Corporate Ethereum treasuries are entering a new phase. Galaxy Digital and SharpLink Gaming have launched a $125 million onchain yield fund that will deploy institutional ETH across decentralized finance strategies and selected crypto investments, giving companies a new way to generate returns from their digital asset holdings.
The Galaxy SharpLink Onchain Yield Fund includes $100 million from SharpLink's Ethereum treasury and $25 million from Galaxy. Galaxy will manage the portfolio, applying institutional research, due diligence and risk controls to identify onchain yield opportunities.
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Ethereum Treasuries Are Entering a New Phase
The launch comes as SharpLink rapidly transforms into one of the largest corporate holders of Ether. The company reported holding 872,984 ETH as of May 2026, valued at approximately $1.7 billion under U.S. GAAP accounting standards.
Since adopting its Ethereum treasury strategy, SharpLink has also generated more than 18,800 ETH through native and liquid staking programs, demonstrating how ETH can function as a productive treasury asset rather than simply sitting on a corporate balance sheet.
That strategy is now expanding beyond staking. Instead of relying solely on validator rewards, a portion of SharpLink's treasury will be deployed across institutional-grade DeFi opportunities, including lending markets, liquidity strategies and selected blockchain protocols.
According to the companies, the objective is to generate additional risk-adjusted returns while preserving SharpLink's long-term Ethereum exposure.
Galaxy Brings Institutional DeFi to Corporate Capital
For Galaxy, the partnership extends a strategy the firm says it has been building for years.
According to the company, Galaxy has been deploying hundreds of millions of dollars into onchain strategies since 2020, using institutional research, protocol diligence and risk management frameworks similar to those supporting its lending, trading and asset management businesses. The new fund packages that experience into a vehicle designed specifically for corporate treasury capital.
Mike Novogratz, Galaxy's founder and CEO, said the partnership reflects a broader shift in institutional adoption.
"Institutional capital is moving onchain, and the infrastructure to support it has matured to a point where allocators can access yield, liquidity, and risk management with the same rigor they expect in traditional markets," Novogratz said. "Sharplink has built one of the most significant Ethereum treasuries among public companies, and we're proud to partner with them to put that capital to work in a strategy designed to compound their core position."
SharpLink CEO Joseph Chalom said the fund represents the next step in the company's treasury strategy.
"Sharplink's strategy has always been to make our ETH maximally productive while upholding the highest standard of risk management. This fund is the clearest expression of that conviction," Chalom said. "By partnering with Galaxy to deploy a portion of our staked Ethereum treasury into institutional onchain yield strategies, we aim to compound our treasury while contributing to the deepening of the onchain financial ecosystem."
Institutional Demand Continues to Build
The launch comes as institutional participation across Ethereum continues to expand.
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Spot Ether ETFs have attracted billions of dollars in assets since launching, while tokenized real-world assets continue gaining momentum as firms including BlackRock, Franklin Templeton, Apollo and Securitize expand their onchain offerings. At the same time, DeFi is increasingly evolving from a retail-focused ecosystem into infrastructure capable of supporting institutional capital.
The Galaxy SharpLink Onchain Yield Fund reflects that transition. Rather than limiting returns to staking, it gives corporate Ethereum holders a professionally managed way to deploy treasury assets across the onchain economy while maintaining long-term exposure to ETH.
Reporting by Lidia Yadlos
