Bit Digital Acquires $140 Million in Ether, Solidifying Its Position as the Sixth Largest Ethereum Holder
Bit Digital has enhanced its Ethereum holdings by purchasing over 31,000 ETH, making it the sixth-largest treasury holder in the cryptocurrency space.
Bit Digital has raised its total Ethereum holdings to about 150,244 ETH after securing 31,057 ETH valued at approximately $140 million, sourced from a successful sale of convertible notes amounting to $150 million.
This acquisition positions Bit Digital as the sixth-largest holder of Ethereum among public entities, according to insights from StrategicETHReserve.xyz.
“This purchase demonstrates our commitment to building shareholder value by financing ETH accumulation on terms that are accretive to NAV per share,” said Sam Tabar, CEO of Bit Digital. “We view ETH as foundational to digital financial infrastructure and believe current levels provide a compelling long-term entry point.”
Translation: “Diese Kaufentscheidung zeigt unser Engagement für den Aufbau von Aktionärswert durch die Finanzierung des ETH-Akkumulations unter Bedingungen, die den NAV je Aktie erhöhen.”
Translation: “Wir betrachten ETH als grundlegend für die digitale Finanzinfrastruktur und glauben, dass die aktuellen Niveaus einen überzeugenden langfristigen Einstiegspunkt bieten.”
The newly acquired ETH was facilitated through Bit Digital’s convertible notes, each priced at $4.16 per share, reflecting an 8.2% premium to the company’s marked net asset value (mNAV) at the time of the pricing. Key investors involved in the offering included prominent crypto firms like Kraken Financial, Jump Trading Credit, and Jane Street Capital.
Bit Digital Reaches Over 150,000 ETH
Bit Digital’s current ETH holdings place it just behind other significant entities like PulseChain Sac with 160,900 ETH and the Ethereum Foundation with 222,720 ETH.
Top 10 ETH treasury companies. Source: Strategicethreserve.xyz
As of late September, the company’s estimated mNAV was reported to be $3.84 per share, backed by $512.7 million in Ethereum and $723.1 million in shares of its majority-owned subsidiary, WhiteFiber Inc.
Tabar indicated that Bit Digital aims to persist in expanding its ETH reserves “in a cost-effective manner,” while focusing on long-term growth in net asset value for shareholders.
SharpLink’s Ether Holdings Approach $4 Billion
As highlighted by Cointelegraph, SharpLink Gaming has amassed nearly $4 billion in Ether, with unrealized profits exceeding $900 million. The company’s investment strategy began on June 2, positioning it as the second-largest institutional ETH holder.
Collectively, reserve entities and ETFs command a total of 12.6 million ETH valued at $56.4 billion, constituting over 10.3% of the total Ethereum supply. Ether remains the second-largest cryptocurrency treasury asset after Bitcoin, which maintains approximately 4 million coins (worth $500 billion) held in corporate treasuries.
