SharpLink plans to stake $200 million of ether through Lido, receiving wstETH that will sit in custody with Anchorage Digital. The allocation equates to roughly 106,000 ETH, about 12% of the company's reported holdings, and adds another liquid-staking route alongside its existing positions.
SharpLink plans to stake $200 million of ether through Lido, receiving wstETH that will be held in custody with Anchorage Digital. Using Kraken's displayed ETH price of $1,889.84, the allocation equates to about 106,000 ETH, roughly 12% of the company's 888,938 ETH holdings reported as of Aug. 3.
The move adds another liquid-staking route to SharpLink's treasury. The company said substantially all of its ETH was deployed in staking as of June 28, split among native ETH, Liquid Collective's LsETH and Ether.fi's weETH, and described Lido as an addition to that existing staking and restaking strategy.
Another Liquid-Staking Route
SharpLink reported 886,725 ETH as of June 28, comprising 632,719 native ETH, 181,299 ETH as if redeemed from LsETH and 72,707 ETH as if redeemed from weETH. Native ETH sits directly in Ethereum staking, while LsETH represents staked ETH plus network rewards usable in DeFi, and weETH layers restaking economics through EigenLayer on top of base staking rewards.
wstETH is a fixed-balance wrapped form of stETH whose underlying share system reflects accrued rewards and is built for DeFi integrations. For SharpLink shareholders, the token keeps reflecting Ethereum staking rewards while it circulates in onchain applications. SharpLink Chief Executive Joseph Chalom said Lido's composability would let the company "layer additional yield sources on top of our ETH exposure and staking returns."
Lido's Scale and a Noncash Charge
DefiLlama listed Lido with about $17.9 billion in total value locked and 50.6% of tracked liquid-staking TVL, with a tracked supply APY of 2.2% measuring only the staking return, not any additional yield or risk from deploying wstETH elsewhere.
The allocation follows a quarter in which staking supplied nearly all of SharpLink's revenue while its existing liquid-staking and restaking tokens generated a large accounting charge. The company reported $11.2 million of staking revenue in the second quarter and a $76.1 million impairment on LsETH and weETH. SharpLink said the impairment was noncash and did not reduce the number of tokens held, but under its accounting treatment, the charge cannot be reversed after a market recovery.
Source: The Defiant
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