SharpLink taps Anchorage to put $400 million in ETH to work onchain

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 o...