Sharplink takes its ETH onchain, as ETHZilla trims its stash

SharpLink Gaming plans to deploy $200 million worth of ether onto Linea, a zkEVM Layer 2 from ConsenSys, through a multi-year program combining ether.fi staking and EigenCloud restaking rewards. This initiative aims to transform ether into productive onchain capital while maintaining institutional controls under custody. Ether.fi CEO Mike Silagadze mentioned that SharpLink's $200 million is a starting point, with plans for scaling. Staking occurs on the mainnet, with a receipt token used in DeFi on Linea, and restaking happens seamlessly in the background. Meanwhile, ETHZilla announced the sale of approximately $40 million worth of ETH to repurchase shares trading at a discount, with Silagadze noting that this move is about signaling rather than retreating from DeFi. SharpLink's approach contrasts with ETHZilla’s by opting to keep ETH productive onchain for staking compounding, reflecting diverging strategies among treasury management in the digital asset landscape. The decision of whether to prioritize market discount closure or to enhance long-term onchain yield will depend on institutional board and investor preferences.

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