SharpLink Partners with Superstate to Launch First SEC-Registered Tokenized Equity on Ethereum

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By BlockFlowSep 25, 2025

SharpLink Gaming will tokenize its SBET shares on Ethereum through Superstate's platform, marking the first SEC-registered equity directly issued on the blockchain.

SharpLink Gaming Ltd. (NASDAQ: SBET), a Minneapolis-based gaming and crypto investment company, announced September 25 a partnership with tokenization firm Superstate to issue its SBET shares directly on the Ethereum blockchain. The collaboration will utilize Superstate's Opening Bell platform to create what the companies describe as the first SEC-registered equity tokenized on Ethereum.

SharpLink Gaming operates as both a gaming company and crypto investment vehicle, holding 837,230 ETH as of August 31, 2025, according to recent SEC filings. The company has been actively expanding its Ethereum treasury strategy, reporting 728,804 ETH in total holdings as of its second quarter 2025 results. SharpLink completed a $200 million registered direct offering with institutional investors in August 2025.

Superstate, led by CEO Robert Leshner, specializes in tokenizing traditional financial assets for blockchain platforms. The firm has previously launched tokenized public shares on Solana, including Galaxy Digital's GLXY tokens. Leshner, who co-founded the DeFi protocol Compound, recently acquired a majority stake in publicly listed e-commerce liquor company Eastside Distilling.

The partnership aims to advance how tokenized public equities can trade on automated market makers and decentralized exchanges. The companies stated they intend to collaborate closely on developing infrastructure for tokenized equity trading.

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