SharpLink Gaming is deepening its Ethereum holdings by acquiring an additional 77,210 ETH over the weekend for $295 million.
The company currently holds 438,017 ETH, worth $1.69 billion, according to Lookonchain.
Crypt Rover wrote on X that the surge in ETH accumulation points to significant institutional inflows and bold prediction that the token would reach $10,000.
SharpLink plans to deposit the ETH into staking, on-chain analyst EmberCN noted. The company said Sunday that banks close on weekends, while Ethereum runs 24/7, touting the upcoming big ETH buy.
SharpLink Gaming transferred 145 million USDC to Galaxy Digital two days ago, per on-chain data. On Sunday, Galaxy Digital withdrew 38,600 ETH ($148 million) from Binance and then transferred it to SharpLink Gaming.
“This likely completes the ETH purchase,” wrote EmberCN.
SharpLink scooped a 360,807 ETH valued at approximately $1.33 billion last week, as reported by Cryptonews. The company noted that more than 95% of its accumulation is actively staked or deployed via liquid staking platforms. The purchase has led the company to overtake Bitmine and Coinbase.
ETH Accumulation Builds Amid High Price Predictions
SharpLink’s latest ETH purchase underscores a growing trend where traditional gaming and tech companies are diving deeper into crypto treasuries.
As a result, Ethereum continues to show resilience amid broader market volatility. The second-largest crypto is up 3% on Monday, trading at $3,876 during press time. According to CoinMarketCap, the surge reflects bullish technicals, institutional accumulation, and staking dynamics.
Technical analysis shows that ETH holding above $3,523 Fibonacci support with RSI(14) at 81.75 signals momentum.
Additionally, Ethereum’s 10,000 long-term forecast is grounded in institutional backing. Though the target remains speculative, it offers traders a narrative to build positions around.
Analysts forecast that ETH would hit $4,200 and eventually $4,800 in the short term. One user wrote on X that the wave is “broader” this time, as L2s and memecoins are preparing to rise with it.
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