SharpLink Tops ETH Treasury, Plans Staking and DeFi Yield
SharpLink Gaming, formerly a sports betting affiliate, has rebranded into a corporate Ethereum treasury vehicle, now holding around $1.65 billion in ETH. The pivot followed a $425 million private placement led by ConsenSys and Ethereum co-founder Joseph Lubin, who chairs SharpLink’s board. Leveraging this partnership, SharpLink has staked almost all its ETH to earn on-chain yield and is exploring restaking and targeted DeFi strategies to boost returns while managing risk. The company intends to deploy its remaining $257 million in capital to acquire more Ether at low cost, reinforcing its ETH concentration. With a Nasdaq-listed ticker ($SBET) and support from security providers like Galaxy Digital, Anchorage and Coinbase, SharpLink aims to cement its role as a trusted public ETH treasury, driving institutional adoption of Ethereum and capturing long-term price appreciation, staking yield and accretive treasury returns.
Bullish
SharpLink’s move to convert its treasury into ETH and deploy staking and DeFi strategies underlines growing institutional confidence in Ethereum’s long-term fundamentals. The $1.65 billion position, supported by a $425 million infusion from ConsenSys and oversight by Joseph Lubin, suggests a robust demand driver and reduced sell-side pressure. Similar corporate treasury adoptions (e.g., MicroStrategy’s Bitcoin strategy) have historically spurred positive market sentiment and price appreciation. In the short term, aggressive accumulation and staking yield could provide support to ETH liquidity and price stability. Over the long term, this strategic shift validates Ethereum’s role as a productive asset, boosting confidence among institutional investors and likely contributing to further on-chain activity and ecosystem growth.