SharpLink Gaming has announced the creation of the first Ethereum vault with a $425 million investment, stirring the market and boosting expectations for ETH to surge to $3,000.
First ETH Vault Backed by Joseph Lubin
SharpLink Gaming, listed on Nasdaq (ticker: SBET), announced a $425 million investment through a private investment in public equity (PIPE), acquiring approximately 69.1 million shares at $6.15 each. The goal: to create the first Ethereum vault listed on Nasdaq.
The project is led by Ethereum co-founder Joseph Lubin and resembles MicroStrategy’s (MSTR) successful Bitcoin strategy, which yielded over $8.2 billion in profits in 2025.
Acquisition and Staking of 120,000 ETH
SharpLink will use the funds to acquire 120,000 ETH. According to former Ethereum developer Eric Conner, this move could serve as a “public ETH proxy” for funds that are unable to directly hold tokens.
Conner emphasized that staking the ETH could lead to “supply compression,” effectively removing tokens from circulation and helping to build a new narrative base — ETH as a “digital reserve asset.”
A new opportunity is emerging to integrate ETH into corporate balance sheets through shares like $SBET. — Eric Conner
Market Enthusiasm and Caution
Despite the positive reception, analyst VICTOR warns against excessive enthusiasm, reminding that ETH is still down 19% in 2025 and leveraged gains come with risks.
Ethereum Futures Hit New Records
Following the announcement, Ethereum futures open interest reached a record $36.1 billion, increasing by $3.5 billion in just 24 hours. Over the past month, it has surged by 72%, signaling growing trader interest.
ETH’s price also jumped 4.5% on the day. CryptoQuant analyst Maartuun noted that this may be the result of a leveraged pump.
Technical Outlook: Breakout Toward $3,100–$3,200
A bullish triangle is forming on the daily chart — a pattern that suggests a potential breakout. The upper resistance is around $2,700, and a breakout above $2,677 could target the $3,100–$3,200 range.
The Relative Strength Index (RSI) is at 68.5 — close to the overbought zone — which further supports the likelihood of an upward move.
Gotta love this sandwich setup — above the 1D 200 EMA, below the 1D 200 MA & 300 MA. Seen it many times this month, and it always goes up. — mo_xbt
Fundamental Challenges for Ethereum
Cointelegraph reported that Ethereum network fees dropped sharply in Q1 2025 — from $2.5 million to $605,000 in just two weeks in March. DApp activity has also declined.
However, as of May 9, 2025, daily fees remain above $1 million, though still well below Q1 2024 levels.
Conclusion:
SharpLink Gaming is laying the foundation for a new era for Ethereum, merging corporate structures with crypto assets. Expectations for ETH to reach $3,000 are rising, but risks remain due to market volatility and network challenges. If SharpLink’s strategy proves sustainable, ETH could establish itself as a digital reserve asset within the global financial system.
Frequently Asked Questions
Find answers to the most common questions below.
The Ethereum vault is a $425 million investment initiative led by SharpLink Gaming to acquire and potentially stake 120,000 ETH, positioning ETH as a corporate reserve asset similar to MicroStrategy’s approach with Bitcoin.
If successful, the initiative could reduce circulating ETH supply through staking and drive institutional interest, potentially propelling ETH toward the $3,000 price mark or higher.
Yes, many analysts believe this marks the beginning of a new narrative where ETH is viewed not just as a smart contract platform, but also as a digital reserve asset integrated into corporate finance.
This article is for general informational purposes only and is not intended to be, and should not be construed as, legal or investment advice. Crypto-assets are highly volatile, so only invest funds that you are willing to lose and use your own research and risk management.
