A Nasdaq-listed company just moved to put its stock on Ethereum on the same day Ether slipped below $4,000 amid a fresh wave of liquidations.
SharpLink Gaming (Nasdaq: SBET) announced Thursday it will tokenize its SEC-registered common stock on the Ethereum blockchain, becoming the first US public company to issue equity on Ethereum natively.
The move, in partnership with Robert Leshner’s Superstate, comes as Ethereum’s price slid back below $4,000 on September 25.
The Minneapolis-based sports gaming and technology firm aims to test compliant secondary trading of tokenized shares on automated market makers (AMMs).
Superstate will serve as SharpLink’s digital transfer agent as part of the deal, while its “Opening Bell” platform will handle the on-chain issuance.
“Tokenizing SharpLink’s equity directly on Ethereum is more than a technical milestone, it’s a statement about where we believe the future of the global capital markets is headed,” said Joseph Chalom, SharpLink’s co-CEO.
Robert Leshner, founder and CEO of Superstate, called the launch a “milestone” and said the company planned to work together on enabling compliant DeFi trading of tokenized public equities.
This development highlights how traditional firms are experimenting with blockchain infrastructure at a time when the crypto market is under pressure. Ethereum is facing renewed selling pressure below key levels.
Why Did Ethereum Drop Below $4,000 Amid Heavy Liquidations?
Ether dropped below $4,000 on Thursday, as derivatives markets saw heavy unwinding. CoinGlass data shows that in the past 24 hours, long traders faced about $332M in liquidations, adding to nearly $718Min losses this week.
(Source: Coinglass)
According to Lookonchain data, one large wallet, “0xa523,” took a single $36.4M hit.
Charts now suggest ETH could revisit the $3,600-$3,400 range if pressure continues.
At the same time, SharpLink is moving ahead with an unusual experiment: tokenizing SEC-registered equity directly on Ethereum.
Source: X
The plan tests whether regulated shares can be held in self-custody wallets and eventually traded on automated market makers without violating securities rules.
The company says the effort is meant to “modernize capital flows” and tie its business closer to Ethereum’s financial infrastructure.
SharpLink has also been building an ETH-heavy treasury since June. It holds over 838,000 ETH and has earned over 3,800 ETH in staking rewards through late September.
A Bitget note this week said the firm collected 509 ETH in staking rewards last week, with no new purchases or buybacks, a sign it is focusing on treasury management as it develops on-chain market tools.
