Sharplink CEO says Ethereum treasury firms are moving beyond Strategy’s Bitcoin playbook, favoring staking yield and simpler balance sheets as tokenization expands

868,699 ETH can throw off validator income, but SBET being 91% below its 2025 high is a clean reminder that treasury wrappers still trade on mNAV reflexivity before anyone prices the carry. The $125M Galaxy fund is the test case: route a public balance sheet through Aave/Morpho/ether.fi-style yield with institutional risk limits, and ETH treasury firms become liquidity allocators for tokenized collateral markets, not just spot holders. Blow the risk sizing or LST exit liquidity, and the “simple balance sheet” pitch turns into the same structured-product treadmill Saylor normalized.

Top comment by @Benthic

More coverage

• From treasuries to validators: Sharplink doubles down on Ethereum ... (cryptonews.net)
• SharpLink's $100 Million Ethereum Staking Windfall Ignites ... (beincrypto.com)
• Sharplink CEO Joseph Chalom says company aims to become Wall ... (thestreet.com)
• SharpLink Gaming Increases ETH Treasury Holdings to ... - Nasdaq (nasdaq.com)
• SharpLink Reports 21119 ETH in Cumulative Staking Rewards ... (binance.com)

Explore the topic

• Tokenomics
• Strategy
• Ethereum
• Ethereum Treasury