Sharplink expands ETH treasury strategy, staking $200 million in ETH on Lido
Odaily Planet Daily News: Ethereum treasury company Sharplink (Nasdaq: SBET) has announced that it will stake $200 million worth of ETH on Lido, Ethereum's largest liquidity staking protocol, to enhance the yield-generating capability of the company's ETH holdings.
Sharplink stated that after this staking, the company will receive wrapped staked ETH (wstETH), which represents the staked ETH and its rewards, with institutional-grade digital asset custodian Anchorage Digital responsible for custody. This allocation will further expand Sharplink's existing ETH staking and restaking strategies.
Lido is currently one of the largest liquidity staking protocols on Ethereum, with approximately $16.5 billion in staked ETH on the platform. Its wstETH token has been integrated by over 100 protocols, with around $10 billion currently used as collateral in DeFi. While holding wstETH, users continue to earn staking rewards on the underlying ETH while remaining able to use it across the Ethereum DeFi ecosystem.
Sharplink CEO Joseph Chalom stated that introducing Lido will further improve the productivity of the company's ETH assets, leveraging wstETH's composability while maintaining institutional-grade risk management standards. This collaboration will strengthen the diversification of the company's treasury strategy and provide access to one of the most liquid and widely utilized assets in the Ethereum DeFi ecosystem.
Vasiliy Shapovalov, Executive Director of the Lido Labs Foundation, stated that Sharplink's increased use of Ethereum's native staking protocol and DeFi ecosystem reflects its support for Ethereum's application ecosystem. (Globenewswire)
