SharpLink Gaming is preparing a major move to diversify its $3.6 billion Ethereum holdings. The company plans to stake part of its ETH on the Ethereum layer-2 network Linea after its mainnet launch on September 10.
Joseph Chalom, co-CEO of SharpLink, confirmed that the firm currently stakes almost all its ETH through custodians Anchorage and Coinbase. However, SharpLink aims to explore new staking opportunities as it matures.
“When you hold billions of dollars of ETH and you’re looking at a portfolio of staking, there is going to be an ability to deploy that through staking opportunities on Linea,” Chalom said.
Driving Growth for Ethereum-Aligned Projects
SharpLink has been staking its ETH using native staking and liquid staking tokens. Additionally, Chalom emphasized supporting “Ethereum-aligned” projects like Linea to grow real-world activity. He believes this approach will ultimately drive up Ethereum’s price, benefiting SharpLink as one of the largest ETH holders.
Back in July, SharpLink joined the Linea Consortium, which controls 75% of LINEA token distribution. More than 80% of the token supply will fund on-chain projects. Linea’s creator, Consensys, led by Ethereum co-founder Joe Lubin, has designed the network to support Ethereum through features like native yield and ETH burns.
However, Chalom noted the firm is still finalizing its staking strategy. “We’re at a pivotal moment in terms of opportunities to stake, and we want to do it in a way that really, really is diversified,” he said.
Expanding ETH Holdings and Strategy
From August 25 to 31, SharpLink purchased 39,008 ETH at an average price of $4,531, funded partly by $46.6 million raised through its ATM facility. These acquisitions raised its total holdings to 837,230 ETH, valued at over $3.6 billion.
“Sharplink continues to execute our treasury strategy with precision,” Chalom stated, underscoring the firm’s focus on growth and shareholder value.
As of writing, Ethereum trades at $4,287.64, with a 24-hour trading volume of $45.26 billion, according to CoinMarketCap. The second cryptocurrency by market cap is down 1% past day.
SharpLink’s plan to stake on Linea signals growing institutional confidence in layer-2 solutions, potentially accelerating Ethereum’s adoption and boosting long-term value.
Also Read: Ethereum Monthly Spot Volume Surpasses Bitcoin Trading
