SharpLink Gaming has further bet on Ethereum by staking an additional 2 million worth of ETH into lsETH. The action increases its overall Ethereum holdings to more than 165,000 ETH, which is about $458 million, as per on-chain data provided by Arkham.
The aggressive move into liquid staking is proving to be fruitful to the company. Today its stock rose 28% to $11.98, a gain of $2.63. The rise indicates the confidence of investors in the crypto strategy of SharpLink.
Through lsETH, SharpLink will be able to receive staking rewards without locking its ETH. This enables the company to remain liquid and flexible to future DeFi opportunities. Indeed, lsETH has increased by more than 5 percent in the recent past, further increasing the value of SharpLink portfolio.
It has most of its crypto treasury in lsETH, and only minor amounts of ETH, DAI, CROAK, and BNB. This is an indication of the attention on Ethereum staking.
On-chain activity indicates that the company is actively transferring and staking funds, which indicates an active treasury management. Not only the storage of crypto, but the optimization of crypto in real-time.
The approach of SharpLink is in line with an increasing tendency of institutions to employ liquid staking to remain flexible and generate passive income.
Even Chairman Joseph Lubin has intimated that the Ethereum reserves of SharpLink could be used to pursue a strategy similar to Michael Saylor’s Bitcoin playbook.
The total staked amount of SharpLink is more than 458M, which means that the company is not only betting on Ethereum but also contributing to the decrease in the market supply of ETH, which could lead to a long-term increase in its price.
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