The Nasdaq listed Ethereum treasury company will receive wstETH and hold the tokens with Anchorage Digital.
SharpLink said Thursday it will stake $200 million worth of Ethereum through Lido as the company expands its strategy for generating returns from its ETH treasury.
The Nasdaq listed company will receive wrapped staked ETH, or wstETH, representing the staked ETH and its accumulated rewards. The tokens will be held in custody with Anchorage Digital.
The allocation adds Lido to SharpLink’s existing staking and restaking strategy and allows the company to maintain exposure to ETH staking rewards while retaining access to wstETH across decentralized finance applications.
Lido currently has roughly $16.5 billion worth of ETH staked through its protocol, according to SharpLink. Its wstETH token is integrated with more than 100 protocols and has about $10 billion actively used as collateral.
SharpLink CEO Joseph Chalom said the allocation expands the company’s efforts to make its ETH holdings more productive while maintaining institutional risk standards.
The company said the move is part of a broader effort to maximize the productivity of its Ethereum treasury for shareholders.
