Sharplink hits back at BitMine’s $2B Ether buy with BlackRock hire

Sharplink, a major public company with significant Ether holdings, has hired a veteran BlackRock executive as the corporate Ether treasury race heats up.

Former BlackRock senior executive Joseph Chalom has joined Sharplink as its new co-CEO, effective July 24, the company announced on Friday.

In his new role at Sharplink, Chalom will be responsible for shaping and executing SharpLink’s global strategy in public markets and Ethereum-based digital infrastructure, his LinkedIn page reads.

Chalom’s arrival at Sharplink comes amid BlackRock’s iShares Ethereum Trust (ETHA) becoming the third fastest exchange-traded fund (ETF) in history to break $10 billion in assets.

BlackRock is the largest crypto ETF provider in the world

Sharplink’s new hire is significant given Chalom’s 20 years of work at BlackRock, the world’s largest crypto ETF provider with $95.7 billion in managed assets in crypto.

As former managing director and head of strategic ecosystem partnership at BlackRock, Chalom was responsible for developing and managing BlackRock’s strategy with respect to digital assets, index and data relationships, investments and more.

Joseph Chalom’s work experience at BlackRock and the new Sharplink role. Source: LinkedIn

According to Sharplink’s announcement, BlackRock’s ETHA launch in July 2024 involved Chalom’s work. Chalom also formerly served on the boards of the tokenized asset platform Securitize and ClarityAI, an AI-based data analytics platform.

Related: Ether stumbles as ETH validator exit queue hits 18-month high

“SharpLink’s commitment to aligning its strategic direction with the Ethereum ecosystem reflects a bold and forward-thinking vision — one that deeply resonates with my passion for digital assets and scaling innovative financial technologies,” the former BlackRock executive said.

SharpLink’s competition with BitMine

Sharplink’s announcement comes just one day after rival BitMine Immersion Technologies disclosed a major Ether (ETH) acquisition.

On Thursday, BitMine Immersion Technologies, a Bitcoin (BTC) mining firm, which announced plans to set up an Ethereum treasury on June 30, said it has purchased a total of 566,776 ETH worth more than $2 billion.

With the new Ether purchase, BitMine flipped SharpLink’s total Ether holdings of 360,807 ETH, which was announced just two days before as part of its latest $259 million ETH buy last week.

Apart from the ex-BlackRock exec, SharpLink also tapped Ethereum co-founder Joseph Lubin as board chairman when announcing its Ethereum treasury last May.

In response, BitMine appointed Fundstrat founder and major crypto bull Tom Lee as board chairman in June.

Magazine: Bitcoin inheritances: A guide for heirs and the not-yet-dead