Ethereum ETFs surged after SharpLink Gaming Inc. bought $295 million worth of Ether and hired a BlackRock executive who helped launch the company’s spot crypto funds. The iShares Ethereum Trust, the largest spot Ethereum ETF, increased 4.4% in trading, reflecting Ether’s 57% rise in the past month.

Ether rose after Joseph Chalom was appointed co-CEO of SharpLink, which holds $1.7 billion in Ether. This move follows the company’s purchase of $295 million worth of tokens. SharpLink has seen its value rise six-fold over the past three months, mimicking Michael Saylor’s success with Bitcoin.

The eight spot Ethereum ETFs have attracted $9.4 billion in investments since launching last July. The underlying token has doubled since early May due to speculation about new laws like the GENIUS and Clarity Acts potentially increasing its utility. The rise in Ether’s value has also contributed to the ETFs’ success.

Read more at Yahoo Finance: ETHA Jumps as BlackRock Exec Takes New Role at SharpLink