SharpLink Activates $400 Million ETH on the Network via Ether.fi and Lido

SharpLink (NASDAQ: SBET) confirmed its first major blockchain allocation: $200 million in Ether fi and $200 million in Lido Finance, with Anchorage Digital as the custodian for both positions. The company announced this on October 19, 2026, on X, describing the move as a way to "put ETH to work every day." This marks a shift from passive accumulation to an active yield strategy on the blockchain, which SharpLink claims can now be replicated by others in institutional finance.

The allocation in Lido fulfills a plan announced in August 2026: SharpLink stakes $200 million and receives wstETH—a liquid token that earns staking rewards and remains DeFi-compatible, under Anchorage's custody. "An exciting expansion making our ETH even more productive," said CEO Joseph Chalom at the time. Lido holds about $16.5 billion in staked ETH, and wstETH is integrated into more than 100 protocols—this scale and infrastructure made Lido a natural partner for institutional staking. The allocation in Ether fi continues a separate direction of liquid restaking and weETH tools. Both positions are on the balance sheet of a public company audited by a Big 4 firm.

This is a continuation of a longer-term effort to allocate capital: in early August, SharpLink directed $100 million of staked ETH into the Galaxy SharpLink Onchain Yield Fund—a $125 million fund managed by Galaxy. "Institutional investors are moving from passive holding to active participation in blockchain markets," said Galaxy CEO Mike Novogratz.

SharpLink's institutional share is about 60%, an increase of approximately 12 percentage points; among the holders are Fidelity, BlackRock, Morgan Stanley, and Vanguard.

Lido and Ether fi occupy different but complementary roles: Lido dominates in TVL in liquid staking, while Ether fi leads in liquid restaking. The equal split of $400 million provides diversified exposure to Ethereum's productive layer. Lido has also launched ETH staking on four L2s—Arbitrum, Base, Linea, and Optimism—via Chainlink CCIP, expanding wstETH liquidity beyond the main network.