Consensys-backed Ethereum treasury firm SharpLink deploys $200 million in ETH on Linea Layer 2

Consensys-backed Ethereum treasury firm SharpLink (ticker SBET) will deploy $200 million worth of its ETH stockpile into onchain strategies to generate yield. This includes institutional-grade staking and restaking provided by ether.fi and EigenCloud.

The funds will be deployed specifically on Linea, the Layer 2 network bootstrapped by Consensys. SharpLink's qualified custodian, Anchorage Digital, will oversee the deployment.

"As a public entity operating at the forefront of Digital Asset Treasury ("DAT") innovation, SharpLink is leveraging Linea’s institutional-grade infrastructure to make its ETH even more productive by unlocking scalable, secure, and composable ways to optimize onchain yield," the firm wrote.

Ether.fi will act as SharpLink's primary staking solution while EigenCloud, a pioneer in the emerging restaking sector that allows secured assets to backstop multiple protocols, will enable the firm to participate in sectors like "verifiable AI, insured DeFi, and trustless infrastructure."

"As this economy grows, so do yield opportunities for the institutional capital securing these apps, agents and services," Eigen Labs founder Sreeram Kannan said. "What excites me about this deployment is not just what it delivers today, but what it enables tomorrow. We've created infrastructure for a new class of applications that couldn't be built without this combination of platforms."

SharpLink is a frontrunner among ETH treasuries with approximately 860,000 tokens, according to The Block's data. The Minnesota-based firm also stacks LINEA tokens and plans to tokenize its SBET shares on Ethereum.