Sharplink Completes $200 Million Lido Stake

The Tip Desk · November 12, 2026 · 3 min read

Native staking reward revenue was $8.54 million in the three months ended September 30, 2026, as the company added wstETH to its treasury.

Sharplink, Inc. (SBET), the Miami-based Ether treasury company, completed a $200.0 million stake through the Lido protocol on September 28, 2026, and remained in compliance with a one-year holding requirement as of September 30, 2026.

The liquid staking agreement, dated August 12, 2026, committed the company to stake $200.0 million of ETH through Lido and hold the resulting wstETH for one year from completion. The new wstETH position was not present in the prior-quarter disclosure.

Native staking reward revenue was $8.54 million for the three months ended September 30, 2026, versus $8.58 million for the three months ended June 30, 2026. For the nine months ended September 30, 2026, native staking rewards totaled $27.23 million. The company said those rewards represent ETH-based rewards from delegating ETH to staking validators and that it expects them to scale in future quarters in correlation with growth in the treasury balance and broader ETH market performance.

Total ETH holdings were approximately 895,117 ETH as of November 2, 2026, versus approximately 888,938 ETH as of August 3, 2026. The November 2 tally comprised 603,953 native ETH, 135,868 ETH on an as-if-redeemed basis from LsETH, 73,601 from weETH and 81,695 from wstETH. Holdings include 8,054 wstETH contributed to the Galaxy Sharplink Onchain Yield Fund, LP; the company said it includes those units because the contribution is part of its ETH treasury strategy and continues to give it economic exposure to ETH.

LsETH holdings declined to 121,163 units as of September 30, 2026 from 163,083 units as of June 30, 2026, after 42,000 units were redeemed or traded for ETH in the quarter. Carrying value of LsETH was $193.91 million at September 30, 2026, versus $261.00 million at June 30, 2026. The company recorded $79 thousand of LsETH impairment losses in the quarter. Balances for prior periods were revised to relieve impairment losses associated with LsETH redeemed or exchanged; the company said the revision did not change the carrying value of LsETH.

The company participates in liquid staking through Liquid Collective (LsETH), ether.fi (weETH) and Lido (wstETH). Under the Lido arrangement, ETH is derecognized and wstETH is recognized as an indefinite-lived intangible asset at cost less impairment. Receipt-token accretion from protocol reward mechanisms is not recognized as revenue until realized through redemption or sale.

A December 18, 2025 strategic partnership with ether.fi, EigenCloud, Linea Consortium and Consensys remains in place, under which the company bridges and maintains weETH on Linea over an initial 24-month period through Anchorage Digital Bank N.A. Monthly protocol incentives funded by ether.fi, Linea and EigenCloud are recognized as revenue under ASC 606 as the company satisfies each monthly service period. Consensys receives no fees or commission on the Linea deployment.

The company also operates an affiliate marketing business serving sportsbook and online casino gaming partners through PAS.net. It said ETH Treasury Management is a core operating business and that it has not set a specific target for the maximum amount of ETH it seeks to hold.