EMJ Capital’s Founder Makes the Case for ETH Reaching $10,000

EMJ Capital Sees Ether Reaching $10,000 Amid Growing Institutional Interest

Eric Jackson, founder and president of Toronto hedge fund EMJ Capital, predicts that ether (ETH) could climb as high as $10,000 during the current bull market, fueled by pivotal developments and increasing institutional demand.

In a thread shared on X on Sunday, Jackson explained why his firm remains strongly bullish on ETH. He argued that the market is overlooking the significant impact of potential regulatory approval for staking-enabled ETH exchange-traded funds (ETFs), expected by October 2025. Unlike the spot ETH ETFs already in existence, staking-enabled ETFs would allow ether holders to earn yield, making the asset far more appealing to institutional investors seeking yield-generating opportunities.

Jackson said EMJ Capital’s models point to a tightening ETH supply due to increased staking, coupled with rising demand from institutions and passive inflows from traditional finance. He also highlighted several bullish drivers, including Ethereum’s deflationary token supply following the Merge, growing transaction fees from layer-2 solutions, and the momentum behind tokenizing real-world assets (RWAs).

“Ethereum isn’t just speculation—it’s a network generating real revenue and evolving into an institutional-grade yield product,” Jackson said. EMJ Capital has set a base target of $10,000 for ETH in this market cycle, with potential upside to $15,000 or higher if ETF inflows and layer-2 adoption exceed expectations.

While bitcoin continues to dominate market headlines as it hovers above $120,000, Jackson noted that Ethereum is quietly establishing itself as crucial blockchain infrastructure. He dismissed the common comparison of Ethereum to “digital oil,” instead likening it to leading fintech and commerce companies such as Circle, Coinbase, Shopify, and Robinhood. EMJ Capital remains long ETH via its investment in the $ETHA ETF and plans to update its forecasts as new developments emerge.

Meanwhile, ETH has shown resilience during recent market volatility. Bitcoin’s price has dropped from over $123,000 to around $116,000 in the past two days amid profit-taking, but ether has dipped only 0.6% over the last 24 hours. One reason for ETH’s relative stability is growing corporate interest, including significant moves from Nasdaq-listed SharpLink Gaming (SBET).

Earlier today, SharpLink announced via X that it has become the world’s largest corporate holder of ETH, surpassing even the Ethereum Foundation. Between July 7 and July 13, the firm purchased roughly 74,656 ETH valued at about $213 million, averaging $2,852 per token. That acquisition boosted SharpLink’s total ETH holdings to approximately 280,706 tokens.

SharpLink funded the purchases partly by raising $413 million through an at-the-market (ATM) share offering over the same period. Nearly all of SharpLink’s ETH holdings—around 99.7%—are currently staked, which has generated about 415 ETH in rewards since the company launched its ETH-focused treasury strategy on June 2, 2025.

The company also reported a 23% increase in its proprietary “ETH Concentration” metric since mid-June, indicating greater ETH exposure per share. Chairman Joseph Lubin, also a co-founder of Ethereum, said the move aligns with SharpLink’s strategy to establish itself at the forefront of digital commerce and decentralized finance by leveraging Ethereum’s infrastructure.

Technical Analysis

• ETH traded with notable volatility between July 14 at 15:00 UTC and July 15 at 14:00 UTC, moving within a $132 range (approximately 4%) from a low of $2,933.50 to a high of $3,065.45.
• During overnight trading, ETH fell from $3,013.65 to a low of $2,933.50 at around 03:00 UTC, before stabilizing in a sideways channel between $2,960 and $2,990.
• A late-session rally lifted ETH from $3,000.02 to $3,051.89 in one hour, with trading volume spiking to 496,321 units—more than twice the average daily volume.
• Between 13:42 and 13:50 UTC, ETH surged from $3,029.14 to $3,065.37, gaining $36 in eight minutes as volume exceeded 21,000 units, nearly triple the hourly average.
• ETH ultimately broke above key resistance at $3,030, reaching session highs before profit-taking trimmed gains, leaving prices to settle around $3,047 as momentum eased in the final minutes.