Ethereum over Bitcoin: Sharplink CEO pitches ETH treasury yield
Sharplink CEO Joe Chalom argues for “Ethereum over Bitcoin” in corporate treasuries, framing ETH as a programmable, yield-generating asset rather than a pure store-of-value.
Key points and figures:
- Chalom joined Sharplink in July 2025, after two decades at BlackRock.
- In late June 2026, Sharplink raised $75 million via a registered direct offering to expand ETH holdings.
- The company stakes nearly all of its Ethereum. About $200 million was allocated to liquid restaking strategies in early 2026.
- Strategy metric: growing “ETH per share” through a repeatable cycle: buy ETH → stake → earn yield → reinvest.
- Institutional ownership rose from 6% (mid-2024) to 47% (by Mar 31, 2026). Ethereum co-founder Joseph Lubin is listed as board chairman.
Bull case for Ethereum vs Bitcoin:
- Chalom’s thesis is “Ethereum over Bitcoin” based on utility: ETH supports stablecoins, real-world asset tokenization, and DeFi activity.
- Ethereum staking rewards can be earned by validators, while Bitcoin holders do not receive comparable yield.
- Sharplink’s liquid restaking is positioned as layered yield without selling the underlying ETH, though it introduces added smart-contract and slashing risk.
Long-term tailwind:
- Chalom points to Ethereum’s post-quantum security roadmap (migration work projected around 2029, “Lean Ethereum” framing).
For traders, the core takeaway is that Sharplink is operationalizing the “Ethereum over Bitcoin” theme with fresh capital and an ETH-centric treasury model, meaning ETH flow and sentiment could be supported if the “ETH per share” metric keeps improving.
Bullish
This article is effectively a capital-allocation thesis for “Ethereum over Bitcoin” backed by measurable execution at Sharplink. The $75M raise earmarked for ETH holdings, near-total ETH staking, and ~$200M in liquid restaking create an actionable narrative: more ETH is being systematically accumulated and worked for yield. That tends to be sentiment- and flow-supportive for ETH.
In the short term, traders may respond to the institutional ownership jump (6%→47%) and the ongoing “ETH per share” focus, which can keep ETH relatively bid versus BTC if the market treats this as a credible treasury demand signal. In similar past cases, when well-connected entities announce treasury shifts toward a yield-capable asset, relative performance often improves while expectations build.
In the long term, the bull case hinges on execution quality and risk management: smart-contract and slashing risks are explicitly present in liquid restaking. If the strategy’s returns remain consistent and the “ETH per share” metric rises with ETH price appreciation, it can reinforce a longer-lived re-rating of ETH’s utility premium versus BTC.
Overall, despite added technical/operational risks, the direction of capital is clearly toward ETH, making the likely market impact bullish rather than bearish or neutral.