A quiet but profound shift is taking hold in public markets: companies like SharpLink 
SBET , MicroStrategy 
MSTR , and a fast-growing list of others are no longer just operating businesses; they are transforming into full-fledged on-chain corporate treasuries.They have virtually no direct competitors. Their true goal isn’t to outdo one another, but to accumulate massive Ethereum reserves, lock them into staking and restaking protocols, earn high-yield passive income, and simultaneously lay the foundation for an entirely new corporate finance stack.
From Proof-of-Work to Proof-of-Stake and Restaking
Bitcoin remains tied to energy-intensive mining. Ethereum, Solana, TON, and nearly every major Layer-1 have moved to Proof-of-Stake, where token holders secure the network and earn rewards. Standard staking yields ~3–5 % annually. Restaking protocols like EigenLayer reuse the same locked ETH to secure additional networks, pushing effective yields into the 8–15 %+ range while keeping the assets liquid through derivatives.
The New Corporate Treasury Model
SharpLink and its peers are building treasuries that live entirely on-chain. They raise U.S. dollars through equity offerings or low-cost convertible debt, immediately convert those dollars into Ethereum, and lock the tokens into staking and restaking layers. On October 28, SharpLink announced it would deploy another $200 million into restaking protocols. Today, the company’s primary revenue and profit driver is no longer its legacy operations; it’s staking and restaking rewards on its Ethereum holdings. In its most recent third quarter, SharpLink reported over $100 million in net income almost exclusively from these activities.
Why the Model Is Spreading So Fast
Capital can be raised at 3–4 % cost and deployed into strategies yielding significantly more, with virtually no duration mismatch. Every new corporate treasury that stakes its ETH reduces circulating supply and steadily tames realized volatility. By 2026–2027, traditional giants like JPMorgan and BlackRock are widely expected to accept liquid staking tokens (stETH and equivalents) as high-grade collateral alongside BTC and ETH. Once that happens, public companies will be able to earn double-digit risk-adjusted returns on their balance sheets without ever losing access to the underlying assets.
The Bigger Picture
These companies aren’t competing; they are collectively building the rails of tomorrow’s corporate finance system, one staked token at a time.
5-10 years, possibly much sooner - and holding staked Ethereum on a public company’s balance sheet will feel as normal as holding cash or short-term Treasuries does today.
SharpLink and the handful of aggressive first-movers are not just speculating on price. They are positioning themselves as the foundational infrastructure of the next financial era, when corporate balance sheets migrate en masse onto the blockchain.
Disclosure: Cryptocurrency investments remain highly volatile and unregulated in many jurisdictions. Always conduct your own research and invest only what you can afford to lose.
SBET , MicroStrategy MSTR , and a fast-growing list of others are no longer just operating businesses; they are transforming into full-fledged on-chain corporate treasuries.They have virtually no direct competitors. Their true goal isn’t to outdo one another, but to accumulate massive Ethereum reserves, lock them into staking and restaking protocols, earn high-yield passive income, and simultaneously lay the foundation for an entirely new corporate finance stack.From Proof-of-Work to Proof-of-Stake and Restaking
Bitcoin remains tied to energy-intensive mining. Ethereum, Solana, TON, and nearly every major Layer-1 have moved to Proof-of-Stake, where token holders secure the network and earn rewards. Standard staking yields ~3–5 % annually. Restaking protocols like EigenLayer reuse the same locked ETH to secure additional networks, pushing effective yields into the 8–15 %+ range while keeping the assets liquid through derivatives.
The New Corporate Treasury Model
SharpLink and its peers are building treasuries that live entirely on-chain. They raise U.S. dollars through equity offerings or low-cost convertible debt, immediately convert those dollars into Ethereum, and lock the tokens into staking and restaking layers. On October 28, SharpLink announced it would deploy another $200 million into restaking protocols. Today, the company’s primary revenue and profit driver is no longer its legacy operations; it’s staking and restaking rewards on its Ethereum holdings. In its most recent third quarter, SharpLink reported over $100 million in net income almost exclusively from these activities.
Why the Model Is Spreading So Fast
Capital can be raised at 3–4 % cost and deployed into strategies yielding significantly more, with virtually no duration mismatch. Every new corporate treasury that stakes its ETH reduces circulating supply and steadily tames realized volatility. By 2026–2027, traditional giants like JPMorgan and BlackRock are widely expected to accept liquid staking tokens (stETH and equivalents) as high-grade collateral alongside BTC and ETH. Once that happens, public companies will be able to earn double-digit risk-adjusted returns on their balance sheets without ever losing access to the underlying assets.
The Bigger Picture
These companies aren’t competing; they are collectively building the rails of tomorrow’s corporate finance system, one staked token at a time.
5-10 years, possibly much sooner - and holding staked Ethereum on a public company’s balance sheet will feel as normal as holding cash or short-term Treasuries does today.
SharpLink and the handful of aggressive first-movers are not just speculating on price. They are positioning themselves as the foundational infrastructure of the next financial era, when corporate balance sheets migrate en masse onto the blockchain.
Disclosure: Cryptocurrency investments remain highly volatile and unregulated in many jurisdictions. Always conduct your own research and invest only what you can afford to lose.
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免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。