SharpLink Gaming (NASDAQ: SBET), the second-largest corporate holder of an Ethereum treasury, has announced it will stake $200 million worth of ETH through Lido, converting the position into wstETH with custody held by Anchorage Digital. The move deepens a staking strategy the company has been building out for most of 2026 rather than starting one from scratch.
The allocation equals roughly 106,000 ETH, about 12% of SharpLink's total holdings of 888,938 ETH as reported on August 3. That leaves the bulk of the treasury under SharpLink's existing staking and restaking arrangements, with the new Lido allocation layered on top rather than replacing what was already deployed.
Layering Yield on an Already-Staked Treasury
SharpLink CEO Joseph Chalom framed the move around Lido's composability, saying it lets the company layer additional yield sources on top of its existing ETH exposure rather than choosing between strategies. That framing matters for a company whose core pitch to shareholders is treating its ETH treasury as an actively managed, yield-generating asset rather than a static balance-sheet line item.
Why Lido, Why Anchorage
The choice of venue is telling. Lido accounts for the majority of all liquid staked ETH, with roughly $16.5 billion staked through the protocol, and its wstETH token is integrated across more than 100 other protocols, with around $10 billion of it actively used as collateral elsewhere in DeFi. That liquidity is precisely what lets a treasury the size of SharpLink's move in and out of a staking position without the settlement delays of unstaking directly from the Ethereum beacon chain. SharpLink detailed the allocation in a press release distributed via GlobeNewswire, confirming Anchorage Digital as custodian for the position.
Related: Lombard Shifts LBTC Yield From Babylon Staking to Bitwise Options Strategy
Part of a Broader Treasury Trend
Public companies have been treating crypto treasuries as active balance-sheet management this year rather than passive holdings, even when they're pulling in opposite directions. Bitcoin miner Riot Platforms, for instance, sold 4,300 BTC in the second quarter to fund its AI data-center pivot, shrinking its crypto position to fund a strategic bet elsewhere. SharpLink is doing the opposite with Ethereum — expanding yield generation on a position it has shown no sign of reducing — but both moves reflect the same underlying shift: corporate crypto treasuries are increasingly run as active portfolios rather than buy-and-hold reserves.
