- SharpLink plans to stake part of $3.6B Ethereum holdings on Linea.
- SharpLink joins Linea Consortium to support Ethereum-aligned ecosystem growth.
- Company purchased 39,008 ETH in late August, raising total holdings.
SharpLink Gaming, a company with significant Ethereum holdings, plans to stake part of its $3.6 billion Ethereum treasury on the Ethereum layer-2 network Linea. This move comes after Linea’s mainnet launch, expected on September 10.
SharpLink’s co-CEO, Joseph Chalom, confirmed that the company aims to explore yield opportunities through staking and supports Ethereum-aligned projects like Linea to foster growth in the blockchain ecosystem.
Currently, SharpLink stakes nearly all of its ETH holdings through custodians like Anchorage and Coinbase. However, the company is now looking for new staking opportunities to diversify and optimize returns.
Chalom explained, “When you hold billions of dollars of ETH, you look for the ability to deploy that through staking opportunities on Linea.”
Expansion of Ethereum Holdings
In recent weeks, SharpLink has expanded its Ethereum holdings. Between August 25 and 31, the company purchased 39,008 ETH at an average price of $4,531, raising its total ETH holdings to 837,230 ETH, valued at over $3.6 billion.
This purchase was funded partly by $46.6 million raised through an ATM facility. The company is committed to executing its treasury strategy with precision, focusing on long-term growth and shareholder value.
SharpLink’s involvement with Linea is part of a broader effort to support the Ethereum ecosystem. The company has also joined the Linea Consortium, which oversees 75% of the LINEA token distribution. The consortium is designed to help Ethereum-aligned projects grow by supporting on-chain activities.
Linea’s Role in Ethereum Growth
Linea, developed by Consensys and led by Ethereum co-founder Joe Lubin, is a layer-2 network designed to enhance Ethereum’s scalability and usability. With features like native yield and ETH burns, Linea aims to reduce transaction costs while fostering real-world applications on the Ethereum network.
SharpLink’s participation in Linea aligns with its strategy of backing Ethereum-focused initiatives that could increase Ethereum’s value.
Chalom noted, “We believe this approach will ultimately drive Ethereum’s price up, benefiting us as one of the largest ETH holders.” Despite this positive outlook, SharpLink is still finalizing its staking strategy to ensure diversification and minimize risk.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
