Key Highlights
- SharpLink plans to stake about $200 million worth of ETH through Lido, expanding its staking and restaking operations.
- The company will receive wstETH, a liquid staking token representing staked Ether and associated rewards.
- Anchorage Digital will custody the wstETH, according to SharpLink’s announcement.
SharpLink, a publicly listed company with an Ethereum-focused treasury strategy, plans to stake about $200 million worth of ETH through Lido.
According to a release shared on Thursday, SharpLink will receive wrapped staked ETH (wstETH) in exchange for the allocation, with the assets to be held in custody by Anchorage Digital.
The transaction adds Lido to SharpLink’s existing staking and restaking activities. It would give the company exposure to Ethereum staking rewards while retaining wstETH, which can be used across decentralized finance (DeFi) applications.
$200M ETH allocation will be converted to wstETH
Under the planned transaction, SharpLink will stake approximately $200 million worth of ETH through Lido and receive wstETH, a liquid staking token representing staked Ether and its associated rewards.
Lido’s staking infrastructure allows ETH holders to participate in Ethereum’s proof-of-stake network without directly operating validator infrastructure. The resulting wstETH can also be deployed across Ethereum-based DeFi protocols.
SharpLink said the allocation is part of its broader strategy for managing its ETH holdings through staking and restaking. Joseph Chalom, CEO of SharpLink, said, “This is an exciting expansion in making our ETH even more productive, leveraging wstETH’s composability while maintaining institutional-grade risk standards.”
Ethereum price movement
At the time of this writing (August 13 at 2:57 PM UTC), Ethereum was trading at around $1,890.57, according to CoinGecko data. The asset was down roughly 0.1% over 24 hours, with a 24-hour trading range of approximately $1,872 to $1,897. Ethereum’s market capitalization stood at about $228.1 billion, while 24-hour trading volume was approximately $6.19 billion. The circulating supply was listed at roughly 120.68 million ETH.
The market data puts SharpLink’s planned $200 million allocation in context, although the value of the company’s ETH holdings will continue to fluctuate with the market price of Ether.
Lido expands SharpLink’s treasury strategy
The arrangement will give SharpLink wstETH rather than requiring the company to maintain its ETH entirely in directly staked positions. Liquid staking allows holders to receive a token representing their staked assets and associated rewards, while retaining an asset that can be used in other onchain applications.
SharpLink said the Lido allocation will complement its existing staking and restaking activities. Meanwhile, Lido said approximately $16.5 billion in ETH was staked through its protocol at the time of the announcement, while wstETH was integrated across more than 100 protocols.
The transaction follows SharpLink’s broader push to generate returns from its ETH holdings rather than keeping the treasury entirely in unstaked assets.
Liquid staking strategy carries its own risks
SharpLink’s latest allocation comes weeks after the company’s second-quarter results highlighted some of the risks associated with liquid staking. It reported a $394.3 million net loss in Q2 2026, largely reflecting non-cash Ethereum revaluation losses and impairment charges on existing liquid staking token holdings.
The results show that liquid staking tokens are not equivalent to holding ETH directly. While they can provide liquidity and staking-related returns, they also expose holders to smart-contract, liquidity, debt and accounting risks.
SharpLink’s H1 2026 filing also showed $56.2 million in cash and cash equivalents against roughly $1.7 billion in ETH-equivalent holdings as of early August.
The company warned that this imbalance could create liquidity pressure during stressed market conditions, particularly if crypto assets had to be sold at unfavorable prices.
A growing role for corporate ETH treasuries
SharpLink has pursued an Ethereum-focused treasury strategy that includes ETH holdings, staking, restaking and DeFi-related investments.
The company also recently announced a $125 million onchain yield fund with Galaxy Digital, adding another layer to its strategy of deploying capital across decentralized finance and onchain yield opportunities.
The latest Lido allocation therefore represents an extension of an existing strategy rather than an isolated treasury transaction.
However, staking does not eliminate the risks associated with ETH exposure. The value of SharpLink’s holdings remains tied to Ethereum’s market price, while staking and liquid-staking strategies also carry additional smart-contract, liquidity, and counterparty risks.
Also Read: Alameda’s $352K Solana (SOL) Stake Is Now Worth $15M — Where Are the Funds Going?
