Ethereum price target shifts to $3K after SharpLink adopts ETH ‘treasury strategy’.
ETH bulls find a reason to go long after SharpLink Gaming reveals plans to form a $425 million Ethereum treasury.
Key takeaways:
SharpLink Gaming establishes the first ETH treasury, backed by Ethereum co-founder Joe Lubin. SharpLink will invest $425 million to acquire 120,000 ETH.
Ethereum futures open interest hits an all-time high of $36.1 billion, with ETH price climbing 4.5% on the daily chart.
Nasdaq-listed SharpLink Gaming (SBET) announced a $425 million private investment in public equity (PIPE), acquiring approximately 69.1 million shares at $6.15 each to establish the first Nasdaq-listed Ethereum treasury company.
Spearheaded by Ethereum co-founder Joe Lubin, this move mirrors Strategy’s (MSTR) successful Bitcoin treasury strategy, which has yielded over $8.2 billion in gains in 2025, by leveraging stock and bond sales to acquire BTC.
Former Ethereum core developer and contributor Eric Conner highlighted the bullish implications of SharpLink’s move, noting its potential to create a “public ETH proxy for funds that can’t hold tokens directly.”
Conner emphasized that the acquisition of 120,000 ETH — likely to be staked — could lead to “supply compression” by removing tokens from circulation. The Ether proponent also pointed to the “new narrative fuel” this provides, positioning ETH as a “digital reserve collateral” and potentially driving its adoption on mainstream balance sheets through an equity wrapper like $SBET.
However, crypto analyst VICTOR cautioned against over-enthusiasm, outlining the risk of leveraging gains from an altcoin still down 19% in 2025.
In Q1 2025, Cointelegraph reported a sharp decline in Ethereum network fees, dropping to $605,000 from $2.5 million in just two weeks in March, alongside a noticeable decrease in decentralized app (DApp) activity. Although average daily fees on the Ethereum chain have stayed above $1 million since May 9, 2025, fees remain significantly lower compared to Q1 2024.
