The purchase was funded through proceeds from a $150 million convertible notes offering, which was fully subscribed and included the exercise of underwriters’ options. The newly raised capital gives Bit Digital a solid base for long-term exposure to Ethereum’s growth potential.
“This purchase demonstrates our commitment to building shareholder value by financing ETH accumulation on terms accretive to NAV per share,” said Sam Tabar, CEO of Bit Digital. “We view Ethereum as foundational to the future of digital financial infrastructure and see current price levels as a compelling long-term entry point.”
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Institutional Investors Fuel ETH Treasury Expansion
The recent funding round attracted participation from several prominent institutions, including Kraken Financial, Jump Trading Credit, and Jane Street Capital. The notes were priced at $4.16 per share, representing an 8.2% premium to Bit Digital’s mark-to-market net asset value (mNAV) at the time of pricing.
According to StrategicETHReserve.xyz, Bit Digital’s 150,244 ETH holding places it just behind major entities like PulseChain Sac (160,900 ETH) and the Ethereum Foundation (222,720 ETH). Other notable institutional holders include The Ether Machine, SharpLink Gaming, and Bitmine Immersion Technologies, the latter maintaining over 2.8 million ETH in reserves.
Ethereum’s Corporate Holdings Continue to Grow
The broader market trend highlights Ethereum’s rising institutional appeal. As of early October, corporations and ETFs collectively hold more than 12.6 million ETH, representing over 10% of the total circulating supply, worth around $56 billion.
“Bit Digital’s approach reflects a maturing institutional narrative around Ethereum as both an asset and a network,” noted BITX industry analyst.
With Ethereum trading around $4,470, analysts say the move could further validate ETH as the primary digital asset for smart contract and DeFi infrastructure. Bit Digital plans to continue strategic ETH accumulation while focusing on sustainable net asset value growth in the coming quarters.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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