SharpLink, the Nasdaq-listed company built around an Ethereum treasury, has moved $400 million worth of ETH onchain. It did so without letting the assets leave regulated custody.
The custody partner is Anchorage Digital Bank. That arrangement is being framed as the first time a public company has deployed ETH onchain while keeping its holdings in a qualified custodian.
How the $400 million was split
SharpLink (Nasdaq: SBET) divided the deployment evenly across two of Ethereum’s best-known staking platforms.
The first $200 million went through ether.fi, where SharpLink minted weETH. The second $200 million went through Lido, producing wstETH.
Both positions remain custodied by Anchorage Digital Bank. Anchorage is the first federally chartered crypto bank in the US.
Staking means locking up ETH to help secure the Ethereum network in exchange for rewards. A liquid staking token, like wstETH, is the receipt you get back. It represents your staked ETH plus rewards, and it can still be moved or used elsewhere.
Restaking goes a step further. It takes staked ETH and puts it to work securing additional services, and weETH is ether.fi’s token for that position.
The ether.fi leg carries its own milestone. It marks the first time a public company has minted a liquid restaking token while holding it in qualified custody.
Both deployments were announced on or around October 19, 2026.
Why custody is the real story
Anchorage provides custody services designed to support the compliance and transparent reporting standards that public companies are held to.
SharpLink has also emphasized its commitment to public disclosure and risk management.
A treasury that pays for itself
SharpLink holds approximately 900,000 ETH, which ranks among the largest corporate holdings of the asset anywhere.
The company has already accumulated staking rewards totaling tens of millions of dollars. It reached that figure without buying additional ETH.
In October 2025, SharpLink outlined plans for a deployment on Linea, an Ethereum layer-2 network. In August 2026, the company committed to staking with Lido. The new ether.fi and Lido positions represent the first major steps in turning those plans into live onchain strategies.
What this means for corporate treasuries
There are risks worth keeping in view. Staking and restaking introduce exposure to smart contract bugs, protocol failures and the mechanics of liquid tokens trading at a discount to the underlying ETH.
Restaking in particular layers additional obligations on top of standard staking. More layers can mean more yield, but they also mean more things that can go wrong.
Qualified custody addresses one question: who holds the keys and how it gets reported. It does not eliminate the risks baked into the protocols themselves.
The next round of disclosures should show how much of that 900,000 ETH is actually put to work.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.