🔔Sharplink Annual Report: Ethereum Holdings Increase to 868,699, Staking Rewards Reach 14,516 ETH
According to Mars Finance, Nasdaq-listed Ethereum treasury company Sharplink released its 2025 annual report, disclosing that its Ethereum holdings have increased to 868,699, including 604,618 native ETH, 208,893 ETH redeemed from LsETH, and 55,188 ETH redeemed from WeETH. It also received 14,516 ETH in staking rewards, making it the second-largest publicly traded company globally in terms of ETH holdings. Furthermore, the company disclosed holding $28,500,000 in cash and $1,900,000 in USDC, and plans to continue increasing its ETH holdings and expanding its staking activities.
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Bankless
2025-08-20 03:41
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Ethereum staking has always been a "set-it-and-forget-it" cryptocurrency transaction. Simply stake ETH, secure the network, and earn passive rewards!
However, as ETH prices have risen, crypto Twitter users have recently focused their attention on record-breaking wait times of over two weeks for staking withdrawals.
So, what is the withdrawal queue? How does it work? And why is everyone suddenly so fascinated by this little-known aspect of Ethereum's architecture?
Let's dive in 👇
~~ @JackInabinet's analysis ~~
📤 What is the withdrawal queue?
The successful implementation of the September 2022 merge marks the completion of Ethereum's transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) security; it officially transfers control of the network to stakers.
Under Ethereum's PoS mechanism, each staker must provide a minimum 32 ETH staked to store network data, process transactions, and add blocks to the chain. Stakers are rewarded in ETH for maintaining network security.
Originally, ETH staking was a one-way, deposit-only commitment, but in April 2023, the Shapella upgrade enabled stakers to withdraw their staked ETH.
To ensure network security and prevent unexpected downtime, the Ethereum network enforces a "withdrawal queue" for all stakers who want to withdraw ETH from their validator nodes.
🧐 How does the withdrawal queue work?
The withdrawal queue supports partial withdrawals (claiming only accumulated validator rewards and retaining them in the validator node) and full withdrawals (removing all ETH rewards and staked ETH to exit the validator node).
Up to 16 partial and full withdrawals can be processed per block, proceeding in a clock-like manner. Starting with the first established validator, the process progresses to more recently established validators, and then restarts the clock. Currently, this process takes approximately nine days to "sweep" the entire set of active validators.
If an account's ETH balance exceeds its node security deposit, partial withdrawal requests will automatically be included in the withdrawal queue; however, to withdraw a full amount, stakers must first enter an additional exit queue.
While the exit queue grows with the number of active validators, it is a much narrower channel than the withdrawals themselves. With 1.08 million active validators, the Ethereum network can process up to 16 full withdrawals per epoch (every 32 blocks).
🧠 Why is the withdrawal queue important?
The impact of queue congestion goes far beyond the inconvenience of individual stakers having to wait several extra days for their withdrawals.
Liquid staked ETH underpins the Ethereum capital markets. By combining passive ETH yield with transferable certificates of deposit, these tokens have become the primary fuel source for the DeFi economy and the lifeblood of on-chain leverage.
When someone wants to sell a liquid staked ETH token (such as Lido's stETH), their order can be placed through the ETH redemption process or in the spot market.
While redemption requests can be processed in as little as a day (especially for large staking operators like Lido and Coinbase, which have a large and dispersed validator base), the record number of validators currently seeking exit channels has caused exit queues alone to fill up, with wait times exceeding 16 days.
Time is a high cost in financial markets, and with staking withdrawals taking up to two weeks to process, parties providing LST liquidity (i.e., market makers) demand higher "discounts."
Ideally, ETH tokens staked for liquidity are redeemable 1:1 for the amount of ETH they represent. However, once withdrawal queues impose significant wait times for all validators to exit, market makers will begin to factor the higher cost of holding LST into their bids.
As exit times become longer, they may begin to demand larger discounts.
This creates a vicious cycle, with LST's deviation from its natural 1:1 peg increasing, leading to forced liquidations, leaving market makers with large inventories of LST that need to be redeemed, and resulting in longer exit queues.
Furthermore, if the ETH perpetual swaps and futures used to offset the price risk of LST positions experience backwardation (i.e., negative funding rates), market makers will face higher hedging costs, which are passed on to end-user exchangers through larger LST discounts!
Despite the recent increase in validator exit requests, the overall state of Ethereum staking remains balanced. Staking inflows have roughly offset withdrawals, keeping total ETH staked at around 35.5 million since mid-July.
Unfortunately, this dynamic does not prevent the impact of longer withdrawal wait times, as Ethereum's deposit and withdrawal queues are two completely independent mechanisms.
Ethereum bulls were quick to dismiss concerns about withdrawal queues as "fear and uncertainty" (FUD), citing the continued buying of ETH by digital asset funds and anecdotal evidence of strong price performance following similar surges. However, longer withdrawal waits are more than just a cosmetic phenomenon.
This well-intentioned structural bottleneck also exists in DeFi: longer withdrawal times mean lower LST discounts and higher hedging costs.
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Arkham
2025-07-16 03:41
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SHARPLINK GAMING NOW HOLDS $700 MILLION WORTH OF ETH
SharpLink Gaming just bought and staked $15.8 million worth of ETH to LSETH, bringing their total holdings to $700 million.
They are now the largest single holder of ETH, holding more than the Ethereum Foundation.
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Mars Finance
2025-07-09 02:45
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🔔SharpLink Gaming has bought a total of $536.2 million worth of Ethereum
According to Mars Finance, on July 9, Arkham disclosed that SharpLink Gaming has now bought a total of more than $500 million worth of Ethereum. The company currently holds a total of $536.2 million worth of ETH, which is pledged on the two major platforms of Liquid Collective and Figment: · $470 million of ETH is pledged on Liquid Collective in the form of lsETH; · In addition, they also sent 25,312 ETH to Figment validators for staking, with a current value of approximately $66.19 million (this part is not included in the main entity disclosure and does not include staking rewards).
https://t.co/GgWQLupbsd
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Mars Finance
2025-07-09 02:45
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🔔SharpLink Gaming has bought a total of $536.2 million worth of Ethereum
According to Mars Finance, on July 9, Arkham disclosed that SharpLink Gaming has now bought a total of more than $500 million worth of Ethereum. The company currently holds a total of $536.2 million worth of ETH, which is pledged on the two major platforms of Liquid Collective and Figment: · $470 million of ETH is pledged on Liquid Collective in the form of lsETH; · In addition, they also sent 25,312 ETH to Figment validators for staking, with a current value of approximately $66.19 million (this part is not included in the main entity disclosure and does not include staking rewards).
https://t.co/GgWQLupbsd
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Arkham
2025-07-09 02:14
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SHARPLINK GAMING NOW ACCESSES OVER $500M IN ETH
SharpLink Gaming currently holds $536.2M worth of ETH staked between Liquid Collective and Figment.
They hold $470M worth of ETH staked in the form of lsETH and have sent 25,312 ETH to Figment validators, currently valued at $66.19M (not shown in entities, excluding staking rewards).
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Arkham
2025-07-03 04:01
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SHARPLINK GAMING NOW HOLD $458M WORTH OF ETH
SharpLink Gaming just staked another $2M worth of ETH into lsETH. They currently hold $458M worth of lsETH.
Will they stop buying?
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The Data Nerd
2025-06-21 13:54
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10 hours ago, a wallet (probably belonging to #Sharplink_Gaming) accumulated 5,095 $ETH (about $12.27 million) through #Galaxy_Digital.
Currently, the wallet has a total of 156,410 $LsETH (about $409.67 million) and 2,548 $ETH (about $6.18 million).
Address:
https://t.co/C5Zp7zOcSF
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Chain Broker 🇺🇦
2025-06-04 20:00
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👀 Ethereum Total Locked Value Overview
Popular protocols:
@Aave $22.2 billion
@eigenlayer $11.5 billion
@SkyEcosystem $5.24 billion
Protocols with the largest gains:
@yearnfi +682%
@Sablier +526%
@GoPlusSecurity +110%
@cove_fi +107%
@liquid_col +65.3%
$ETH #Ethereum
$YFI $GPS $LsETH
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Kraken Pro
2025-03-18 16:07
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RT @krakenfx: 🔊$ lseth @liquid_col trading is now available on Kraken!
✔ Resources and withdrawals are enabled
🎉The deal is alive now!…