is rare among publicly traded firms and marks one of the first attempts to blend regulated equities with decentralized finance.
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SharpLink Pushes Into Tokenized Equities
SharpLink co-CEO Joseph Chalom framed the decision as both strategic and symbolic. “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,” he said.
This positioning puts SharpLink among the earliest adopters of stock tokenization. Forward Industries revealed a similar initiative earlier this week, choosing Solana for its tokenized shares. The competition between Ethereum and Solana for equity tokenization is now underway, with SharpLink placing its bet on Ethereum’s established ecosystem.
A Massive ETH Holder Turns to On-Chain Markets
SharpLink was founded in 2019 as a performance-based marketing company in iGaming and sports betting. In 2025, it made headlines by building one of the largest corporate Ether treasuries in the world. According to CoinGecko, SharpLink is now the second-largest public holder of ETH globally, a pivot that pushed its stock into extreme volatility.
In late May, shares jumped from $40 to nearly $90 in just three days after the ETH reserve announcement. By mid-June, the stock had collapsed back to $10, and it has struggled to regain momentum since. For investors, the tokenization effort could create new demand and potential liquidity for the stock.
Trading SBET on DeFi Platforms
SharpLink also filed notice with the SEC outlining plans to work with Superstate on enabling SBET trading across decentralized finance. The goal is to eventually make tokenized shares tradable on automated market makers, or AMMs.
AMMs allow users to swap assets automatically through smart contracts and liquidity pools instead of relying on buyers and sellers. Bringing tokenized equity into that system would blur the line between Wall Street securities and on-chain tokens, potentially allowing SBET stock to trade like any other crypto asset, but with full SEC compliance.
The company emphasized that this effort is in line with the SEC’s Project Crypto innovation agenda, which aims to modernize U.S. securities law for digital assets and on-chain markets.
Key Takeaway
For SharpLink, tokenizing SBET is an economic wager that investors will want equities to behave more like crypto, with trading that is liquid, programmable, and open around the clock. If successful, this model could reduce friction in capital markets and make stocks trade seamlessly alongside stablecoins and DeFi assets.
This vision carries risk. SharpLink’s volatile stock history shows investor enthusiasm can fade quickly, and adoption of tokenized equities is still unproven. But by combining one of the largest ETH treasuries with one of the earliest equity tokenization efforts, SharpLink is trying to carve out a role as a first mover in the digital capital markets of the future.
Is SharpLink Stock a Good Buy?
Analyst coverage on SharpLink Gaming is thin, but the outlook from the one analyst tracking the company is bullish. The stock holds a Moderate Buy rating, with a single Buy recommendation and no Holds or Sells.
The average 12-month SBET price target comes in at $48, suggesting nearly 195% upside from the last close.
