BlackRock’s Crypto Chief Joins Ethereum’s Second-Biggest Treasury Company SharpLink Gaming as Co-CEO
In a significant move within the digital asset industry, Joseph Chalom, BlackRock’s Head of Digital Assets, has announced his departure from the Wall Street titan to join SharpLink Gaming, the second-largest Ethereum treasury company, as co-CEO. The announcement was made public on Friday, marking a pivotal leadership change for both firms.
A New Chapter for Joseph Chalom
After spending two decades at BlackRock—where he held senior positions and ultimately spearheaded the firm’s digital asset strategy—Chalom is shifting his focus entirely to Ethereum. During his tenure, he played a central role in launching several Bitcoin and Ethereum exchange-traded funds (ETFs), notably overseeing BlackRock’s $2.4 billion Ethereum-based tokenised fund. He also developed strategic crypto partnerships with industry leaders such as Coinbase, Anchorage Digital Bank, BNY Mellon, and Circle, and served on the board of tokenisation firm Securitize.
In his announcement on the social media platform X, Chalom expressed his vision: “Ethereum is becoming the foundation of global finance. That’s where the future is being built.”
SharpLink Gaming’s Strategic Pivot
SharpLink Gaming, headquartered in Minneapolis, initially focused on online casino operations but has recently repositioned itself to pursue an ambitious Ethereum treasury strategy. The company, chaired by Joe Lubin—co-founder of Ethereum and CEO of blockchain software firm Consensys—has rapidly acquired over 360,000 Ethereum tokens, currently valued at approximately $1.34 billion. This acquisition has already yielded a profit of $354 million.
To fund its expansion, SharpLink raised $425 million through a private investment in public equity (PIPE) in early June, followed by an additional $64 million from at-the-market sales. While the company’s stock, traded under the ticker SBET, initially plummeted 75% amid liquidity concerns from PIPE investors, it has since partially rebounded. This recovery is largely credited to Ethereum’s recent price surge, which rose by 52% over the last month. Despite today’s share price dipping 4.5%, SharpLink remains a key player in the institutional Ethereum ecosystem.
The Growing Appeal of Ethereum Treasury Companies
Ethereum treasury companies like SharpLink have adopted a strategy resembling Michael Saylor’s well-publicized approach for Bitcoin: aggressively accumulating Ethereum to bolster corporate treasuries. Currently, these firms have collectively amassed $5.3 billion worth of Ethereum, adding significant institutional weight to the asset.
Institutional investment in Ethereum ETFs has surged sharply, with $3.3 billion poured into these products over just the past two weeks—marking the most substantial inflows since the U.S. Securities and Exchange Commission (SEC) approved these ETFs last year.
The largest institutional holder of Ethereum remains Bitmine Immersion Technologies, a Bitcoin mining company converted to an Ethereum treasury model, chaired by Tom Lee, co-founder of Fundstrat.
Leadership Transition at SharpLink
Rob Phythian, the current CEO of SharpLink Gaming, will transition to the role of president during the forthcoming quarter and continue serving on the firm’s Board of Directors. This leadership shift aims to leverage Chalom’s extensive expertise in crypto asset management and institutional partnerships to guide SharpLink’s growth in the rapidly evolving Ethereum space.
The Outlook for Ethereum in Institutional Finance
Proponents of Ethereum treasury companies argue that Ethereum is uniquely positioned for future growth. It stands as the primary blockchain network for issuing and transferring stablecoins and other tokenised assets, embedding it deeply within the infrastructure of global finance.
Joseph Chalom’s move highlights a broader trend of institutional executives committing more fully to the Ethereum ecosystem, signaling growing confidence in the platform’s foundational role in decentralized finance (DeFi) and digital asset markets.
About the Author:
Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. For tips or to get in touch, email [email protected].
This article is based on information available as of July 25, 2025, and is intended for informational purposes only.