Ethereum is rapidly approaching its previous all-time high, climbing above $3,900 following a major investment by Sharplink Gaming. The surge comes after Sharplink added another $295 million worth of ETH to its treasury, signaling strong institutional confidence in the cryptocurrency.
According to CoinMarketCap, Ethereum rose 2.87% in the past 24 hours, with trading volume spiking 26.6% to reach $30 billion. This momentum is largely attributed to Sharplink’s latest acquisition of 77,210 ETH, valued at $295 million. Just weeks earlier, the company had made its largest weekly purchase to date, acquiring nearly 80,000 ETH for $258 million at an average price of $3,238.
Technical indicators also support Ethereum’s bullish trajectory. The MACD histogram has climbed to +21.93, and the RSI-14 sits at 81.75, suggesting strong buying pressure. Ethereum has now broken past the 61.8% Fibonacci retracement level near $2,950 and is targeting the next major resistance at $4,284.
Sharplink, traded on Nasdaq under the ticker SBET, continues to solidify its role as a leading Ethereum treasury holder. Data from Lookonchain reveals that the company’s total ETH holdings now exceed 438,000, worth nearly $1.7 billion. This latest purchase followed a $145 million USDC transfer from Circle to Galaxy Digital, which analysts interpreted as a precursor to another ETH acquisition. Interestingly, the Ethereum network issued only 72,790 new ETH in the past month, a figure that Sharplink’s recent buy alone has already absorbed.
Despite Sharplink’s aggressive accumulation, Bitmine Technologies has overtaken it in the corporate ETH treasury rankings. Bitmine now holds approximately 566,776 ETH, valued at around $2 billion. This leap was fueled by a $500 million investment from billionaire Peter Thiel, enabling the company to expand its Ethereum-focused initiatives.
Sharplink remains in second place with 438,017 ETH, while the Ethereum Foundation has dropped to third among institutional holders. Meanwhile, GameSquare Holdings recently entered the Ethereum treasury space with a $100 million initiative. Its initial $5 million purchase secured 1,819 ETH at an average price of $2,749. The firm aims to generate returns through DeFi protocols and other Ethereum-based assets.
Although Ethereum is still below its peak of $4,863, rising institutional interest could propel it to new heights in the coming months.
