Author: Seed.eth

Recently, SharpLink Gaming Inc. (NASDAQ: SBET) released significant news: the company plans to collaborate with fintech firm Superstate to directly tokenize and issue SharpLink's SEC-registered common stock on the Ethereum blockchain through its Opening Bell platform.

According to official documents, SharpLink's tokenization path has several key features:

• Compliance Assurance: Unlike many blockchain projects, SharpLink has chosen a fully compliant route. Its tokenized shares remain SEC-registered common stock, with legal status equivalent to traditionally recorded shares. This means shareholder rights will not be affected by the change in form.
• Self-Custody and Transparency: Tokenized shares can be directly stored in investors' digital wallets, enabling "self-custody." This not only enhances investors' sense of control but also improves market transparency and efficiency.
• Potential for DeFi Integration: By going on-chain, shares have the opportunity to access decentralized finance ecosystems in the future, such as being used as collateral in lending protocols or traded on automated market makers (AMMs) under regulatory compliance. SharpLink has also made it clear that this is one of its research focuses.
• Regulatory Background Support: SharpLink emphasizes that this plan aligns with the U.S. Securities and Exchange Commission (SEC)'s "Project Crypto" direction. This project is exploring digital assets and blockchain-driven market infrastructure, providing policy references for the implementation of tokenized securities.

Deep Integration with the Ethereum Ecosystem

SharpLink's choice of Ethereum as the underlying public chain for tokenization is not coincidental. As the world's largest smart contract platform, Ethereum has a mature ecosystem and a large developer community. Moreover, SharpLink announced in June this year that it became the world's first "Ethereum digital asset treasury-type enterprise" and significantly increased its holdings of ETH.

As of the end of September 2025, the company holds a total of 838,000 ETH, valued at several billion dollars.

During the same period, it also earned 3,815 ETH rewards through staking, further highlighting its long-term optimistic strategic positioning towards Ethereum.

According to data from StrategicETHReserve.xyz, SharpLink holds over 838,000 ETH, worth approximately $3.3 billion, making it the second-largest publicly traded holder of Ethereum, after BitMine Immersion Technologies.

SharpLink's chairman, Ethereum co-founder, and Consensys CEO Joseph Lubin stated: "Tokenizing SharpLink shares and going on-chain is a statement about the future direction of global capital markets. We are pushing for a true integration of traditional finance with the composable DeFi world."

Stock Performance: Positive News Cannot Mask Short-Term Pressure

Although the tokenization plan has attracted attention at a strategic level, SharpLink's secondary market performance remains sluggish.

• September 19: The stock price briefly reached a high of $17.33;
• September 25: It fell to $16.30, with an intraday drop of up to 9%;
• Over the week, the cumulative decline exceeded 7.8%, showing extreme instability.

Investors are wavering between optimism and reality. The tokenization strategy is forward-looking, but it is difficult to improve the losses on the financial statements in the short term, leading the market to adopt a more cautious wait-and-see approach.

Financial Report: The Contradiction of High Investment and Losses

SharpLink's latest financial disclosure shows that the company is in a typical "heavy asset expansion + high-risk investment" phase:

• Revenue and Profitability Dilemma
• Limited revenue scale, difficult to meet market expectations.
• Negative pre-tax profit margin, with operating losses expanding year by year.
• Low earnings per share, failing to demonstrate sustainable profitability.
• Asset and Capital Structure
• Total assets of approximately $454 million, with shareholder equity covering almost all assets.
• Cash reserves of only $5 million, appearing inadequate in a volatile market environment.
• Dividend and Expense Pressure
• Preferred stock dividend expenses amount to $206.7 million, significantly compressing profit margins.
• EBIT (Earnings Before Interest and Taxes) shows hundreds of millions in losses, indicating that the main business has not yet exited the capital consumption phase.

In other words, while the company has substantial on-chain assets (ETH holdings), it still faces heavy pressure on the main business front.

From an innovation perspective, SharpLink could become the first company to achieve stock tokenization in the U.S. capital markets, with enormous potential. From a realistic standpoint, its financial condition and market performance are not optimistic.

For short-term investors, SharpLink's current trend appears weak, with risks outweighing opportunities; for long-term investors, if they believe in the future prospects of tokenized securities and the Ethereum ecosystem, they may choose to position themselves at lower levels, betting on a "future narrative."

In the coming months, SharpLink's development will depend on several key factors:

• Whether the tokenized shares can be successfully implemented and gain recognition from investors and regulatory agencies;
• Whether the Ethereum asset strategy can unlock value and bring long-term financial benefits to the company;
• Whether the main business profitability model can be optimized to gradually reverse the ongoing losses.

If these factors can be gradually realized, SharpLink may emerge from its current low point and become a benchmark case for the integration of traditional finance and blockchain; if not, it may continue to linger on the fringes of the capital market.

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