Arthur Hayes Names Ethereum (ETH) His Largest Non-Bitcoin Holding With $5,000 Target

BitMEX co-founder and former CEO Arthur Hayes has placed Ethereum (ETH) at the center of his personal crypto portfolio, telling crypto journalist Laura Shin that the token is his largest holding after Bitcoin. The comments surfaced on Aug. 21 as Ether traded above $2,400 during a broad market advance that also pushed Bitcoin above $79,000. Hayes said that, apart from Bitcoin, Ethereum currently accounts for the largest share of his portfolio, arguing that the risk of Ethereum’s value falling to zero is far lower than for smaller altcoins. He added that the expected return and risk profile makes ETH attractive for committing a significant portion of capital. He contrasted that profile with smaller tokens, which in his view carry a higher probability of essentially going to zero. Despite its position as the second-largest cryptocurrency by market capitalization, Hayes noted, Ethereum has still not exceeded the peak it reached in 2021 — its all-time high. Combined with muted gains in the current bull cycle, he sees that gap as room for a recovery. His projection is that a decisive break above $3,000 could accelerate buying and allow ETH to move beyond $5,000 in a relatively short period. He did not specify a precise timeframe for the $5,000 move. Hayes also turned to Bitcoin investment vehicles, advising investors who want exchange-traded exposure to buy spot Bitcoin ETFs such as BlackRock’s IBIT instead of shares of Strategy (MSTR). He said investors can use IBIT or other spot products for this purpose. He argued that Strategy was a rational hedge when the market feared a drop to $20,000, but that its importance fades as liquidity supply expands and the economic backdrop eases. As the macro landscape becomes more accommodative, he said, the company’s equity no longer offers the same hedging value. The remarks amount to a prominent endorsement of Ethereum, although the $5,000 target remains a personal forecast rather than a market certainty.

On the corporate side, Nasdaq-listed Sharplink Gaming (SBET) extended its Ethereum accumulation strategy on Aug. 21 by staking another 39,319 ETH, worth roughly $91 million at current prices. On-chain data flagged the transaction and shows the company continues to move nearly all of its treasury Ether into staking and liquid staking derivatives rather than leaving the tokens idle. The additional stake builds on a reserve that stood at 888,938 ETH as of Aug. 3, according to the company’s prior disclosures, up from 886,725 ETH at the end of June. That stockpile is split among 632,719 ETH held directly, 181,299 ETH in LsETH and 72,707 ETH in weETH, an allocation that allows Sharplink to earn staking yield while retaining flexibility to access liquidity. Staking has become the company’s primary revenue engine. In the second quarter of 2026, staking generated $11.2 million of the company’s $11.5 million total revenue, falling slightly short of the $12.3 million analysts had forecast. The same report showed a net loss of $394.3 million, mostly from $321 million in unrealized losses on crypto holdings and a $76.1 million impairment charge related to liquid staking positions as Ether’s price declined. Co-CEO Joseph Chalom, who joined from BlackRock’s digital-asset team in July, said each financing decision is tied to the long-term objective of increasing the amount of ETH per share. Sharplink, which pivoted from sports-betting marketing to Ether accumulation in mid-2025 under Ethereum co-founder Joseph Lubin, is ranked by corporate treasury data as the second-largest corporate Ether holder, behind Bitmine Immersion. The company has also seeded the $125 million Galaxy Sharplink on-chain yield fund with $100 million in staked ETH, aiming to generate returns above baseline staking yields. Institutional ownership in the stock has risen to roughly 60%. The moves come despite a difficult quarter, and the company continues to add to its position in small, regular batches rather than one large purchase, a pattern that has persisted for more than a year.

The two stories converge on one point: large allocators increasingly treat Ethereum as a yield-bearing asset with asymmetric upside. Sharplink’s quarterly disclosure provides the primary evidence — staking revenue of $11.2 million against $11.5 million of total revenue — while on-chain data confirms the 39,319 ETH deposit. Hayes adds a prominent investor voice, framing Ethereum’s tail risk as lower than that of smaller altcoins. In our reading, the accumulation pattern and the endorsement reflect conviction, not tactical positioning. The live spot price has risen 4.3% in 24 hours, but the $5,000 target still depends on a sustained break above $3,000; a failure could invite renewed bear-market pressure. Ethereum’s role as a settlement layer for appchains remains central to the debate.