SharpLink plans to stake $200 million of ETH through Lido, receiving wstETH that will be held with Anchorage Digital. Using Kraken’s displayed ETH price of $1,889.84, the dollar allocation equates to about 106,000 ETH, roughly 12% of the company’s 888,938 ETH holdings reported as of Aug. 3.

The change is the addition of 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 it described Lido as an addition to that existing staking and restaking strategy.

For SharpLink shareholders, wstETH adds a widely used DeFi asset that continues reflecting Ethereum staking rewards while it is used in onchain applications. The disclosed route is Lido’s open-source liquid-staking middleware and its wstETH token, with Anchorage providing custody.

SharpLink Chief Executive Joseph Chalom said Lido’s composability would allow the company to “layer additional yield sources on top of our ETH exposure and staking returns.” Holding wstETH reflects Lido staking rewards; any separate DeFi return would require using the token in another onchain 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.

The products provide different forms of staking exposure. Native ETH is deployed directly in Ethereum staking. LsETH represents staked ETH plus network rewards and can be used in DeFi. weETH includes base staking rewards and restaking economics through EigenLayer. Lido’s wstETH is a fixed-balance wrapped form of stETH whose underlying share system reflects accrued rewards and is designed for DeFi integrations.

DefiLlama listed Lido with about $17.9 billion in total value locked and 50.6% of tracked liquid-staking TVL when the data was read. Its tracked supply APY was 2.2%. That figure measures the Lido staking return, not any additional return or risk from deploying wstETH elsewhere.

The planned 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.