A crypto firm is now tokenizing a publicly traded stock that tracks corporate exposure to a token — a tokenization turducken.
In an announcement on Thursday, the team behind the scalable Layer 1 chain Injective said it is bringing SBET, the stock for Joe Lubin’s Ethereum treasury firm SharpLink, onchain, “marking the first tokenized digital asset treasury,” or DAT. SharpLink uses a “proprietary” metric called ETH Concentration to track shareholder exposure to crypto’s second-largest asset.
“This is not just a product milestone but the introduction of an entirely new asset class that can power programmable finance from day one,” Injective wrote in a release. “SBET DAT transforms a static corporate Ether reserve into a living, yield-bearing onchain instrument.”
The SBET DAT is built using Injective’s novel iAssets framework used to represent traditional assets on blockchain rails. “Unlike simple wrappers, iAssets launch with native programmability, governance hooks, integrated liquidity and cross protocol composability,” the team said.
Injective’s move is at the intersection of two accelerating trends in crypto: the tokenization of equities by firms like Robinhood and Kraken, as well as the rise of corporate crypto treasuries.
SharpLink is one of many recently-launched Ethereum treasury companies that is selling equity and debt to fund an ETH acquisition and staking strategy. At last count, the firm held around $1.3 billion worth of ether, behind BitMine’s stash of around $2 billion worth.
Injective noted that because SBET DAT is a native iAsset token, it can immediately be deployed across lending markets, used as collateral, incorporated into derivatives, and embedded into novel structured products.
Injective, backed by Binance, Jump Crypto, Pantera Capital, and Mark Cuban, is powered by a Tendermint-based Proof-of-Stake consensus and offers an onchain order book enabling the native trading of spot, perpetuals, futures, and options instruments. In January, it added cross-chain EVM support.
Last week, Canary Capital filed for the first INJ ETF tracking Injective’s native token. INJ is trading around $13.91. The token hit a $52.62 all-time high in March 2024, according to The Block’s price page.
SBET is trading down over 12% over the past 24 hours at $22.63, giving it a market cap of $2.6 billion. The shares hit a high above $98 in May, around the time it began working with Consensys employees on its ETH treasury strategy. It holds 360,807 ETH.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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