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Wormhole's W token enters 'value accrual' phase with strategic reserve
NFT Gaming

SharpLink to tokenize Nasdaq-listed SBET shares on Ethereum

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SharpLink is set to become the first public company to issue its Nasdaq-listed SBET shares natively on Ethereum, appointing Superstate as digital transfer agent to oversee compliant onchain issuance.

Summary

  • SharpLink plans to tokenize its Nasdaq-listed SBET shares directly on Ethereum.
  • Superstate’s Opening Bell platform will manage compliant onchain issuance.
  • The partnership extends beyond issuance, exploring AMM-based trading of tokenized equity.

In an announcement on Sept. 25, SharpLink Gaming, Inc. said it will tokenize its SEC-registered common stock directly on the Ethereum blockchain, appointing financial technology firm Superstate as its Digital Transfer Agent.

The partnership will utilize Superstate’s ‘Opening Bell’ platform for the issuance. The Minneapolis-based company, chaired by Ethereum co-founder Joseph Lubin, stated the move is intended to demonstrate how blockchain infrastructure can create shareholder value and improve market efficiency.

“Tokenizing SharpLink’s equity directly on Ethereum is far more than a technological achievement – it is a statement about where we believe the future of the global capital markets is headed. At SharpLink, our core mission is two-fold: to build the world’s most trusted digital asset treasury and to pursue initiatives that accelerate the global adoption of the Ethereum network.” Lubin said.

Beyond issuance: exploring AMMs and compliant secondary markets

The partnership’s ambitions extend far beyond a simple onchain issuance. SharpLink and Superstate intend to explore one of the most complex frontiers in digital finance: enabling compliant secondary trading of tokenized equity on automated market makers and other DeFi protocols.

This initiative aligns with the SEC’s Project Crypto, a regulatory framework designed to accommodate blockchain-based markets. The goal is to demonstrate how tokenized securities can unlock deeper liquidity and operate within a modernized capital market structure.

If realized, this effort could reposition SharpLink’s tokenized equity and future issuances via Superstate’s Opening Bell as instruments with broader utility than traditional book-entry stock. Trading on AMMs would represent a structural shift in how liquidity forms around public equities, potentially enabling real-time settlement, global investor access, and transparent price discovery in a way conventional exchanges cannot match.

Notably, the partnership with Superstate is a strategic extension of SharpLink’s deep commitment to Ethereum. With Lubin at the helm, the company has aggressively positioned itself as a corporate leader in the Ethereum ecosystem, having launched a significant ETH treasury strategy earlier this year.

Investors have so far met the news with caution. SharpLink’s SBET stock traded down 7.63% on Thursday, settling at $16.26 after opening the session at $16.33 and closing the previous day at $17.58. The drop mirrors a wider pullback across crypto markets but also underscores how experimental the path ahead remains.



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Morning Minute: BlackRock Wants To Tokenize Its ETFs

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Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

  • Crypto majors green, led by SOL; BTC at $115,000
  • SOL hits $238 on back of FORD DAT $1.65B raise; SOL memes + infra up
  • BlackRock to tokenize ETFs and RWA funds, pending regulatory approval
  • Sharps Technology partners with Pudgy Penguins for marketing
  • DOGE up 20% on week ahead of ETF launch

🏦 BlackRock Eyes Tokenized ETFs

Wall Street’s biggest asset manager is about to take tokenization mainstream.

📌 What Happened

Bloomberg reported that BlackRock is preparing to tokenize ETFs and other real-world asset (RWA) funds, expanding beyond its existing on-chain cash management product, BUIDL.

The move is pending regulatory approval, but it represents a major step toward bringing traditional investment vehicles onto blockchain rails.

BlackRock launched BUIDL with Securitize in 2024, giving institutions tokenized exposure to U.S. Treasuries.

Now, the firm wants to extend that model to ETFs and additional fund structures, which would mark the first time a traditional manager has tokenized mainstream funds at scale.

Potential types of funds include:

  • Equity ETFs
  • Bond / fixed income funds
  • Money Market funds
  • Real Estate funds
  • Private Credit funds

These sectors represent Trillions in assets ($12.5T in Q2 2025 to be exact). And a huge chunk of them (maybe eventually all) are coming on-chain.

🗣️ What They’re Saying

“Just like everyone downplaying digital assets being proven wrong over the last decade. Those downplaying tokenization will likely be proven wrong as well” – James Seyffart, Bloomberg

“BlackRock is tokenizing their ETFs and you’re bearish? Everything will be tokenized.” -Graeme Moore, Head of Strategy at Project 11

reminder:

all ETFs and all equities will eventually be tokenized

because assets will naturally flow to where they can be used as the most efficient collateral

and most of that lending/borrowing will happen on Ethereum L1/L2 https://t.co/ulTmfcsBRA

— DCinvestor (@iamDCinvestor) September 12, 2025

🧠 Why It Matters

So why do we care about tokenization of real world assets?

Tokenized ETFs would:

  • Timing: Enable 24/7 settlement and faster transfers
  • Composability: Plug assets from these funds into other areas of DeFi
  • Signal: Crypto becomes “too big to fail” once giants like BlackRock move their entire books on-chain

And bringing these assets onchain grows the overall crypto market cap.

No, it doesn’t mean that new liquidity will flock to every alt L1 or meme coin.

But it’s not a stretch to think it will flow to the best assets, and it will certainly send stablecoinx up significantly. DeFi assets would likely win as well.

And there’s a real chance that most of these funds are tokenized on Ethereum (where BUIDL is).

If that’s the case, ETH is likely the biggest winner here.

So this is a big one to root for the regulators to approve.

And once BlackRock gets the approval and executes, everyone else will follow.



🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

  • Crypto majors are green with SOL outperforming; BTC +1% at $115,000, ETH +2% at $4,520, XRP +1% at $3.03, SOL +6% at $239
  • M (+11%), MYX (+8%) and PUMP (+8%) led top movers
  • The BTC ETFs saw $552.7M in net inflows yesterday, now at $1.93B in net inflows since September began
  • BlackRock is working on tokenizing ETFs and other real-world asset (RWA) funds according to Bloomberg
  • PayPal pitched Hyperliquid on expanding its network across PayPal’s 400M accounts
  • Coinbase accused the SEC of deleting Gary Gensler’s text messages during the critical crypto crackdown years
  • Rex-Osprey’s ETFs for BTC, XRP, DOGE, BONK, and TRUMP have passed the SEC’s 75-day window and are scheduled to launch today
  • Crypto lender Figure saw its shares finish 24% above their IPO price in the company’s Nasdaq debut

In Corporate Treasuries

In Memes

  • Memecoin leaders are green led by DOGE; DOGE +4%, Shiba +2%, PEPE +2%, PENGU +1%, BONK +2%, TRUMP even, SPX even, and FARTCOIN +4%
  • Dogecoin has jumped 20% this week, as a treasury firm accumulates DOGE and ahead of the DOJE DOGE ETF launching today
  • SPARK (+68%), KORI (+60%) and YAC (+1900%) led on-chain movers

💰 Token, Airdrop & Protocol Tracker

Here’s a rundown of major token, protocol and airdrop news from the day:

  • PUMP got listed on Upbit on Thursday, rallying as high as $0.06 ($6B FDV); daily active PUMP app users have passed 35k
  • World Liberty Fi proposed using 100% of WLFI fees to buy and burn WLFI
  • Collector Crypt’s CARDS token jumped 18% to $517M after another $1.3M gacha pack sellout

🤖 AI x Crypto

Section dedicated to headlines in the AI sector of crypto:

  • Overall market cap up 2% at $14.1B, leaders were green
  • FARTCOIN (+2%), VIRTUAL (+2%), TIBBIR (-3%), aixbt (+1%) & ai16z (+2%)
  • LEA (+23%), simmi (+20%) and Acolyt (+17%) led top movers

🚚 What is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • ETH NFT leaders were mixed; Punks -2% at 46.3 ETH, Pudgy +2% at 10.5, BAYC -2% at 9.15 ETH
  • Abstract NFTs were mixed, led by Dreamilio (+17%)
  • Pudgy Party hits 500k downloads across Apple and Google app stores
  • Moonbirds announced a mystery physical collectible mint open for 24 hours

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.





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Jack Ma’s Ant Digital Taps Blockchain to Tokenize $8.4B in China’s Energy Assets: Report

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In brief

  • Ant Digital linked $8.4B in Chinese energy assets to AntChain, tracking 15M renewable devices.
  • It raised 300M yuan ($42M) for three clean energy projects via tokenized assets, Bloomberg reported.
  • Adoption is expected to remain institutional, with offshore listings hinging on regulatory approval, Decrypt was told.

Jack Ma-backed Ant Group’s enterprise arm has reportedly connected over $8.4 billion worth of Chinese energy infrastructure to its blockchain platform, with experts saying early adoption will likely remain institutional rather than draw in retail investors.

Ant Digital Technologies has been monitoring power output and potential outages from wind turbines and solar panels across China, uploading real-time data to its AntChain blockchain platform, according to a Bloomberg report. 

The fintech firm has already finished financing for three clean energy projects using tokenized assets, raising approximately 300 million yuan ($42 million) in total.



The company has reportedly been tracking 15 million new energy devices, including wind turbines and solar panels, with plans to potentially list tokens on offshore decentralized exchanges to create more liquidity, though such moves remain subject to regulatory approval.

Musheer Ahmed, Founder & MD of Finstep Asia, told Decrypt that he does not expect significant retail interest in energy infrastructure tokenization in the early stages.

“It tends to be more of an alternative investment, hence we will likely see more professional investors or institutional investors being the ones who show a key interest in these projects,” he said.

“What becomes vital is the use of IOT devices, which can relay the output and information of each device periodically,” Ahmed added.

That data could then be connected to the chain to provide information on how much energy is being generated, as well as a status update on the health of the assets/infrastructure itself, he added.

“Each token acts as the bearer of a pro-rata claim on the asset’s cash flows,” Rishabh Gupta, Director at TD Group, told Decrypt. “As electricity is sold and costs are settled, the net returns are distributed to token holders in line with their fractional stake.”

Gupta described how “each solar panel or turbine acts as a data node, producing meter readings that oracles relay on-chain.”

“A validator set permissioned or open verifies those readings before they are written to the blockchain,” he added. “Once recorded, the data is immutable and transparent, giving auditors, regulators, and investors a clear, tamper-proof view of production and payouts.”

Tokenization projects often face liquidity challenges in the secondary market, Ahmed said.

Still, beyond investment access, tokenization improves project efficiency through “better tracking of data” and enabling “smart contracts for execution of various investment management elements,” he added.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.



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Scaramucci's Skybridge Capital to Tokenize $300M in Hedge Funds on Avalanche
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Scaramucci’s Skybridge Capital to Tokenize $300M in Hedge Funds on Avalanche

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SkyBridge Capital, Anthony Scaramucci’s investment management firm, plans to tokenize $300 million worth of its hedge funds on the Avalanche

network.

The firm is bringing its Digital Macro Master Fund and Legion Strategies on-chain in partnership with tokenization provider Tokeny and its parent, Apex Group, which manages more than $3.5 trillion in assets, according to the press release shared with CoinDesk on Tuesday. Apex acquired Tokeny earlier this year.

The initiative uses the ERC-3643 token standard with operational support from Apex’s Digital 3.0 platform, which handles issuance, administration, and distribution.

SkyBridge’s decision underlines the growing appeal of using blockchain rails to transfer and record ownership of traditional financial instruments like bonds, funds and stocks, a process often dubbed tokenization of real-world assets (RWA). Global banks and asset managers are exploring this technology to cut settlement times, increase transparency and keep markets open around the clock.

Securitization firm VERT Capital announced to tokenize $1 billion of debt and receivables on XDC network and debuted a tokenized credit platform on XRP Ledger, while tokenization specialist Securitize also offers tokens of various funds by Hamilton Lane, Apollo and KKR.

The tokenized RWA market has doubled over the past year, surpassing $26 billion, per RWA.xyz data, and is projected to grow into a trillion-dollar market by 2030, according to reports by McKinsey, Ripple, BCG and others.

“We look forward to bringing our hedge funds into the digital, on-chain era, improving transparency, liquidity, and accessibility for our investors, and demonstrating how traditional finance and blockchain can work together to create smarter, more efficient investment solutions,” SkyBridge Capital founder and CEO Anthony Scaramucci said in a statement.

Avalanche increasingly aims to position itself as a hub for tokenized assets. Bergen County in New Jersey uses the network to digitize property deeds of $240 billion in real estate, combating fraud and cutting processing time.

Read more: Stellar Development Foundation Invests in Archax, Aiming to Boost Tokenization



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Skybridge Capital To Tokenize $300M On Avalanche Blockchain
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SkyBridge Capital to Tokenize $300M on Avalanche Blockchain

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Anthony Scaramucci, the founder and CEO of SkyBridge Capital, said on Tuesday that his company will move around $300 million from two funds into tokenized form on the blockchain. This is about 10% of SkyBridge’s total assets under management 

Tokenization is a topic that has been picked up in the finance space recently. It simply creates digital versions of real-world assets that can be traded on a blockchain just like Bitcoin or stablecoins. This is meant to make them easier and faster to exchange.

“I’m basically seeing 2026 into 2027 as the age of real-world tokenization,” Scaramucci said in an interview. He also predicted that more assets will shift to the blockchain in coming years.

$300 Million Set for Tokenization on Avalanche Blockchain

According to reports, SkyBridge will place its tokenized funds on Avalanche, a blockchain network that currently holds close to $2 billion worth of assets.

To carry out the plan, the firm will work with Tokeny, a company that helps investment managers turn traditional funds into blockchain-based products for wider access and easier trading.

One of the funds set for tokenization invests in cryptocurrencies such as Bitcoin, which the Securities and Exchange Commission has not categorized as securities, according to SkyBridge’s latest investor disclosure.

The second fund is described as a “fund of funds,” combining SkyBridge’s other vehicles, including its venture fund and its crypto-focused investments, giving token holders access to multiple strategies.

Tokenization is believed to cut costs and remove middlemen who usually check, process, and charge fees whenever financial products change hands.

Because blockchains act as decentralized databases, every transaction and asset record is transparent and verifiable, allowing anyone on the network to confirm ownership without needing outside verification.

A Future Without Spreadsheets and Bank Calls

Moveover, tokenization is gaining momentum among corporate companies, For instance, firms like BlackRock, Franklin Templeton, and VanEck recently launched tokenized money market funds on blockchains like Solana and Aptos.

Those who support this move picture a future where investors easily buy, sell, and move fund stakes on blockchain platforms without spreadsheets, wire transfers, or repeated communication with banks and financial middlemen.

According to John Wu, president of Ava Labs, the company behind Avalanche. “Ultimately, we want to achieve two things: bring activity on-chain from the traditional finance world and show the world that this technology can benefit them in terms of cost savings.”

Also Read: Ethereum Whales Panic-Sell as $ETH Price Drops



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