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Galaxy Digital Inc. (NASDAQ: $GLXY) and SharpLink Inc. (NASDAQ: SBET) are planning a $125 million onchain yield fund, adding another public-market signal that Ethereum (CRYPTO: $ETH) treasuries are moving beyond passive holding and basic staking.

The companies said Monday they signed a non-binding memorandum of understanding to form the Galaxy SharpLink Onchain Yield Fund, LP, a private investment vehicle focused on decentralized finance liquidity protocols and other onchain yield-generating strategies. Galaxy will serve as investment manager, while SharpLink is expected to commit $100 million from its staked Ethereum treasury. Galaxy plans to contribute another $25 million.

The fund is expected to launch in the coming weeks, subject to definitive documentation. Its strategy is built around putting a portion of SharpLink’s ETH base to work while preserving the company’s core Ethereum exposure, a balance that has become increasingly important as more public companies market themselves around digital-asset treasury strategies.

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SharpLink has become one of the more aggressive corporate Eth holders. In a separate first-quarter update Monday, the company said it held 872,984 ETH as of May 4 and had generated 18,800 ETH in staking rewards since launching its Ethereum treasury strategy in June 2025.

Galaxy founder and CEO Mike Novogratz said institutional capital is moving onchain as infrastructure matures to the point where allocators can access yield and liquidity with more familiar risk-management standards. SharpLink CEO Joseph Chalom called the fund the clearest expression of the company’s plan to make its ETH “maximally productive” while maintaining strict risk controls.

The structure also shows how Galaxy is positioning itself around the next phase of institutional crypto finance. Rather than treating DeFi as a retail-native corner of the market, the fund frames onchain liquidity as something that can be packaged, monitored and managed for public-company capital.

SharpLink’s quarter still showed the volatility of that model. Revenue rose to $12.1 million, but the company reported a $685.6 million net loss tied largely to unrealized ETH losses and impairment charges.

SharpLink Inc. (NASDAQ: $SBET) is currently trading at $7.35 U.S. per share.