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SharpLink Inc. (NASDAQ: $SBET) is putting another $200 million of its Ethereum treasury to work, this time through Lido's liquid staking infrastructure.

The company said Thursday it will stake $200 million worth of Ethereum through Lido and receive wrapped staked ETH, or wstETH, in return. The tokens will be held with Anchorage Digital, giving SharpLink continued exposure to ETH staking rewards while keeping an asset that can move across decentralized finance markets.

Lido currently has about $16.5 billion of ETH staked through its protocol, while wstETH is integrated across more than 100 protocols and has roughly $10 billion in active use as collateral. That gives SharpLink a liquid staking asset that can remain productive inside DeFi rather than leaving the underlying ETH locked in a single strategy.

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CEO Joseph Chalom called the allocation an expansion of SharpLink's effort to make its ETH "even more productive," while maintaining institutional-grade risk standards. He said adding Lido also broadens the company's treasury diversification and gives it access to one of Ethereum DeFi's most widely integrated assets.

SharpLink held 888,938 ETH as of Aug. 3, according to its latest quarterly update. Staking generated $11.2 million of revenue for the company in the second quarter. SharpLink has also been pushing beyond basic treasury accumulation through a $125 million onchain yield fund with Galaxy Digital and investments tied to Ethereum infrastructure, privacy and institutional adoption.

The Lido allocation extends that strategy into one of Ethereum's largest staking protocols and gives SharpLink another route to generate yield without giving up liquidity. For a public company built around ETH exposure, the treasury is increasingly being managed as an active onchain portfolio rather than a passive reserve.

SharpLink Inc. (NASDAQ: SBET) is currently trading at $6.32 U.S. per share, while Ethereum (CRYPTO: $ETH) is currently trading at $1,883.80 U.S. per digital token.