BlackRock’s Digital Assets Chief Joseph Chalom Joins Ethereum Treasury Firm SharpLink as Co-CEO
Introduction: A High-Profile Move in Crypto Institutional Adoption
Joseph Chalom, BlackRock’s former Head of Digital Assets Strategy, has made a significant career shift by joining SharpLink Gaming as its new co-CEO. This move marks a pivotal moment for SharpLink, an emerging Ethereum treasury firm that has aggressively accumulated ETH in recent months.
Chalom, a 20-year BlackRock veteran, played a crucial role in launching some of the world’s largest crypto investment products, including Bitcoin (IBIT) and Ethereum (ETHA) exchange-traded products (ETPs), as well as Ethereum-based tokenized funds. His transition to SharpLink underscores his long-term belief in Ethereum’s dominance in decentralized finance (DeFi), real-world assets (RWAs), and blockchain-based AI applications.
This article explores Chalom’s career shift, SharpLink’s growing influence as an Ethereum whale, and the broader implications for institutional crypto adoption.
Joseph Chalom’s Legacy at BlackRock
Pioneering Crypto Investment Products
During his tenure at BlackRock, Chalom was instrumental in shaping the firm’s digital asset strategy. He led the development of:
- IBIT: The world’s largest Bitcoin ETP.
- ETHA: The largest Ethereum ETP.
- BUIDL: A tokenized fund built on Ethereum.
These products positioned BlackRock as a dominant force in institutional crypto adoption, attracting billions in assets under management (AUM).
BlackRock’s Dual Focus: Bitcoin and Ethereum
While BlackRock remains heavily invested in Bitcoin through its spot ETF and other offerings, it has also deepened its Ethereum exposure. However, Chalom’s move suggests a strategic divergence—SharpLink offers a pure-play Ethereum approach, aligning with his maximalist vision.
SharpLink’s Rise as an Ethereum Whale
Aggressive ETH Accumulation
Since May 2025, SharpLink has emerged as one of the largest institutional holders of ETH, amassing over 360,000 ETH (worth approximately $1.34 billion). This accumulation has generated an estimated $354 million in profit, reflecting strong confidence in Ethereum’s long-term value proposition.
Institutional Backing and Strategic Shifts
SharpLink recently secured additional institutional funding, reinforcing its position as a major player in crypto treasury management. Unlike traditional asset managers like BlackRock—which diversify across Bitcoin and Ethereum—SharpLink is betting exclusively on ETH’s ecosystem growth.
Why Chalom Chose SharpLink Over BlackRock
Ethereum Maximalism in Action
In his announcement on X (formerly Twitter), Chalom emphasized that SharpLink provides the ideal platform to execute his vision of an Ethereum-centric financial system. Key focus areas include:
- Native ETH staking and restaking to enhance yield generation.
- Expanding DeFi, RWAs, and AI integrations on Ethereum.
- Positioning ETH as the backbone of global decentralized finance.
Comparing BlackRock and SharpLink’s Strategies
| Aspect | BlackRock | SharpLink |
|----------------------|------------------------------------|------------------------------------|
| Primary Crypto Focus | Bitcoin & Ethereum | Ethereum-only |
| Product Offerings | ETFs, tokenized funds | Treasury management & ETH staking |
| Institutional Role | Broad market adoption | Niche ETH maximization |
Chalom’s shift signals that while BlackRock remains a diversified giant, SharpLink offers a specialized path for Ethereum-focused institutional strategies.
The Road Ahead: Activating SharpLink’s ETH Holdings
Staking and Restaking Strategies
Chalom plans to “activate” SharpLink’s massive ETH reserves by leveraging:
- Liquid staking protocols (e.g., Lido, Rocket Pool).
- Restaking via EigenLayer to secure additional networks while earning rewards.
- Participation in Ethereum governance, influencing protocol upgrades like Dencun and future scalability improvements.
Expanding into DeFi and RWAs
SharpLink could deploy capital into:
- Decentralized lending/borrowing markets (Aave, Compound).
- Real-world asset tokenization platforms (MakerDAO, Centrifuge).
- AI-driven smart contract agents, aligning with Ethereum’s growing use cases.
Broader Market Implications
Institutional Confidence in Ethereum Grows
Chalom’s move reinforces the narrative that institutions are increasingly favoring Ethereum beyond just Bitcoin. With major firms like Fidelity and Grayscale also expanding ETH offerings, the asset is solidifying its position as the leading smart contract platform for enterprises.
Potential Ripple Effects on ETH Markets
SharpLink’s continued accumulation could reduce liquid ETH supply, potentially impacting market dynamics if more institutions follow suit. However, this depends on broader adoption trends rather than any single entity's actions.
Conclusion: What Crypto Investors Should Watch Next
Joseph Chalom’s transition from BlackRock to SharpLink highlights a strategic pivot toward pure-play Ethereum institutional strategies. Key takeaways include:
- SharpLink is positioning itself as a dominant ETH treasury manager, rivaling corporate buyers like MicroStrategy (for Bitcoin).
- Staking and restaking will play a crucial role in maximizing yield from large ETH holdings.
- The institutional divide between Bitcoin-first and Ethereum-first strategies is becoming more pronounced.
For investors and market watchers, monitoring SharpLink’s next moves—along with regulatory developments around staking and tokenization—will be critical in assessing Ethereum's long-term institutional trajectory.