SharpLink And The Rise Of Crypto Treasury Companies
A quiet but profound trend is emerging in public markets: companies like SharpLink (NASDAQ:SBET), MicroStrategy (NASDAQ:MSTR), Strider, and a growing list of others are no longer just operating businesses — they are becoming de facto crypto treasuries.
At first glance they look like competitors. In reality they have almost none. Their real purpose is not to out-compete each other, but to accumulate large reserves of Ethereum, lock them into staking and restaking protocols, and generate high-yield passive income while simultaneously laying the foundation for an entirely new corporate finance stack.
From Proof-of-Work to Proof-of-Stake
Bitcoin is still mined via energy-intensive Proof-of-Work. Ethereum, Solana, TON and most major layer-1s have migrated to Proof-of-Stake. Instead of miners burning electricity, token holders now lock up coins to secure the network and earn newly minted tokens as reward. This shift turned staking into the primary “mining” mechanism for the majority of non-Bitcoin market cap.
Traditional staking is simple: lock ETH – validate blocks – earn on average ~3–5 % annual yield.
Restaking (via protocols like EigenLayer) takes it further. The same locked ETH is reused to secure additional networks and services, pushing effective yields into the 8–15 %+ range with liquid staking derivatives that remain tradable.
The Rise of On-Chain Corporate Treasuries
What SharpLink and a handful of similar companies are quietly building is nothing less than a new kind of corporate treasury-one that lives entirely on the blockchain.
On October 28, SharpLink announced it would deploy another $200 million into restaking protocols. The mechanics are elegantly simple. The company raises …
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