LDO surges as SharpLink seeks to stake $200m in ETH via Lido
Key takeaways
- SharpLink Gaming plans to stake $200 million worth of Ethereum through Lido.
- The allocation will be converted into wrapped staked ETH and held with Anchorage Digital.
- wstETH enables SharpLink to earn staking rewards while retaining access to DeFi liquidity.
SharpLink Gaming (SBET) plans to allocate $200 million worth of Ethereum to Lido as the company seeks to generate additional returns from its expanding ETH treasury.
The Ethereum will be staked and converted into wrapped staked ETH, known as wstETH. Anchorage Digital will provide institutional custody for the assets, according to SharpLink's announcement on Thursday.
The allocation adds Lido to SharpLink's wider staking and restaking strategy, allowing the company to earn Ethereum network rewards while maintaining greater flexibility over how it deploys its holdings.
SharpLink expands its Ethereum staking strategy
SharpLink is pursuing ways to increase the productivity of the ETH held on its balance sheet instead of leaving the assets idle.
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