SharpLink Gaming has unveiled plans to tokenize its SBET stock directly on the Ethereum blockchain, positioning itself as one of the first publicly listed firms to merge regulated equity with blockchain-based infrastructure. The Nasdaq-listed company entered into a partnership with Superstate to leverage its Open Bell tokenization platform for this initiative, which is being described as a significant step toward the integration of traditional markets with decentralized technologies.
Founded in 2019, SharpLink initially focused on performance marketing solutions for the iGaming and sports betting industries. However, the company significantly altered its strategy in 2025 by building one of the largest corporate Ether reserves globally. This pivot transformed its market profile and exposed its stock to heightened volatility.
SharpLink’s Ethereum focus and market turbulence
Industry data from CoinGecko has placed SharpLink as the world’s second-largest public holder of ETH, underscoring the magnitude of its blockchain-focused strategy. The market’s response to this shift has been volatile. In late May 2025, following the announcement of its large Ether holdings, SharpLink’s stock price surged from around $40 to nearly $90 in just three days. By mid-June, the stock reversed dramatically, falling back to $10, and has since struggled to regain momentum.
The decision to tokenize shares on Ethereum brings SharpLink into direct competition with similar initiatives being pursued on rival blockchains. Earlier this week, Forward Industries disclosed plans to tokenize its stock on Solana, also through Superstate’s Open Bell platform. This sets the stage for a competitive environment where Ethereum’s mature ecosystem is being measured against Solana’s faster transaction capabilities. SharpLink’s preference for Ethereum suggests confidence in its established network, liquidity, and developer base despite Solana’s performance advantages.
Bridging equities with DeFi protocols
Superstate’s Open Bell platform is central to both projects, as it is designed to handle technical processes while ensuring adherence to regulatory requirements. SharpLink has already filed notice with the US Securities and Exchange Commission outlining its intention to make tokenized SBET shares tradable on decentralized finance applications. The company is exploring possibilities such as integrating with automated market makers, which allow trading through smart contracts and liquidity pools rather than traditional buyers and sellers.
NEW: SharpLink is partnering with Superstate to issue tokenized $SBET shares directly on the Ethereum blockchain.
SharpLink will become the first public company to do so.
Together, we’ll work to advance how tokenized public equities can one day trade on Automated Market Makers… pic.twitter.com/gZS7w68VKf
— SharpLink (SBET) (@SharpLinkGaming) September 25, 2025
This move, if realized, would allow SBET stock to trade in ways that mirror cryptocurrencies while maintaining compliance with existing securities laws. SharpLink has stressed that its tokenized shares will remain representative of real equity ownership and will align with regulatory modernization goals set out in the SEC’s Project Crypto initiative. The company’s vision is to create 24/7 stock trading capabilities with programmable features unavailable in conventional equity markets. Tokenized SBET could eventually trade alongside stablecoins and other digital assets, blurring the boundaries between traditional finance and decentralized ecosystems.
Analyst outlook and broader implications
Despite the ambitious strategy, analyst coverage of SharpLink remains limited. At present, only one analyst actively tracks the company, maintaining a Buy rating with a 12-month price target of $48, which implies a significant potential upside of nearly 195% from current levels.
SharpLink’s initiative stands out as the first major effort by a large Ether-holding public company to build a bridge between regulated stock markets and decentralized trading platforms. By moving SBET shares onto Ethereum, the company is testing a framework that could reshape equity markets by introducing continuous, blockchain-powered trading while ensuring adherence to regulatory oversight.