Sharplink, a Nasdaq-listed company that owns Ethereum (ETH) as the company’s primary treasury asset, has executed a $200 million on-chain deployment that enables the firm to utilize the cryptocurrency for decentralized finance (DeFi) purposes while the company’s assets remain on qualified custody by Anchorage Digital Bank. The deployment has used ether.fi’s liquid restaking token, weETH, and the Linea blockchain network.
The arrangement illustrates how public companies are looking to explore blockchain-based investment opportunities, including the utilization of assets for staking purposes, with institutional custody and reporting controls.
“Partnering with @anchorage was the right call…
This was the first time that a public company has been able to deploy, while maintaining their custody in a qualified custodian, all onchain, leverage a bridge and deploy on an L2.“ @sheffieldreport
We put ETH to work. https://t.co/tgNs9T91yB
— Sharplink (@Sharplink) October 22, 2026
As one of the major corporate Ethereum treasuries, SharpLink’s ETH holdings approach 900,000. Rather than let the vast cryptocurrency wort lying idle, the company wants to maximize its value by utilizing the crypto for staking and other on-chain activities.
Staking involves locking crypto assets to gain rewards, and liquid restaking enables users to reinvest their assets that would otherwise be on deposits or other forms of collateral, exposing investors to technical and financial risks.
The announcement stated that Anchorage Digital Bank aided SharpLink in diversifying the company’s on-chain activities while maintaining the custody of its crypto assets.
The process entails minting weETH on the main Ethereum net by virtue of an EigenLayer integration before deploying the position on Linea through a cross-chain bridge, LayerZero. The latter is a Layer 2 network, which is a secondary blockchain built on top of the main chains to enable faster transactions and applications to run smoothly.
The arrangement is significant as it enables a publicly listed company to mint a liquid resubscription token and deploy it to a layer 2 network without exposing its assets to the risks of custodial instability, and Anchorage offers reporting frameworks for the management company to report its holdings and revenues to regulatory agencies.
The company has also been staking its Ethereum holdings. According to on-chain data as of late September, SharpLink had staked an additional 42,074 ETH, worth approximately $112.8 million at the time. This brought its tracked holdings to 892,127 ETH, valued at around $2.4 billion, as of the prices prevailing at the time.
The company’s cumulative staking rewards amounted to 27,945 ETH, worth around $75 million. The company has employed staking services from the Lido protocol for its activities, illustrating how the company is looking to leverage its Ethereum treasury to gain yields.
For institutional investors, the arrangement is an illustration of how they can utilize a qualified custodian to participate in DeFi activities, staking, and liquid resubscription tokens while maintaining controls over their holdings.
However, staking presents financial and technical risks, exposing investors to the market and volatility risks of the underlying crypto-asset as well as technical risks related to the protocols involved.
As such, while SharpLink’s strategy illustrates how corporate crypto treasuries are looking to maximize their holdings, the market performance of the venture will be critical in determining whether such an initiative is a viable option for institutional investors.
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