Sharplink CEO Joe Chalom is making the case that corporate treasuries should look at Ethereum, not just Bitcoin, as a reserve asset. In a statement this week, Chalom argued that Ethereum's ability to generate yield through staking and its broader utility in decentralized finance give it an edge over Bitcoin's traditional role as a passive store of value.
Why Ethereum now
Chalom's pitch comes as more companies consider adding crypto to their balance sheets. Bitcoin has been the default choice for firms like MicroStrategy, but Chalom says that approach leaves money on the table. Ethereum's proof-of-stake mechanism lets holders earn rewards simply by locking up tokens — a feature Bitcoin lacks. That yield, combined with Ethereum's use in smart contracts and DeFi protocols, makes it a more active asset, he argues.
“Bitcoin is digital gold, but gold doesn't pay dividends,” Chalom said in the statement. “Ethereum offers both a store of value and a yield-bearing tool. For a corporate treasury, that's a powerful combination.”
Shifting treasury strategies
The argument could nudge corporate treasurers who've been hesitant about crypto. Many have watched Bitcoin's price swings and worried about volatility. Chalom's case leans on Ethereum's utility as a hedge — not just a bet on price appreciation. If companies start treating Ethereum as a working capital asset rather than a speculative one, the demand picture changes.
Sharplink itself hasn't disclosed any plans to add Ethereum to its own treasury. But Chalom's public advocacy signals where he thinks the market is headed. The timing matters: Ethereum's transition to proof-of-stake in 2022 made staking accessible to institutional holders, and the ecosystem has only grown since.
Bitcoin's counterpoint
Bitcoin loyalists still point to its track record and simplicity. It's the most recognized crypto, with a fixed supply and a decade-plus of institutional adoption. Chalom doesn't dismiss Bitcoin entirely — he calls it a “foundational asset” — but he says corporate treasuries need to think beyond it.
“Diversification isn't just about spreading risk across stocks and bonds,” Chalom said. “It's about using the right crypto for the right purpose.”
Chalom's comments are likely to stir debate in corporate finance circles. The next big test will be whether any publicly traded company follows his advice and adds Ethereum to its balance sheet. No such move has been announced, but the conversation is now on the table.
