SharpLink says ETH reserves worth roughly $400 million are now deployed across Lido and Ether.fi. The coins come from its existing treasury, so the move changes how its ETH earns, not how much it owns. The exact split between the two protocols has not been confirmed onchain.
SharpLink, the Nasdaq-listed Ethereum treasury company chaired by Ethereum co-founder Joseph Lubin, said on October 19 that ETH reserves worth roughly $400 million are deployed across the liquid staking protocol Lido and the restaking platform Ether.fi. The move does not increase the number of coins the company owns.
The $200M split is reported, not verified
The Lido half dates to August 13, when SharpLink said it would stake $200 million of ETH through Lido and receive wstETH, with Anchorage Digital holding it in custody. The Ether.fi half grew out of a plan announced in October 2025 with EigenCloud and Consensys's Linea network.
However, SharpLink's October statement did not itemize the total. No wallet addresses have been published that would let outsiders confirm the balance held in each protocol.
Linea pays SharpLink to stay
SharpLink's quarterly filing shows how part of the yield works. A partnership agreement signed on December 18, 2025 commits the company to bridge and maintain at least $200 million of ETH and weETH on Linea over a two-year term. In return, it receives monthly incentives from Ether.fi, Linea and EigenCloud.
Those payments last only as long as the agreement does.
A $76M write-down on staking tokens
In its second-quarter results, SharpLink reported 888,938 ETH as of August 3, with liquid staking and restaking tokens already making up close to 29% of the total. The quarter closed with a net loss of $394.3 million, against $103.4 million a year earlier, driven by a $321 million unrealized loss on ETH and a $76.1 million impairment on LsETH and weETH.
The two charges behave differently. Native ETH recovers on paper when the price rises, while LsETH and weETH are booked as intangible assets, so later price gains are not recognized while the tokens remain staked.
What investors are watching
The third-quarter report, the first to cover a full period with the Lido position live, will show how the company classifies the new tokens. Investors are also waiting for the exact split between the two protocols.
Source: Crypto News Flash
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