SharpLink Stakes $200M in Ethereum through Lido's Liquid-Staking Protocol
SharpLink, a Miami-based digital asset treasury company, has announced it will stake $200 million of Ethereum through Lido's liquid-staking protocol. This move sees SharpLink hold approximately 106,000 ETH, roughly 12% of its total holdings of around 889,000 ETH as of early August.
The staked tokens will arrive as wrapped staked ETH (wstETH), a receipt token representing staked ETH plus its rewards. Anchorage Digital will hold the wstETH in custody.
SharpLink's CEO, Joseph Chalom, commented on the move, stating it 'reflects our commitment to working with the top Ethereum protocols.' He noted that Lido's protocol offers institutional-grade risk standards and allows SharpLink to earn staking yield while staying liquid.
Lido runs a majority of all liquid-staked ETH, with around $16.5 billion staked through the protocol. The move is seen as part of SharpLink's strategy to increase its use of Ethereum native staking protocols and the DeFi ecosystem.