Sharplink: First Public Company to Deploy Onchain From Custody

DIGITAL ASSET TREASURY

Treasury size

~900,000 ETH

Linea deployment

$200M

Separate Lido deployment

$200M

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Background: Sharplink’s active ETH treasury strategy

Sharplink, Inc. (Nasdaq: SBET) holds one of the largest corporate Ethereum treasuries in the world, approaching 900,000 ETH. Anchorage Digital Bank, N.A., the first federally chartered crypto bank in the U.S., secures a significant share of that treasury and leads the infrastructure behind Sharplink's most active onchain strategies, including a $200 million deployment onto Linea and Etherfi.

The challenge: Moving from passive holding to active onchain participation

Sharplink treats ETH as a productive treasury asset. It stakes and deploys the ETH onchain to grow ETH per share over time.

However, holding digital assets on a balance sheet is a different exercise than deploying them onchain. Native staking is well established among institutional ETH holders. Liquid restaking and direct participation in ecosystems like Linea and ether.fi were not, at least not for a public company whose digital assets remain in custody.

The solution: A deployment built within qualified custody

Sharplink initially turned to Anchorage Digital Bank to secure a significant share of its ETH treasury, before entrusting the team with its most operationally complex work: keeping Sharplink's ETH within a qualified custodian, while using it to participate directly in Linea, ether.fi, and EigenLayer.

The relationship started with a familiar workflow: buying and staking ETH. As Sharplink pushed toward onchain finance deployments, Anchorage Digital Bank spent several months designing a path that eliminated the usual trade-off between custody and onchain participation. The result was a $200 million deployment spanning Linea, ether.fi, EigenLayer, and LayerZero: minting ether.fi's weETH liquid restaking token on mainnet through its integration with EigenLayer, then bridging the position over LayerZero to Linea, all without the assets leaving Anchorage Digital Bank's custody.

Sharplink's decision to partner with Anchorage Digital Bank came down to a few key strengths:

Anchorage Digital Bank's federal charter and track record with major institutions
A preference to mint and bridge within the qualified custodian
Anchorage Digital Bank's willingness to build new infrastructure with Sharplink, and move the industry forward together.

The results: The first public company to deploy onchain from qualified custody

Sharplink's Linea deployment marked the first time a public company minted a liquid restaking token and bridged assets to a Layer 2 network while remaining inside a qualified custodian throughout. Anchorage Digital Bank's infrastructure also gave Sharplink a Wall Street-ready reporting system: timely, accurate data on holdings and accruals, structured for weekly staking reports and quarterly filings.

“Partnering with Anchorage Digital Bank allowed us to unlock this avenue for the first time. We were the first public company to deploy onchain while staying within the qualified custodian, a huge milestone for us and for the industry. Their team's diverse backgrounds made it a lot easier to tackle a problem like this.”
‍— Matthew Sheffield, Chief Investment Officer, Sharplink

Looking ahead: Diversifying onchain, one deployment at a time

Sharplink's next twelve months center on two goals: raising capital in accretive ways and making its ETH holdings more productive through additional onchain strategies. Sharplink has already extended that diversification with a separate $200 million wstETH allocation through Lido, held in Anchorage Digital Bank custody alongside the Linea position.

Considering an active treasury strategy? Get in touch with Anchorage Digital.

About Sharplink, Inc.

Sharplink (Nasdaq: SBET) is a leading institutional-grade Ethereum treasury platform designed to give public market investors smarter, more productive exposure to ETH. Ethereum underpins the majority of global stablecoin, tokenized real-world assets and decentralized finance settlement. Sharplink was founded in 2019 and is headquartered in Miami, Florida. Learn more at sharplink.com.

About Anchorage Digital

Anchorage Digital is the proven infrastructure layer for modern financial markets that gives institutions a single platform to participate in digital assets, including prime services, tokenization, stablecoins, and the governance framework for agentic finance. Home to Anchorage Digital Bank N.A., America’s first federally regulated digital asset bank, Anchorage Digital also serves institutions through Anchorage Digital Singapore, licensed by the Monetary Authority of Singapore; Anchorage Digital NY, which holds a BitLicense from the New York Department of Financial Services; and self-custody wallet Porto by Anchorage Digital. Anchorage Digital Bank also offers fiat custody services through an FDIC-insured, licensed sub-custodian. Anchorage Digital is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with a valuation of $4.2 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota. Learn more at anchorage.com, X, YouTube, and LinkedIn.