Sharplink Taps Galaxy for $125M Onchain Yield Engine

Galaxy Digital (NASDAQ: GLXY) and Sharplink (NASDAQ: SBET) are teaming up on a planned $125 million institutional onchain yield fund that will actively deploy part of Sharplink’s massive Ethereum treasury into DeFi yield strategies, with Galaxy acting as exclusive investment manager.

Deal snapshot

Sharplink, one of the largest corporate holders of Ether, has entered a non-binding MOU with Galaxy Digital to form the Galaxy Sharplink Onchain Yield Fund, LP.

The private fund is expected to launch in the coming weeks with $125 million in commitments: $100 million from Sharplink’s staked ETH treasury and $25 million from Galaxy.

Strategy and structure

The fund will allocate capital across DeFi liquidity protocols and other onchain yield-generating strategies, aiming to capture institutional-grade onchain yield while preserving Sharplink’s core long ETH exposure.

Galaxy will manage the vehicle end-to-end—choosing protocols, sizing positions, and running risk management—leveraging the same institutional research framework it uses across its lending, trading, and asset management businesses.

Why it matters for investors

For Sharplink holders, the structure turns a large, mostly passive ETH treasury into an actively managed yield engine, with potential incremental returns accruing back to equity over time.

For Galaxy, the mandate adds a sizable, branded DeFi yield product to its asset management lineup, reinforces its positioning as an institutional onchain operator, and creates upside if it can safely harvest yield through future market cycles.