Ether Could Reach $1.5 Million, Says EMJ Capital Founder

Ether (ETH) could one day hit $1.5 million per token, with its next surge catching many by surprise, according to EMJ Capital founder Eric Jackson. In a series of X posts on Sunday, Jackson shared that his firm’s analysis suggests “the ETH network is underpriced.” 

Jackson believes the potential approval of Ether ETFs featuring staking in the United States, along with Ethereum’s increasing integration by major financial institutions, could serve as catalysts for a “10-bagger plus” rally in the coming years, implying a tenfold price increase. 

The US Securities and Exchange Commission allowed Ether ETFs to launch in July 2024, and analysts anticipate the approval of staking-enabled ETH ETFs later this year.

Staking Approval Seen as the Real Catalyst

Jackson argued that many investors mistakenly believe ETH has already priced in ETF approvals, noting that Ether ETFs have underperformed their Bitcoin counterparts in volume so far. US spot Bitcoin ETFs have posted $6.9 billion in volume, while Ether ETFs have recorded just $1.41 billion, according to CoinGlass data.

He emphasized that the upcoming catalyst lies in staking approvals, which he expects before October. Jackson explained that once ETH becomes a “productive, staked asset within an ETF wrapper,” it will transform into an “institutional-grade yield product” rather than simply being viewed as “digital oil.” 

This, he added, would enhance Ethereum’s deflationary supply mechanics as more ETH would be locked for staking, while traditional finance inflows would further reduce the circulating supply.

Jackson highlighted that if large firms using Ethereum, such as stablecoin issuer Circle, Coinbase, Shopify, and Robinhood, continue their growth, ETH’s value could rise to $1.5 million over time. “If traders believe some part of commerce stays in crypto and moves away from fiat, then you believe in ETH,” Jackson said.

Potential for a “100-Bagger” in the Long Run

Jackson noted that his firm’s “base case” places Ether at $10,000 by the end of this cycle, which he considers to conclude in March 2026. Under a “bull case,” ETH could reach $15,000 if adoption of layer 2 blockchains and ETH inflows from staking approvals exceed expectations before October.

He added that his projections do not factor in potential breakthroughs in decentralized finance (DeFi), stablecoin use, or expanded activity on Robinhood’s and Coinbase’s layer 2 networks, which could propel ETH into becoming a “100-bagger.” 

Currently, Ether is trading well above the $3,000 mark, rallying alongside Bitcoin, which recently hit $120,000, according to CoinMarketCap data.