Injective brings SharpLink’s $1.3 billion ETH treasury fully on-chain

Injective has launched on-chain SBET, the first tokenized digital asset treasury (DAT) that transforms SharpLink Gaming’s Ethereum holdings into an onchain instrument, according to the project’s announcement.

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SharpLink Gaming, the largest corporate holder of Ethereum, has amassed 360,807 ETH, valued at around $1.3 billion at current market prices, since launching its treasury strategy last month.

According to Injective, the SBET digital asset treasury is powered by Injective’s iAssets framework, which allows real-world assets to operate as programmable primitives, with built-in governance, trading, staking, and cross-protocol composability.

“Through Injective’s iAssets framework, SBET is no longer a static equity but a programmable financial primitive,” said Injective in a statement. “From the very first day of issuance, it can be deployed across lending markets, used as collateral, incorporated into derivatives, or embedded into entirely new structured products without the capital inefficiencies or settlement delays that exist in traditional finance.”

The move positions Injective at the forefront of a growing shift as institutional capital begins migrating to onchain infrastructure.

“Injective’s vision is to merge the traditional and on-chain worlds, creating a financial system that is not only open and accessible but also far more efficient. The launch of SBET as an onchain digital asset treasury is a clear demonstration of that mission,” Injective stated.

Discussing Injective’s new product, Matt Sheffield, Director of Trading at FalconX, the largest institutional crypto prime brokerage, noted that digital asset treasuries are helping bridge the gap between traditional and on-chain markets by enabling more structured and transparent access to crypto.

“The launch of an on-chain product tracking SBET by Injective marks a notable milestone, bringing the capital efficiency of public markets to DeFi infrastructure in a composable and transparent way,” Sheffield said.

The launch of on-chain SBET follows Injective’s earlier rollout of iAssets tied to traditional equities, including Nvidia, Meta, and Robinhood, alongside gold, oil, and FX markets — all tradeable 24/7 and programmable from launch.