SharpLink Gaming (SBET), the Nasdaq-listed crypto treasury firm that has recently emerged as one of the largest corporate holders of ether (ETH), said on Friday it has appointed former BlackRock executive Joseph Chalom as co-CEO of the firm.

Chalom, who spent two decades at BlackRock in different roles, spearheaded the asset management giant's foray into digital assets and blockchain initiatives including launching the a spot ETH ETF, the press release said. He also was a board member at tokenization firm Securitize, which issues the largest tokenized U.S. Treasury fund with BlackRock.

"Few executives in the world have had the kind of impact Joseph has had in unlocking institutional adoption of digital assets, having pioneered BlackRock’s strategic entry into the space," Joseph Lubin, chairman of SharpLink, said in a statement.

SharpLink CEO Robert Pythian will transition to president over the next quarter and remain on the board.

SharpLink pivoted in May to a crypto treasury strategy focusing on Ethereum in May under the leadership of Lubin, who is the co-founder of Ethereum and CEO of Ethereum-focused development firm ConsenSys. Since then, the firm emerged as one of the most aggressive ETH buyers acquiring over $1.3 billion worth of tokens.

SBET shares are lower by 3% early Friday and down 30% over the past five sessions.

Read more: SharpLink's Ether Bet Surpasses $1.3B After Latest Purchase

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