Bit Digital Boosts Ethereum Holdings with Major Purchase
Bit Digital is strengthening its Ethereum strategy.The company recently bought over 31,000 ETH tokens. This move comes after a $150 million convertible notes offering. The purchase boosts Bit digital’s total ETH holdings to 150,244.
Ethereum’s price has risen due to growing corporate interest. Bit Digital’s latest acquisition reflects its long-term vision. CEO Sam Tabar explained the importance of this move. “We’re committed to increasing shareholder value by investing in ETH. our convertible notes raised capital at a premium, wich we used to buy more ETH,” he said.
Bit Digital’s ETH stash is now worth over $670 million. In July, it held $436 million worth of ETH. The firm raised $162 million then to enter the ethereum treasury market.
Tabar sees ETH as key to digital finance. “We aim to grow NAV per share,” Tabar added.
Bit Digital’s mNAV was $3.84 per share. The initial conversion price was $4.16, a 8.2% premium. Investors in the $150 million offering include Kraken Financial, Jump Trading Credit, and Jane Street Capital.
This purchase shows Bit Digital’s rapid growth as a major DAT player. The company aims to expand its Ethereum treasury cost-effectively.It also benefits from its stake in WhiteFiber.
bit Digital’s move highlights the growing corporate interest in Ethereum. The firm’s strategy could influence the crypto market. Its success may encourage others to invest in ETH.
