Institutional Bets on ETH Grow, Analysts Eye $6,000 Target in November

Core Insights - Major digital asset firms are increasing their Ethereum (ETH) exposure as the cryptocurrency recovers from recent lows, indicating rising institutional confidence in the asset [1] Group 1: Bit Digital - Bit Digital plans to raise $100 million through a public offering of convertible senior notes maturing in 2030, with an additional 30-day option for underwriters to acquire up to $15 million [2] - The capital raised will primarily be used to increase Ethereum holdings, with provisions for potential acquisitions and other digital asset opportunities [4] - Following the announcement, Bit Digital's stock (BTBT) rose to $3.2, an increase of 8.47% at market close, although it dipped 5% in after-hours trading [4] Group 2: BitMine Immersion Technologies - BitMine has expanded its Ethereum treasury to 2.65 million coins, valued at over $11 billion, after purchasing 234,846 ETH worth $963 million [5] - BitMine's Chairman stated that Ethereum remains the premier choice for investment due to its reliability and potential in the ongoing AI and crypto supercycle [6] - BitMine also holds 192 Bitcoin valued at $21.6 million, a $157 million stake in Eightco Holdings, and $436 million in cash, totaling $11.6 billion in crypto and cash assets [7]