SharpLink Gaming, an Ethereum treasury firm, will tokenize its SEC-registered common stock on the Ethereum blockchain with Superstate as its digital transfer agent. The move aligns with the SEC’s Project Crypto initiative to lower regulatory burdens for the crypto industry.

Superstate and SharpLink plan to explore trading tokenized equities on DeFi protocols while remaining compliant with securities regulations. SharpLink holds over 838,000 ETH worth approximately $3.3 billion, making it the second-largest publicly traded Ethereum holder.

SBET shares were trading for $16.34, down about 7% on the day. SharpLink recently repurchased 1 million SBET shares at an average price of $16.67, using nearly $32 million of its $1.5 billion repurchase program.

In late August, SharpLink bought 39,008 ETH worth over $176 million but has slowed its purchases since then, adding only 922 ETH since August 31. The company holds over 838,000 ETH worth $3.3 billion, making it the second-largest publicly traded Ethereum holder.

The world’s second-largest cryptocurrency, Ethereum, is trading at $3,968, down almost 5% in the last 24 hours and 13% over the past week. Despite continued accumulation efforts, users predict that BitMine will hold more ETH than SharpLink by the end of 2025.

SharpLink Gaming pivoted to a crypto treasury earlier this year, with Ethereum co-founder Joseph Lubin joining as chairman in May during a $425 million funding round. The company plans to tokenize equities on Ethereum and explore trading on DeFi platforms.

Read more at Yahoo Finance: Nasdaq-Listed Ethereum Treasury Firm SharpLink to Offer Tokenized Shares