Ethereum Eyes $4,000 as SharpLink Gaming Ups ETH Holdings and BlackRock Pushes Staking
Ethereum (ETH) briefly surged past $3,500 on Thursday following a flurry of bullish developments, including SharpLink Gaming’s (NASDAQ: SBET) massive $5 billion ATM expansion and BlackRock’s latest ETF move.
💰 SharpLink Gaming Expands ATM to $6B for Ethereum Accumulation
SharpLink Gaming has filed to boost its At-The-Market (ATM) facility with Alliance Global Partners from $1 billion to $6 billion, intending to allocate the majority of proceeds toward growing its ETH treasury. With over 280,000 ETH already under its belt, this move signals serious conviction in Ethereum's long-term value.
According to the updated prospectus:
“With this Prospectus Supplement, we are increasing the total amount of Common Stock that may be sold under the Sales Agreement to $6 billion…”
SharpLink joins a growing list of public companies pivoting into Ethereum-based treasuries.
🏦 BitMine, Founders Fund-Backed, Reveals $1B+ ETH Holdings
BitMine Immersion Technologies (BMNR), once a Bitcoin miner, announced its ETH reserves have swelled past 300,000 ETH—valued at over $1 billion. Backed by Peter Thiel’s Founders Fund, BitMine's ETH holdings now far exceed the $250 million raised in its recent private placement.
Other firms like Bit Digital, BTCS, and GameSquare have also adopted ETH-focused strategies, including staking to boost on-chain yields and maximize ETH-per-share metrics.
📈 According to StrategicETHReserve, 700,000+ ETH have been added to corporate treasuries since the end of May.
🧾 BlackRock Files to Add Staking to Ethereum ETF
BlackRock is pushing further into ETH with a request to the SEC to allow staking within its iShares Ethereum Trust (ETHA), which just saw $500 million in daily inflows on Wednesday — a new record.
Nasdaq formally submitted the amendment to the SEC, and Bloomberg ETF analyst James Seyffart noted:
“Staking approval might not come until late 2025, but momentum is building.”
Other ETF giants like Fidelity, Grayscale, and Bitwise have made similar staking-related filings.
ETH ETFs have now pulled in over $4 billion in net inflows since mid-April, according to SoSoValue data.
📊 Price Action: $ETH Breaks Out, Targeting $4,000?
ETH has climbed 35% since July 8, breaking out of both a symmetrical triangle and an ascending expanding wedge. After challenging $3,470 resistance, price targets now include:
🔹 $3,570 (expanding wedge target)
🔹 $3,740 (key resistance)
🔹 $4,000 (bullish pennant projection)
However, ETH must hold support at $3,220, the 14-day EMA, and the $2,850 level to avoid a pullback.
In the last 24 hours, $177.47M in ETH futures were liquidated — a sign of volatility and strong momentum.
TL;DLet:
Institutional appetite for ETH is heating up. With major players expanding their ETH exposure, staking likely entering ETFs in the near future, and price action aligning with bullish patterns — all eyes are now on a potential breakout to $4,000. 🌕
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