What happened?
Nasdaq-listed SharpLink Gaming announced it will tokenize its equity directly on Ethereum using Superstate to manage the process, marking a major treasury-backed move into on-chain equities. Superstate — which oversees over $800 million in RWA funds and the $617 million USTB treasury fund — is expanding from tokenized treasuries into tokenized stocks. The announcement comes as SharpLink holds about 837,230 ETH (roughly $3.26 billion) and Ethereum’s RWA total value locked tops $9 billion.
Who does this affect?
This affects institutional investors, corporate treasuries, and funds that are exploring tokenization as a way to issue and trade real-world assets on-chain. It also matters for ETH holders, DeFi protocols, custody providers, and exchanges because tokenized equities increase on-chain settlement and custody demand. Retail traders and market participants watching ETF and institutional flows could see shifts in where big capital goes and how liquidity rotates across crypto markets.
Why does this matter?
It strengthens Ethereum’s role as the leading network for real-world assets, which can boost long-term on-chain demand for ETH as more institutions use it for settlement and liquidity. That added demand, combined with large ETH treasuries and rising RWA TVL, could help stabilize price action and set up rebounds from key support zones (around $3.3k) toward $5k and potentially higher. In short, wider adoption of tokenized stocks can deepen liquidity, increase ETH’s utility, and tilt the market outlook more bullish if institutional inflows continue.