BTC Digital also shifted its core strategy from Bitcoin to Ethereum, joining a growing list of firms holding ETH. This accumulation, along with record-breaking ETF inflows and favorable macro conditions, sparked optimism for a potential ETH rally to $10,000. Analysts point to decreasing supply, increased staking, and Ethereum’s growing role in decentralized finance as key catalysts.
SharpLink Loads Up on ETH
SharpLink Gaming, a company backed by Ethereum co-founder Joseph Lubin, dramatically ramped up its Ethereum acquisition strategy by adding $515 million worth of ETH to its treasury in just nine days. In a recent filing with the US Securities and Exchange Commission (SEC), SharpLink announced it will increase its share offering to $6 billion, up from $1 billion in a previous May 30 filing.
The majority of the proceeds will go toward buying ETH as part of the company’s aggressive crypto treasury strategy. SharpLink stated that the funds will also be used for working capital, general corporate purposes, operating expenses, and affiliate marketing operations.
With this move, the company is signaling its intent to potentially hold up to 1 million ETH, according to recent posts on X. As of Tuesday, SharpLink accumulated over 280,000 ETH, with 99.7% of it staked, and generated 415 ETH in staking rewards worth approximately $1.49 million between June 2 and July 15.
After the new filing, the company purchased an additional 32,892 ETH valued at $115 million. This brought its total recent purchases to over half a billion dollars. Galaxy Research pointed out that SharpLink now holds more ETH than the Ethereum Foundation itself, and called the development a positive catalyst for the Ethereum ecosystem.
Despite the bold accumulation strategy, SharpLink’s stock (SBET) declined by 2.62% on Thursday, closing at $36.40 and falling by about 4.95% to $34.60 in after-hours trading. The stock is still up 350% year-to-date. Financially, the company reported a 24% year-on-year revenue drop in the March quarter, alongside a 110% decline in its net profit margin.
SharpLink stock price over the past 24 hours (Source: Google Finance)
SharpLink is expected to release its next quarterly results on Aug. 13.
BTC Digital Swaps Bitcoin for Ethereum
Ethereum is also attracting the attention of other companies. BTC Digital, a blockchain technology and mining company, announced a complete strategic pivot to Ethereum as its core asset. The firm revealed this shift alongside the closure of a $6 million financing round.
As part of its new direction, BTC Digital disclosed a fresh $1 million Ethereum purchase and shared details about plans to convert all of its current and future Bitcoin holdings into ETH. The company plans to build a long-term, on-chain Ethereum-based asset pool to support mid- and long-term growth initiatives.
Announcement from BTC Digital
CEO Siguang Peng described Ethereum as the leading platform for decentralized finance, real-world asset tokenization, and scalable smart contract innovation. BTC Digital now plans to grow its ETH reserves into the tens of millions of dollars by year-end and intends to generate returns through ETH staking, participation in DeFi protocols, stablecoins, and real-world asset projects.
Transitioning away from its previous mining-centered model, BTC Digital is now positioning itself as a digital asset operator that is focused on productive, yield-generating Ethereum-based strategies. This includes launching ETH-backed yield pools, building stablecoin infrastructure, and expanding into DeFi, NFTs, and Ethereum layer-2 ecosystems. The company’s stock saw little immediate reaction to the announcement, and dipped slightly to close at $3.44 on Thursday.
BTC Digital stock price over the past 24 hours (Source: Google Finance)
BTC Digital now joins the list of companies building Ethereum treasuries, including SharpLink, BitMine, Bit Digital, and Blockchain Technology Consensus Solutions. Together, these firms now hold around 714,000 ETH, which is valued at approximately $2.4 billion, according to data from StrategicEthReserves.XYZ.
$10K ETH Possible…
Ethereum’s surge to $3,600 on Thursday seems well-supported by strong macro and market fundamentals. This is according to ZX Squared Capital partner Felix Xu.
In an interview, Xu argued that recent data contradicts the likelihood of a sharp price reversal. A key driver, he said, is the growing demand for US spot Ether ETFs, which saw a record-breaking $727 million in inflows on Wednesday alone. This was the largest single-day figure since trading began in July of 2024. These coins are being moved into cold storage, making them unavailable for immediate resale and reducing the circulating supply.
Xu also pointed to a favorable macro backdrop, particularly the uncertainty surrounding the US Federal Reserve’s monetary policy. Despite a slight uptick in June’s CPI, he pointed out that continued pressure from President Donald Trump on Fed Chair Jerome Powell to cut interest rates up to three percentage points adds a dovish tilt, which is generally positive for risk assets like Ethereum.
ETH’s price action over the past month (Source: CoinMarketCap)
While ETH has climbed 45% over the past 30 days, Xu believes a target of $10,000 by year-end is optimistic. Historically, ETH only achieved similar gains during exceptional bull runs, like the 2017 ICO boom and the 2020–21 DeFi explosion. However, Xu still acknowledged that a surprise sprint to five digits could happen if several bullish factors align: sustained ETF inflows, the addition of staking to ETFs, a risk-on market shift, and increased Ethereum adoption via restaking, layer-2s, and new applications that lock ETH out of circulation.
Sapien co-founder Trevor Koverko agrees with this, and suggested that while $10,000 is ambitious, it isn’t out of reach if macro tailwinds stay favorable and Ethereum continues cementing itself as the infrastructure for the next generation of finance. He added that Ethereum no longer feels like a speculative asset but rather a programmable digital foundation.
Some analysts, like Mikybull Crypto, projected a price range between $7,000 and $10,000 based on technical indicators like RSI.
