In early May 2026, Galaxy Digital and Sharplink Inc. entered a non-binding memorandum of understanding to form the Galaxy Sharplink Onchain Yield Fund, a US$125 million private vehicle that will deploy Sharplink’s staked Ethereum treasury and Galaxy’s capital into decentralized finance liquidity protocols and other onchain yield strategies, with Galaxy as investment manager. This move signals an attempt to turn Sharplink’s large Ethereum holdings and recent, very large non-cash losses into...