Anchorage details $200 million deployment from SharpLink treasury on Linea
Key Facts
Anchorage Digital confirmed the deployment of $200 million in assets from SharpLink's treasury under a strategy on the Linea network and the ether.fi protocol that puts ether to work generating yield while maintaining institutional custody. Anchorage said in a case study that the execution involved using a liquid restaking token and transferring the position to Linea. The original plan was announced on October 28, 2025, when Linea disclosed SharpLink's intention to allocate ether under a multiyear commitment. SharpLink subsequently confirmed in its quarterly report filed with the U.S. Securities and Exchange Commission that it had met the minimum asset deployment requirement during the first quarter of 2026. The company said in the filing: "The company met the minimum asset deployment requirement during the first quarter of 2026."
According to execution details published by Anchorage, the process began with minting ether.fi's weETH liquid restaking token on the Ethereum mainnet through integration with EigenLayer. The position was then transferred via the LayerZero protocol to the Linea network for deployment under the announced strategy. Anchorage said these steps were completed "without the assets leaving custody at Anchorage Digital Bank." The bank's announcement links the use of the wrapped staked ether token to preserving liquidity and accrued staking rewards while the position is deployed on Linea. The execution thus combined minting a restaking token and transferring the position between networks, with the assets remaining with the same custodian throughout the process.
According to Linea's announcement, the strategy combines Ethereum staking yield, restaking rewards and direct incentives from partners. Restaking rewards are tied to securing EigenCloud services, while direct incentives come from Linea and ether.fi. The network described the sources of yield as "native Ethereum yield, restaking rewards, and direct incentives from Linea and ether.fi." In another avenue for deploying its ether treasury, SharpLink disclosed the establishment of the Galaxy SharpLink Onchain Yield Fund in partnership with Galaxy Digital. The quarterly report put the institutional investment vehicle's size at $125 million, saying it was designed to deploy ether in professionally managed onchain yield strategies.
In an allocation separate from the Linea strategy, Lido announced on August 13, 2026, that SharpLink had allocated $200 million to stake ether through its protocol. The Lido arrangement provides for the company to receive wstETH tokens in exchange for the staked assets, with custody at Anchorage Digital. This token differs from the restaking token used in the Linea transaction, representing the staking instrument specified in Lido's announcement for that allocation. According to Lido's explanation of its mechanism, the token balance remains fixed and is not rebased to add rewards to the number of units. Staking rewards are instead reflected in the token's conversion rate against stETH, linking reward accrual to the conversion rate while the unit balance remains unchanged.
These arrangements form part of the management of a treasury whose holdings totaled about 888,938 ether-equivalent units on August 3, 2026, according to SharpLink's earnings statement filed with the U.S. Securities and Exchange Commission. Holdings stood at about 886,881 ether-equivalent units on June 30, 2026. These figures include staking tokens counted at their ether equivalent within the treasury total. In its financial results, the company posted a net loss of $394.3 million in the second quarter of 2026, compared with a loss of $103.4 million in the corresponding quarter of 2025. Anchorage's case study outlines its next steps as raising capital in ways that enhance value and increasing the productivity of its ether holdings. The study says SharpLink aims to achieve this through additional onchain strategies.