Sharplink Gaming, one of the largest publicly traded holders of Ethereum, on Tuesday announced plans to deploy $200 million of ETH from its treasury to the Linea Layer 2 network.
The company said in a statement that the implementation will be done over a multi-year period using a risk-managed strategy and in collaboration with Consensys, the developer of Linea. (Disclaimer: ConsenSys is one of 22 investors in the editorially independent company. decryption. )
This initiative allows SharpLink to increase the yield of its ETH holdings through multiple sources, including native Ethereum staking rewards, re-staking rewards from the protection of EigenCloud Autonomous Verifiable Services, and incentives from Linea and partner Ether.fi.
Sharplink said all operations maintain institutional-grade security through its ETH custodian, Anchorage Digital Bank.
“As one of the largest public holders of ETH, we manage our finances with institutional rigor and discipline,” SharpLink co-CEO Joseph Chalom said in a statement. “This development will allow us to take full advantage of Ethereum staking, restaking, and DeFi yields while maintaining the institutional safeguards our shareholders expect.”
He added: “This is a foundational step in our broader strategy and the beginning of a larger effort to responsibly generate increased staking yields and optimize financial performance in a way that maximizes shareholder value.”
The partnership aims to go beyond near-term yields and develop institutional capital markets infrastructure. Ethereumon-chain funding, programmable liquidity tools, tokenized equity strategies, and more.
Charom said earlier decryption Prior to the launch of the LINEA token last month, the company said it was considering how best to leverage Linea to generate yield. SharpLink is a member of the Linea Consortium, a collection of companies and projects that help distribute token rewards and accelerate the adoption of layer 2 scaling networks.
“If you have billions of dollars in ETH and are considering a staking portfolio, you will have the ability to deploy it through staking opportunities on Linea,” Chalom said. decryption In early September.
SharpLink is currently the second-largest publicly traded holder of Ethereum with approximately 860,000 ETH (valued at approximately $3.56 billion). The company’s stock price is up slightly on the day, with SBET recently trading at $14.34.
Ethereum has been rebounding, rising 8% in the past seven days to a recent price of $4,169 after falling below the $3,700 mark earlier this month. Myriad Users — Prediction Market Created by decryptionDastan, the parent company of ETH, remains bullish on ETH’s next steps, saying there is a nearly 79% chance that ETH will rise to $4,500 sooner than plummeting to $3,100.
