Joe Chalom, the former BlackRock digital assets executive who now leads Sharplink (Nasdaq: SBET), is making a pointed case that Ethereum is a superior corporate treasury asset compared to Bitcoin. He argues that Ethereum's yield-generating capabilities and its role in powering a vast ecosystem of economic activity give it a practical edge that Bitcoin's store-of-value narrative cannot match. Sharplink has put real money behind this thesis, raising $75 million in June 2026 specifically to expand its ETH holdings and staking operations.
From BlackRock to an Ethereum-focused treasury
Chalom joined Sharplink in July 2025 after two decades at BlackRock, where he oversaw digital assets strategy. The company now stakes nearly all of its Ethereum, with roughly $200 million allocated to liquid restaking strategies as of early 2026. The key metric Chalom tracks is ETH per share, which he aims to grow through a disciplined cycle of buying ETH, staking it, earning yield, and repeating. Institutional ownership of Sharplink surged from 6% to 47% between mid-2024 and March 31, 2026, and Ethereum co-founder Joseph Lubin serves as the company's board chairman.
Why Ethereum wins over Bitcoin
Chalom's core argument hinges on utility. Bitcoin has crystallized as digital gold—a store of value and inflation hedge—but Ethereum supports a massive ecosystem of real economic activity. He points out that Ethereum hosts over 50% of all stablecoins in circulation and more than half of real-world asset tokenization. It also dominates decentralized finance, where protocols generate revenue from lending, trading, and other services. Bitcoin holders earn nothing for simply holding the asset, while Ethereum stakers earn rewards for validating transactions. Sharplink has taken this further with liquid restaking, which layers additional yield by using staked ETH to secure other protocols.
Risks and the long-term outlook
Ethereum's yield is not risk-free. Smart contract vulnerabilities, slashing penalties for validator misbehavior, and protocol changes can all impact returns. Liquid restaking adds another layer of complexity and risk. On the positive side, Ethereum has a dedicated post-quantum security team working on a migration projected around 2029, part of the "Lean Ethereum" strategy. For investors, the key metric to watch is Sharplink's ETH per share. If Chalom can consistently grow that number while Ethereum appreciates, his treasury model could prove its worth.