Deadstock Raises $2.5M Seed Led by Bullish Capital for Tokenized Trading Cards

Deadstock Closes $2.5 Million Seed Round

Deadstock, an on-chain trading-card liquidity platform, has raised $2.5 million in seed funding. The round was led by Bullish Capital, which was the sole investor.

What Deadstock Does

Deadstock is built by ATH Labs and based in Abu Dhabi. The platform brings verified graded collectible cards on-chain through a structured process:

• Procurement of graded cards
• Grading verification
• Vaulting of the physical assets
• 1:1 tokenization on Arbitrum

Each token corresponds to a specific physical card held in storage, linking the on-chain asset directly to a verified collectible.

Platform Positioning

Deadstock is the first product on ATH Labs' liquidity layer for tokenized collectibles. The platform entered public beta in September 2026, starting with high-value graded Pokémon cards sourced through Japan Trading Card Center.

Deal Summary

• Company: Deadstock
• Operator: ATH Labs
• Headquarters: Abu Dhabi
• Sector: On-chain trading-card liquidity / tokenized collectibles
• Round type: Seed
• Amount raised: $2.5 million
• Lead investor: Bullish Capital
• Investors: Bullish Capital
• Funding date: September 15, 2026

Why It Matters

Tokenized collectibles sit at the intersection of physical asset custody and on-chain liquidity. Deadstock's model addresses a persistent problem in collectibles markets: price discovery and exit liquidity for high-value graded cards. By pairing vaulted physical inventory with 1:1 tokens on Arbitrum, the platform creates a direct link between a token and an identifiable card in storage.

Starting with graded Pokémon cards sourced through Japan Trading Card Center gives Deadstock a defined initial asset class with established grading standards and collector demand. The public beta launch in September 2026 marks the platform's transition from development into live operation.

For acquirers and strategic investors watching the tokenized real-world asset space, Deadstock offers exposure to a vertical — collectibles — where verification, custody and liquidity infrastructure remain fragmented. ATH Labs' broader liquidity layer suggests the platform is intended as a foundation for additional tokenized collectible products beyond the initial card category.

Outlook

With seed funding secured and public beta underway, Deadstock's next phase centers on scaling its card pipeline and expanding the range of collectibles supported on the ATH Labs liquidity layer.