Ethereum receives a $295 million investment from SharpLink; former BlackRock executive appointed as joint CEO of the company.
SharpLink Gaming, a leading corporate entity, has made headlines in the prime cryptocurrency world by appointing Joseph Chalom as its co-CEO and significantly increasing its Ethereum holdings.
Chalom, with a two-decade-long tenure at BlackRock as the head of digital assets strategy, brings a wealth of experience in the crypto sector. His appointment at SharpLink Gaming is indicative of a broader trend in the industry, as traditional finance figures move towards crypto-focused roles.
In a strategic move, SharpLink Gaming acquired 77,210 Ether (ETH) worth $295 million over the weekend, adding to its already substantial Ethereum treasury. This purchase follows the company's massive 360,807 ETH purchase worth approximately $1.33 billion last week.
The weekend purchase and the recent appointment of Chalom highlight the growing institutional adoption of Ethereum. SharpLink's strategy of actively staking its holdings differentiates it from other corporate treasury approaches focused purely on price appreciation.
With Chalom's appointment, more than 95% of SharpLink Gaming's ETH holdings are now actively staked or deployed through liquid staking platforms. This emphasizes the company's commitment to the always-available nature of cryptocurrency markets.
Prior to joining SharpLink, Chalom played a key role in launching BlackRock's Ethereum ETF, managing more than $10 billion. He was also instrumental in the development of BUIDL, described as the first tokenized Treasury fund on Ethereum. Chalom's contributions extended to the introduction of BlackRock's Bitcoin ETF, which boasts over $87 billion in assets under management.
The transaction reflects broader institutional interest in Ethereum staking, a trend that SharpLink Gaming is actively participating in. It is worth noting that two days prior to the recent Ethereum purchase, SharpLink Gaming transferred 145 million USDC to Galaxy Digital.
In announcing the weekend purchase, SharpLink stated that Chalom's appointment marks a major milestone in their mission to build the most trusted Ethereum treasury. The appointment of Chalom does not change this fact, nor does it affect the fact that more than 95% of SharpLink Gaming's ETH holdings are actively staked or deployed through liquid staking platforms.
With SharpLink Gaming now one of the largest corporate holders of Ethereum, the company's strategic moves are likely to have a significant impact on the Ethereum market and the broader cryptocurrency industry.
