SharpLink Appoints Joseph Chalom as Sole CEO and Member of the Board; Rob Phythian Steps Down Following Company’s Planned Transition

Rhea-AI Summary

SharpLink Gaming (Nasdaq: SBET) appointed Joseph Chalom as sole CEO and elected him to the board, effective December 15, 2025, while Rob Phythian stepped down completing the company’s planned leadership transition.

Key metrics: SharpLink reports total ETH holdings of 863,424 ETH (639,241 native ETH + 224,183 LsETH-equivalent) and staking rewards of 9,241 ETH as of December 14, 2025. Since launching its ETH treasury business on June 2, 2025, the company says ETH-per-share more than doubled and institutional ownership rose to over 30% as of Q3 2025. Management highlights building an institutional-grade ETH treasury platform and reducing outsourced execution.

Positive

• Total ETH holdings of 863,424 ETH
• Staking rewards of 9,241 ETH earned through near‑complete staking
• Institutional ownership expanded to over 30% as of Q3 2025
• Built in‑house treasury team, reducing reliance on outsourced execution

Negative

• Co‑CEO Rob Phythian stepped down effective December 15, 2025
• High concentration in ETH may increase exposure to crypto market volatility

Key Figures

Total ETH holdings 863,424 ETH Accumulated as of December 14, 2025

ETH-per-share change More than 2x Increase in ETH concentration since June 2, 2025

Staking rewards 9,241 ETH Total ETH staking rewards as of December 14, 2025

ETH staked Nearly 100% Portion of ETH holdings deployed in staking

Institutional ownership Over 30% Institutional ownership level as of Q3 2025

Native ETH holdings 639,241 ETH Component of total ETH as of December 14, 2025

LsETH-equivalent ETH 224,183 ETH ETH as-if redeemed from LsETH as of December 14, 2025

Staking rewards breakdown 3,350 native ETH; 5,891 LsETH-equivalent ETH Rewards composition as of December 14, 2025

Market Reality Check

$9.02 Last Close

Volume Volume 7,610,840 vs 20-day average 9,368,310 ahead of this leadership update. normal

Technical Price 9.71 is trading below 200-day MA of 14.35, after a large drawdown from the 124.12 52-week high.

Peers on Argus

Peers show mixed moves: RSI +2.51%, SGHC +1.83%, while LNW -4.20% and DKNG -3.11%. With no momentum flags and mixed directions, SBET’s leadership and ETH-treasury news appears more company-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 12	Q3 earnings & ETH	Positive	+0.1%	Profitable Q3 driven by ETH treasury growth and large crypto asset base.
Nov 06	Earnings call notice	Neutral	-7.9%	Announcement of timing and access details for Q3 2025 results call.
Oct 28	ETH deployment plan	Positive	-4.0%	Plan to deploy $200M of ETH on Linea via ether.fi and EigenCloud.
Oct 21	ETH holdings update	Positive	-3.0%	Reported ETH holdings rising to 859,853 and total ETH plus cash of $3.5B.
Oct 20	Senior hires	Positive	+3.1%	Added institutional and digital‑asset executives to support ETH strategy.

Pattern Detected

Recent ETH‑strategy updates and treasury expansions often drew muted or negative next‑day moves, while management/talent announcements saw more clearly positive reactions.

Recent Company History

Over the last few months, SharpLink has pivoted around its ETH treasury strategy. On Oct 17–19, 2025, it raised capital and expanded ETH holdings, later planning a $200M deployment on Linea and reporting total holdings of 859,853 ETH and $3.5B ETH plus cash. Q3 2025 results on Nov 12, 2025 highlighted strong revenue growth and ETH scale, yet near‑term price reactions stayed modest. Management hires on Oct 20, 2025 were followed by a clearer positive move, framing today’s CEO transition within an ongoing build‑out of institutional ETH capabilities.

Market Pulse Summary

This announcement details a completed CEO transition while underscoring SharpLink’s progress as an Ethereum-focused treasury company. The firm reports total holdings of 863,424 ETH, nearly 100% staked, and 9,241 ETH in staking rewards, with institutional ownership rising above 30%. Recent filings and prior updates emphasize rapid scaling of crypto assets and treasury operations. Investors may watch future disclosures on ETH balances, staking productivity, and further management or governance changes to gauge execution durability.

Key Terms

ether technical

"one of the world’s largest corporate holders of Ether (“ETH”)"

Ether is the native digital token used to power and pay for operations on the Ethereum blockchain, functioning like fuel that lets programs run and transactions be recorded. Investors watch ether because its price reflects demand for the Ethereum network (similar to how gasoline demand reflects driving activity): changes can signal broader interest in decentralized finance, smart contracts and crypto markets, and affect valuations of related investments.

eth technical

"one of the world’s largest corporate holders of Ether (“ETH”)"

ETH is the native digital currency of the Ethereum blockchain, used to pay for transactions and to run programs on that network. For investors it matters because owning ETH is both a way to access and use the platform (like buying fuel to run an app) and a speculative asset whose price reflects demand for the network, changes to its supply rules, and broader crypto market sentiment.

ethereum technical

"prominent industry advocate of Ethereum adoption"

Ethereum is a digital money system and computing platform built on a shared online ledger called a blockchain; its native token, ether (ETH), is used to pay for transactions and run automated contracts. Investors care because ether acts like a tradeable asset whose price can move sharply, and the platform’s usage, upgrades, and rules affect supply, demand and potential returns—think of it as both a new kind of commodity and the fuel for a global app store.

staking technical

"Enhanced staking productivity: Staked nearly 100% of its ETH"

Staking is the practice of locking up digital tokens to help run a blockchain network in return for rewards, similar to leaving money in a time deposit that pays interest while it’s unavailable. It matters to investors because staking can generate regular income and affect a token’s circulating supply and price, but it also ties up assets and can carry risks like lock-up periods, reduced liquidity, or technical and platform failures.

treasury financial

"its strategic expansion as an Ethereum treasury company."

The treasury is the department or area within a government or organization responsible for managing its money, finances, and financial strategies. It handles tasks like collecting revenue, paying bills, and planning for future financial needs, much like a household manages its budget. For investors, understanding the treasury is important because it influences interest rates, government spending, and overall economic stability.

AI-generated analysis. Not financial advice.

Minneapolis, MN, Dec. 17, 2025 (GLOBE NEWSWIRE) -- SharpLink Gaming, Inc. (Nasdaq: SBET) (“SharpLink” or the “Company”), one of the world’s largest corporate holders of Ether (“ETH”) and prominent industry advocate of Ethereum adoption, today announced that effective December 15, 2025 its Board of Directors has appointed Joseph Chalom as sole Chief Executive Officer and elected him to the Board. Rob Phythian has stepped down from his roles as Co-Chief Executive Officer and Director, marking the completion of the Company’s planned senior leadership transition following its strategic expansion as an Ethereum treasury company.

Since formally launching its ETH treasury business on June 2, 2025, SharpLink has executed a rapid strategic initiative focused on building the leading institutional-grade ETH treasury platform. Key milestones include:

• Doubled ETH concentration: Accumulated 863,424 ETH¹ through disciplined execution, reflected in a more than 2x increase in ETH-per-share;
• Enhanced staking productivity: Staked nearly 100% of its ETH and earned 9,241 ETH² in staking rewards;
• Expanded institutional ownership: Expanded engagement with top financial firms, reflected in institutional ownership increasing from low single digits to over 30% as of Q3 2025; and
• Built best-in-class operating platform: Onboarded expert team to manage treasury, investment and risk capabilities, reducing reliance on outsourced execution.
  
  

These accomplishments, achieved in just over six months, have fundamentally positioned SharpLink for long-term growth and enduring shareholder value creation.

Joseph Lubin, SharpLink Chairman of the Board, Founder and CEO of Consensys and Co-Founder of Ethereum, commented, “On behalf of the Board, I want to thank Rob for his leadership and for helping guide SharpLink through a pivotal transition. With Joseph assuming full CEO responsibilities, we are focused on deepening ecosystem partnerships and staking operations and continuing to build long-term value for shareholders with our institutional-grade ETH treasury platform.”

Phythian stated, “It has been an honor to help build SharpLink and support the team through this transformational period. I’m proud of what the Company has accomplished, and I wish Joseph and the broader SharpLink team continued success as the Company scales its ETH treasury strategy.”

Chalom added, “I appreciate Rob’s support during this important chapter,” said Chalom. “Our focus is clear: continue building the most trusted and productive Ethereum treasury platform and create long-term value for shareholders. I’m excited about the Ethereum opportunity ahead.”

¹ As of December 14, 2025, total ETH holdings were comprised of 639,241 native ETH and 224,183 ETH as-if redeemed from LsETH.

² As of December 14, 2025, total ETH rewards were comprised of 3,350 from native ETH and 5,891 ETH as-if redeemed from LsETH.

About SharpLink Gaming, Inc.

SharpLink Gaming, Inc. (Nasdaq: SBET) is one of the world’s largest publicly traded companies to adopt ETH as its primary treasury reserve asset – a move that aligns the Company with the future of digital capital and gives investors direct exposure to Ethereum, the world’s leading smart-contract platform and second largest digital asset. Learn more at www.sharplink.com.

Forward-Looking Statement

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and these forward-looking statements are subject to various risks and uncertainties. Such statements include, but are not limited to, goals and expectations regarding the Company’s strategy and other statements accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to repurchase shares of SharpLink’s common stock, if any, in the open market through its stock repurchase program, potential use of the Company’s ATM facility, the Company’s ability to achieve profitable operations, fluctuations in the market price of ETH that will impact the Company’s accounting and financial reporting (see accounting rules discussed below), government regulation of cryptocurrencies and online betting, changes in securities laws or regulations, customer acceptance of new products and services, the demand for its products and its customers’ economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the Company, changes in applicable laws or regulations, and its competitors, general economic conditions and other risk factors detailed in the Company’s annual report and other filings with the SEC. Under U.S. generally accepted accounting principles, entities are generally required to measure certain digital intangible assets at fair value, with changes reflected in net income each reporting period. Changes in the fair value of crypto assets could result in significant fluctuations to the balance sheet and income statement results. Additionally, for other certain types of crypto assets, the Company uses the historical costs less impairment model. This model may require the Company to record an associated impairment charge reflected in net income as a result of a decrease in the market price of ETH below the cost value at which the Company’s ETH is carried on its balance sheet. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company does not undertake any responsibility to update the forward-looking statements in this press release.

CONTACT:

SharpLink’s Investor Relations Contact:
Sean Mansouri, CFA or Aaron D’Souza | Elevate IR
Phone: (720) 330-2829
Email: ir@sharplink.com

SharpLink’s Media Contact:
Email: media@sharplink.com

FAQ

Who is the new CEO of SharpLink (SBET) and when did the change take effect?

Joseph Chalom was appointed sole CEO and board member, effective December 15, 2025.

How much ETH does SharpLink (SBET) hold as of December 14, 2025?

SharpLink reports total holdings of 863,424 ETH (639,241 native ETH and 224,183 LsETH‑equivalent) as of December 14, 2025.

How many ETH in staking rewards has SharpLink (SBET) earned through December 14, 2025?

SharpLink reports earning 9,241 ETH in staking rewards as of December 14, 2025.

What change in institutional ownership did SharpLink (SBET) report?

Institutional ownership increased from low single digits to over 30% as of Q3 2025.

Why did Rob Phythian step down from SharpLink (SBET)?

Rob Phythian stepped down as part of the company’s planned senior leadership transition completed in December 2025.

What is SharpLink’s strategic focus after the leadership change for SBET shareholders?

Management says the focus is building an institutional‑grade Ethereum treasury platform, deepening partnerships and scaling staking operations.