Second Largest Ethereum Treasury Company Sharplink to Stake $200 Million ETH via Lido
Sharplink, Inc. (SBET), the second largest Ethereum treasury company, announced that it will stake $200 million worth of ETH through Lido, the largest liquid staking protocol on Ethereum, and will receive wstETH tokens representing the staked ETH and its yield, which will be custodied at Anchorage Digital.
This allocation continues the effort this year to "make the ETH treasury most productive for shareholders" and incorporates Lido into its existing staking and re-staking strategy. Lido currently holds the majority share of liquid staking ETH, with approximately $16.5 billion staked in the protocol, and wstETH has been integrated into over 100 protocols, with about $10 billion actively used as collateral.
Sharplink CEO Joseph Chalom stated that this is an initiative to expand treasury productivity while maintaining institutional-grade risk standards and leveraging the composability of wstETH.
From a market mechanism perspective, large treasury companies increasing their holdings in liquid staking enhances the demand and liquidity for Lido and wstETH, directing funds towards Ethereum staking and DeFi integrated assets. Beneficiaries include the Lido ecosystem and ETH treasury strategies, while non-liquid staking solutions face pressure.
Source: Public Information
ABAB AI Insight
As a publicly traded Ethereum treasury company, Sharplink achieves dual goals of yield and composability by allocating ETH to wstETH, reflecting a trend of publicly listed companies incorporating on-chain yield strategies into traditional treasury management.
In terms of capital pathways, the company chooses the largest liquid staking protocol paired with institutional custody, motivated by maximizing ETH productivity within a compliant framework and strategically deepening ties with Ethereum's DeFi core infrastructure.
Similar cases can be seen with other ETH treasuries or publicly listed companies adopting liquid staking practices, as well as the continued consolidation of Lido as the leading protocol, currently in a phase of large-scale enterprise capital entering Ethereum staking and re-staking.
The structural judgment indicates capital concentration: large treasury funds are flowing towards a few highly liquid staking assets, with the mechanism capturing staking yields through composable tokens while retaining DeFi usage flexibility, thereby enhancing shareholder capital efficiency.
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