SharpLink, one of the world's largest corporate holders of ETH, is putting $200 million of it to work through Lido, the biggest liquid-staking protocol on Ethereum.

The allocation is roughly 106,000 ETH, about 12% of SharpLink's 888,938 ETH as of Aug 3. It comes back as wstETH held in custody with Anchorage Digital, and adds Lido to the company's existing staking and restaking strategy as it pushes to make its treasury maximally productive for shareholders.

Lido already accounts for the majority of liquid-staked ETH, with roughly $16.5B staked through it, so a treasury this size leaning in further concentrates staked ETH in the market's dominant protocol.