Ethereum Attracts Institutional Capital, Former BlackRock Executive Joins ETH Treasury Company

Ethereum, as a yield-bearing asset, continuously attracts the attention of institutional capital through mechanisms such as staking and re-staking. Recently, Joseph Chalom, who has served as an executive at the world's largest asset management company for twenty years, announced his joining of the publicly listed Ethereum treasury company SharpLink Gaming as co-CEO, opening a new chapter in his career.

After joining Chalom, SharpLink Gaming acted quickly, purchasing over 77,000 ETH over the weekend and depositing all of it into staking. Currently, SharpLink holds approximately 438,000 ETH, closely following another ETH treasury strategy company, Bitmine. These two companies are competing for the title of "ETH version of MicroStrategy," actively increasing their ETH holdings. Under the leadership of Tom Lee, the chairman of the board and a seasoned analyst known as the "Wall Street Whiz Kid," Bitmine has attracted significant investment from Cathie Wood's Ark Invest. In contrast, SharpLink's support team is primarily from a cryptocurrency background and is in urgent need of a leader with traditional financial connections to attract Wall Street capital, making Chalom the best candidate.

Transition from Legal Advisor to Cryptocurrency Field

Joseph Chalom graduated from Johns Hopkins University with a Bachelor of Arts in International Affairs and later obtained a Juris Doctor degree from Columbia Law School. His career began as a corporate and regulatory legal advisor, having served as a senior attorney at several prestigious law firms, providing legal services to numerous investment banks and large corporations.

In 2005, Chalom joined a large asset management company and began to venture into the fintech field. He served as the Chief Operating Officer of the solutions department under the company, leading the productization and external expansion of a global institutional-level risk control and investment management platform, transforming it from an internal tool into a core fintech hub serving over one trillion dollars in assets worldwide.

In early 2020, Chalom was promoted to Managing Director and Head of Strategic Ecosystem Partnerships, fully responsible for the company's strategic planning and execution in areas such as data and indices, digital assets, and technology ecosystems. He led collaborations with several leading digital asset infrastructure institutions, deeply connecting traditional asset management platforms with the blockchain ecosystem through cross-industry joint ventures, technological integration, and product promotion.

High Hiring Costs and Incentive Programs

To attract Chalom to join, SharpLink Gaming offered a total of $12.5 million in hiring costs. This includes a fixed base salary of $750,000 per year, with an annual performance bonus target of 100% of the base salary, capped at 150%. The company also granted Chalom $7 million worth of restricted stock units as a one-time signing bonus, with 2/3 vesting over time annually and 1/3 vesting based on performance targets over a three-year period. Additionally, the long-term incentive plan set a minimum incentive amount of no less than $4 million for Chalom in the fiscal year 2026.

Core Figures Driving Digital Asset Strategy

Under the leadership of Chalom, a large asset management company launched the world's largest Bitcoin ETF in January 2024, currently managing assets exceeding $80 billion, significantly ahead of other competitors. The ETF's holdings have surpassed 700,000 BTC, accounting for 55% of the total holdings of all U.S. spot Bitcoin ETFs.

On July 23, 2024, after more than six months of application and preparation, the company launched the Ethereum ETF, providing traditional investors with a regulated way to directly participate in the cryptocurrency market. Just a year later, the management scale of the ETF reached $10 billion, accounting for about half of the total assets under management of Ethereum ETFs.

In addition, Chalom has launched the first Ethereum-based tokenized government bond product, bringing traditional government bond yield rights on-chain, providing institutional clients with an innovative solution that combines compliance and liquidity. He has also facilitated and led strategic collaborations with several digital asset infrastructure institutions, deepening the connection between traditional asset management platforms and the blockchain ecosystem.

The Origins of the Ethereum Ecosystem

Chalom's intersection with the Ethereum ecosystem dates back several years. As early as 2015, the company he was with began researching cryptocurrencies and engaged with industry experts, including the co-founders of Ethereum. This may have been the earliest period for Chalom to establish connections with the Ethereum ecosystem.

In early 2020, Chalom began to clearly engage with and promote cryptocurrency asset business. Under his leadership, the company reached a collaboration with a certain cryptocurrency exchange platform to provide institutional clients with cryptocurrency trading, custody, prime brokerage, and reporting functions.

In the face of the bear market in the cryptocurrency market in the second half of 2022, Chalom has shown firm confidence in the industry. In an interview with the media, he stated: "Although cryptocurrencies have experienced a winter, their market capitalization still reaches trillions of dollars. We see that the accelerated development of these technologies has created opportunities and improved efficiency."