SharpLink Gaming plans to stake an undisclosed portion of its $3.6 billion Ethereum holdings on the Linea Ethereum layer-2 network once it launches on September 10. The move is aimed at exploring higher-yield opportunities for the company’s treasury holdings, currently staked through Anchorage and Coinbase.
Co-CEO Joseph Chalom emphasized the importance of supporting Ethereum-aligned projects like Linea to drive real-world activity and ultimately increase the price of Ethereum. SharpLink has been actively staking ETH and plans to expand into Linea-based staking opportunities to maximize yield for its treasury holdings.
SharpLink joined the Linea Consortium in July, a group focused on successfully launching the Linea layer-2 network. The consortium aims to distribute 75% of the LINEA token supply, with plans to bootstrap the network and support on-chain projects using over 80% of the token supply.
Consensys, the creator of Linea, led by CEO Joe Lubin, aims to support Ethereum’s base layer through initiatives like native yield on bridged ETH and ETH burns. The move is in response to concerns that layer-2 networks may devalue Ethereum’s mainnet, aligning with SharpLink’s goal to increase Ethereum’s value through strategic staking.
SharpLink is on the cusp of diversifying its Ethereum staking strategies beyond custodians Anchorage and Coinbase. With $3.6 billion worth of Ethereum in its treasury, the company aims to explore diversified staking opportunities to drive the highest yields on a risk-adjusted basis for its investors. 1. The stock market reached record highs today with the Dow Jones Industrial Average gaining 300 points, closing at 30,000 for the first time ever. This milestone comes amid positive news about potential COVID-19 vaccines and strong economic data.
2. In other news, a new study released by the CDC reveals that wearing masks not only reduces the spread of COVID-19, but also protects the wearer from contracting the virus. The study found that communities with mask mandates experienced a significant decrease in cases.
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Read more at Yahoo Finance: SharpLink Will Explore Staking Portion of $3.6 Billion Ethereum Treasury on Linea, CEO Says