Over 200 U.S.-listed companies have established some form of digital asset treasury, but very few have scaled up significantly. In the Ethereum space, that number might only be two. Sharplink, led by Joseph Chalom, is one of them.

As ETH prices have sharply retreated from their highs, the DAT model itself is also facing skepticism as merely speculative. Therefore, BlockBeats wants to clarify in this context: when the token price no longer aligns with the narrative, can the logic of DAT still be self-consistent? And what has someone from an institutional background seen in this track that others haven’t?

Joseph Chalom is the driving force behind IBIT, ETHA, and BUIDL, having personally brought BlackRock from a traditional asset management giant into the on-chain world. After retiring from BlackRock in 2025, he decided to return to the industry as CEO of Sharplink (Nasdaq: SBET), transforming this Nasdaq-listed company into an Ethereum digital asset treasury (DAT), currently holding over $2 billion in ETH.

Joseph’s logic is that Ethereum is meant to be deployed. Sharplink has almost all of its ETH invested in staking, restaking, and institutional-grade DeFi, and was the first in the industry to realize a structure where “assets remain in regulated bank custody while entering DeFi.” In his view, this isn’t a gamble on token prices but a long-term investment in the infrastructure of capital markets. Stablecoins, tokenized assets, agent economy—all paths ultimately converge on the same chain.

Below is the full interview with BlockBeats of Joseph Chalom.

From BlackRock to Sharplink: Why Ethereum

BlockBeats: You worked at BlackRock for 20 years and personally launched IBIT. What core judgment prompted you to leave and become CEO of Sharplink?

Joseph Chalom: Since 2021, we at BlackRock have done three things around digital assets, but before the official launch, the team had been preparing for several years. The outside world thought IBIT was a sudden decision, but in fact, we spent years ensuring all standards met the expectations of large institutional clients.

The first was investing in Circle and becoming its manager of the entire U.S. Treasury reserve portfolio. Through this partnership, we realized we had to understand how future capital flows would move.

In traditional finance, U.S. stocks and bonds settle T+1, while many Asian markets still operate on T+2 or T+3, due to slow securities and fund flows. Stablecoins will become the future of instant, counterparty-risk-free capital movement.

The second was responding to client demand—many institutional and wealth management clients only wanted exposure to Bitcoin and Ethereum, nothing else. So in 2024, we launched IBIT and ETHA, with IBIT becoming the fastest-growing ETF in history. The process of launching ETHA forced us to deeply understand how staking works, as we anticipated SEC would eventually allow ETFs to stake, which later proved true.

The third was tokenization. We launched BUIDL, a yield-bearing security token deployed on Ethereum, marking BlackRock’s first asset tokenization in its 39-year history.

To choose the right public chain, we spent nearly a year conducting due diligence and concluded that only Ethereum meets three conditions: security (close to 1 million validators), reliability (operating since 2015 without interruption), and liquidity (the most stablecoins and richest ecosystem opportunities). Over 60% of stablecoin settlements occur on Ethereum L1 or L2, making Ethereum the dominant underlying network for Web3 capital flows.

These experiences shaped my comprehensive understanding of Ethereum. I left because the young teams leading these businesses had gained enough experience, and I have a strong belief that Ethereum will transform capital markets and the financial system. I want to personally lead this change. My entire career has revolved around one mission: bringing better technological solutions to institutional clients. Sharplink is a continuation of that mission. And I didn’t come alone.

BlockBeats: Not alone?

Joseph Chalom: The core team and key shareholders of Sharplink come from early Ethereum participants like Consensys. Ethereum co-founder Joseph Lubin is our chairman. This isn’t just a story about capital.

We’ve accumulated institutional operational methodologies at BlackRock, and these Ethereum OGs bring a deep understanding of Ethereum’s tech stack and protocol ecosystem. Combining these capabilities is the foundation for Sharplink’s DAT approach.

DAT Methodology: Not Just Buying and Holding

BlockBeats: You say DAT has surpassed the buy-and-hold stage. What’s the core difference between buying Sharplink stock and directly buying spot ETH?

Joseph Chalom: Anyone can buy spot ETH directly, but then you need to manage wallets yourself, decide whether to stake, when to unstake. ETFs can now stake, but due to redemption queues, they won’t put 100% of ETH into staking and will charge higher fees from yields.

Sharplink differs in three ways. First, from almost day one, we invested 100% of ETH in staking, making us the first publicly listed company to do so. Second, we enable ETH to generate higher yields than basic staking. We don’t just stake; we also do liquidity re-staking and have started accessing high-quality DeFi to earn higher returns. Third, we have long-term capital—no need to sell ETH, so we can commit to multi-year lockups, and protocols will offer higher economic incentives accordingly.

Ethereum differs from Bitcoin. Bitcoin can be bought and left untouched; Ethereum needs to be actively used and deployed productively. Sharplink handles all this for investors, providing exposure through a Nasdaq-listed company.

BlockBeats: Can you introduce your ETH investment stratification, from native staking to DeFi deployment? What are the risk-return profiles of each layer?

Joseph Chalom: We hold over $2 billion in ETH, viewing it as a portfolio that can be allocated across different yield buckets.

The largest allocations are in native staking and liquidity staking. Thanks to our deep understanding of the Ethereum ecosystem, we are the only Ethereum DAT company achieving yields higher than native staking. Our in-house team builds restaking and yield strategies on native protocols like Consensys, Linea, EtherFi, and EigenCloud. EtherFi and EigenCloud are very important DeFi protocols within Ethereum. Because we can commit ETH over multiple years to these collaborations, we receive higher incentives and yields.

We are gradually moving into more complex yield strategies, but with caution and risk management. On the risk control front: first, we’ve established an internal risk team with institutional experience. Second, we always keep staked ETH or liquid staked ETH in qualified custodians—I’ll explain how later.

BlockBeats: Most DAT companies’ stock prices have fallen from their highs, including Sharplink. Some question whether DAT merely amplifies crypto asset volatility rather than creating real shareholder value. What’s your view?

Joseph Chalom: Actually, ETFs and digital asset treasury companies are beneficial to tokens themselves. First, they create demand when buying. Second, as long-term holders rather than traders, they can sometimes reduce volatility—like BlackRock’s Bitcoin ETF, which saw Bitcoin’s volatility decrease.

ETH itself is a high-volatility asset; our stock price indeed follows ETH’s price swings, which can be seen as a beta. When ETH falls, our stock falls; but when ETH rebounds, we expect better long-term capital appreciation.

It’s worth noting that both Bitcoin and ETH are currently at relatively low levels, but we are witnessing the largest institutional adoption in Ethereum’s history: the world’s largest exchanges are pushing 24/7 trading, the biggest asset managers are entering crypto, banks are launching ETFs and custody services, and regulators worldwide are approving stablecoins. All these positives are happening during price dips, mainly due to geopolitical risks, tariffs, and external factors. From a risk-reward perspective, DAT is a very good entry point now.

BlockBeats: Over 200 U.S.-listed companies hold some form of digital asset treasury. The space is getting crowded; how will DAT companies differentiate themselves ultimately?

Joseph Chalom: ETH and Solana-related digital asset treasury companies only started appearing last summer; it’s a very young industry. But even in this short time, differentiation has begun. Among the eight or nine companies launched last summer, only two have reached significant scale—raising billions, reaching retail and institutional investors, and establishing the ability to generate ETH yields.

Sharplink quickly formed its differentiation. Our direction is very clear: to be the DAT with the highest productivity and lowest cost for ETH. By building our own asset management team, our cost structure is closer to fixed costs. Whether ETH prices double or we accumulate more ETH, this low-cost structure leaves more returns for investors.

BlockBeats: If ETH prices fall, staking yields in USD will also decline. How can this model sustain?

Joseph Chalom: Digital asset treasuries can operate in rising markets and also in declining or sideways markets. The reason is, regardless of ETH at $4,000 or $2,000, what we do remains the same: increase ETH’s productivity. When ETH is cheaper, staking yields in USD will indeed decrease, but that doesn’t change our strategy. Prices will eventually rebound, and so will income.

Moreover, DAT companies are profitable entities. Staking rewards are revenue for listed companies. In the future, DAT companies may also build or acquire operational businesses, generating more Ethereum-related income or using that income to buy more ETH.

Bridging TradFi and DeFi

BlockBeats: What’s the fundamental difference between institutional DeFi and retail DeFi?

Joseph Chalom: Institutional DeFi first means conducting deep due diligence on partners and protocols, rather than just investing and hoping everything goes well.

But the core difference is asset custody. Retail users’ assets leave bank custody and enter Web3 wallets. We are the industry’s first to enter DeFi, hold liquidity re-staking tokens, yet still keep assets in regulated bank custody.

BlockBeats: How do you achieve that? You chose Anchorage Digital as a qualified custodian. What are your selection criteria?

Joseph Chalom: We use two custodians for staked ETH: Anchorage Digital and Coinbase, both leading global crypto custody platforms. The key reason for choosing Anchorage is that it was the first willing to support liquidity re-staking DeFi tokens within a qualified custody framework.

This innovative cooperation is a joint effort. As a result, we earn DeFi yields while assets remain in federally regulated bank custody, fundamentally reducing operational risk. This is a first in the industry—entering DeFi doesn’t mean abandoning compliant custody.

BlockBeats: Regarding tokenized securities and compliant AMM trading, what key trends do you see?

Joseph Chalom: We are witnessing a trend of tokenizing all assets—stocks, bonds, funds, real estate, commodities. The driving force isn’t experimental but stems from inefficiencies in existing markets: long settlement cycles, numerous intermediaries, high counterparty risks, and trapped capital.

Tokenization offers five core values: instant settlement, 24/7 trading, programmable smart contracts, cross-platform circulation, and broader geographic reach. The world’s two largest stock exchanges, NYSE and Nasdaq, have announced plans to enable 24/7 trading of tokenized stocks.

I’ve always believed that rather than pushing asset tokenization from the bottom up, it’s better to wait for top-down signals. That signal has appeared: top-tier exchanges are signaling their ability to tokenize and trade all assets. In the long run, holding a tokenized version of an asset will be better than holding the traditional version. In a world where conflicts could erupt on a Friday night, investors will want liquidity to enter and exit markets over the weekend.

BlockBeats: There’s a trend now where many prefer CeFi and no longer trust DeFi. What’s your view?

Joseph Chalom: I think we should focus on four main trends rather than where they happen.

First is stablecoins, the first successful use case of tokenization, enabling instant settlement, programmability, and cross-border movement. Currently, they total about $340 billion and circulate in both CeFi and DeFi.

Second is asset tokenization. Initially mainly in CeFi exchanges, but as more people hold crypto wallets, tokenized assets like Tesla or Sharplink will start being borrowed, lent, and traded in DeFi protocols.

Third is the Agentic Economy. As Web3 wallets become more widespread—whether in DeFi protocols like MetaMask, Phantom, or within banks and brokerages—massive borrowing, trading, and exchange activities will occur in decentralized finance.

Ultimately, as our chairman and Ethereum co-founder Joe Lubin said: TradFi and DeFi will eventually become Fi (Finance). They run on parallel tracks, and over time, rather than colliding, they will converge.

AI Agents and the Future of Ethereum

BlockBeats: You mentioned AI Agents as Ethereum’s next major variable. Can you elaborate?

Joseph Chalom: Combining elements like Web3 wallets, digital assets, tokenized assets, and stablecoins, in the future your AI Agent will help you perform micro-payments, portfolio rebalancing, yield optimization on-chain daily. It will read your bank accounts, detect when you receive wages, and automatically transfer funds to the optimal account or invest according to your preset strategy.

Some say humans will become the masters of their own Agents. Initially, that’s true. But over time, you’ll also learn from your Agent; it never sleeps, never makes basic mistakes, and can access the world’s best models. While you still control it, it will teach you how to achieve better financial results behind the scenes.

All this needs to happen on a decentralized network. Stablecoins, tokenized assets, DeFi, and agent economy—these elements together form a new internet paradigm.

BlockBeats: Do you think AI will never make mistakes?

Joseph Chalom: Human financial advisors also make mistakes, sleep, and don’t always answer calls. More importantly, I’ve never seen an AI Agent whose interests conflict with yours. Bankers, brokers, financial advisors might have conflicts of interest, but your Agent is programmed to serve you according to your rules.

Of course, Agents will make mistakes, but usually because humans programmed them incorrectly.

BlockBeats: What exactly is Sharplink doing in the AI Agent space?

Joseph Chalom: We’re not directly building AI Agent products. But ETH is the token that secures the Ethereum network. If more stablecoins, tokenized assets, DeFi, and agent activities happen on Ethereum, more ETH will be needed to secure transactions, increasing demand.

We promote Ethereum’s ecosystem through staking and investment protocols, providing exposure to this investment opportunity.

As Bill Gates said: humans tend to overestimate what technology can do in a year but severely underestimate its impact over longer periods. I share that feeling about this digital transformation.

The Value Transmission Between Stablecoins and ETH

BlockBeats: As one of the largest corporate ETH holders, how do you see the prosperity of stablecoins transmitting value to ETH?

Joseph Chalom: So far, the success of stablecoins mainly lies within the crypto narrative, as a channel for inflows and trading. But stablecoins are becoming part of broader infrastructure: companies use them for instant fund transfers, cross-border payments, and payroll acceleration. In agent economy, whether micro or large payments, the ability to transfer funds instantly will rely on stablecoins.

The key is scale. The Ethereum ecosystem’s stablecoin settlement volume is about ten times that of Solana. If you believe that future capital flows, transactions, and agent payments will all happen via stablecoins, then holding underlying ETH makes sense. Sharplink provides this kind of exposure.

BlockBeats: Does Sharplink have plans in Asia?

Joseph Chalom: This is my third visit to Hong Kong in five months. Sharplink keeps returning because Hong Kong has four key features: high capital density, positive regulatory trends, new stablecoins being issued, and a strong talent pool in finance and frontier tech.

We’ve helped launch Hong Kong’s first Ethereum offline community center, ETH HK Hub, supported by the Ethereum Foundation’s Ethereum Everywhere team, operated jointly with SNZ and ETHTAO, located in West Kowloon. Ethereum founder Vitalik and Foundation Chair Aya attended the opening event on April 21.

Hong Kong is now competing not with the U.S., but with Tokyo, Seoul, and Singapore for Asia’s digital finance hub. It has a solid regulatory foundation, deep capital markets, top-tier talent, and a rare element in today’s world—stability. In times of war and capital flows, don’t underestimate the value of stability.

BlockBeats: What’s your view on the broader geopolitical and economic environment?

Joseph Chalom: From the stablecoin perspective, the U.S. is strategically embracing crypto and digital assets, partly because USD-backed stablecoins must be supported by U.S. Treasuries. As traditional buyers (China, Russia, Europe) reduce U.S. debt purchases, the demand for Treasuries created by issuers like Tether, Circle, PayPal benefits the U.S. economy. It can be said that USD-dominated stablecoins are driving the re-dollarization of financial services.

During my travels in Asia, I observe that regulators’ primary focus is on issuing local currency stablecoins—Tokyo, Singapore, Hong Kong all do this—aiming to ensure on-chain activity and commercial payments are denominated in local currencies. This is a geopolitical contest over “who will own the future digital capital markets.” The U.S. is currently leading, but Asia is closely watching Western signals.

BlockBeats: Final question—what advice would you give to traditional CFOs considering establishing a digital asset treasury?

Joseph Chalom: The most important thing is to have a genuine long-term investment logic for your reserve assets. Bitcoin has its logic—digital gold, scarcity, capital appreciation. Ethereum also has its logic—transforming capital markets, stablecoins, tokenization, DeFi, and agent payments. Last summer, some launched so-called treasury strategies around tiny tokens, but their thesis was unclear.

Second, you need scale. Running a listed company involves fixed costs, and in the Ethereum space, only treasuries of sufficient size can truly provide liquidity and investment opportunities.

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