SharpLink Gaming Buys $295 Million in ETH as Ether Hits $3,900

TL;DR

• Ether is up nearly 4% in the last 24 hours and currently trades above $3,900.

• SharpLink Gaming has continued its Ether buying spree after splashing $295 million on 77,210 ETH coins.

Ether Hits $3,900 as Market Turns Bullish

The cryptocurrency market was bearish last week, with Bitcoin dropping to the $115k level. However, the market conditions have turned over the weekend, and Bitcoin is now trading close to $120k.

Ether, the second-largest cryptocurrency by market cap, is up nearly 4% in the last 24 hours, making it the second-best performer in the top 10 behind BNB. The rally allowed Ether to cross the $3,900 mark once again and is now heading towards the $4k psychological level.

This latest development comes as Joseph Lubin-backed SharpLink Gaming has purchased an additional $295 million worth of Ethereum, as it continues its Ethereum accumulation strategy. The Nasdaq-listed firm currently holds about 438,017 ETH, worth $1.7 billion at current market prices.

SharpLink(@SharpLinkGaming) bought another 77,210 $ETH($295M) and currently holds 438,017 $ETH($1.69B).https://t.co/143CVq5E6U pic.twitter.com/Oa4dQ9XFGF

— Lookonchain (@lookonchain) July 28, 2025

While Bitcoin has hit a new all-time high in this cycle, Ether hasn’t. Ether is currently 20% away from the all-time high price of $4,891 it achieved in November 2021. If the current market conditions persist, Ether could rally to a new all-time high in the coming weeks or months.