SharpLink Allocates $200M ETH to Lido for Staking
Nasdaq-listed SharpLink has allocated $200 million of its Ethereum (ETH) treasury to Lido, expanding its strategy for generating returns from corporate assets. The company will stake ETH through Lido and receive wrapped staked ETH (wstETH) in return, which will be held by Anchorage Digital.
This allocation is part of SharpLink's existing institutional staking and restaking strategy, with the goal of making its Ethereum 'even more productive' as stated by CEO Joseph Chalom. Lido reports roughly $16.5 billion of ETH staked through its protocol, with wstETH integrations across over 100 protocols.
The transaction is a deployment of SharpLink's existing Ethereum treasury, not an announcement that it will purchase another $200 million of ETH. The company will put ETH through Lido and receive wstETH, which does not increase its token balance as rewards accrue but rather changes in exchange value against stETH.
SharpLink's allocation comes days after the company reported holding 888,938 ETH equivalents as of August 3, with staking already becoming its main revenue source. The company has also allocated $200 million of ETH to Linea restaking programs and committed $100 million to a Galaxy-managed onchain yield fund.