Sharplink Gaming Ltd. is staking $200 million worth of Ether (ETH) through the Lido liquid staking protocol. The company will receive wrapped staked ETH (wstETH) representing its staked assets and rewards. Anchorage Digital will provide custody services for these tokens.
This move expands Sharplink’s strategy of utilizing its ETH treasury for staking and restaking. CEO Joseph Chalom stated the allocation increases productivity by leveraging the composability of wstETH.
Lido’s wstETH token is widely integrated across decentralized finance (DeFi) protocols. This integration allows Sharplink to explore additional on-chain yield opportunities.