Bit Digital Inc. Purchases 31,057 ETH With Convertible Notes Proceeds, Raising Capital at a Premium to mNAV

Core Insights - Bit Digital has purchased approximately 31,057 Ethereum (ETH) using proceeds from a $150 million convertible notes offering, enhancing its Ethereum treasury [1][2] - The company now holds around 150,244 ETH, positioning it among the largest institutional Ethereum treasuries in public markets [2] - The initial conversion price of the convertible notes is $4.16 per share, representing an 8.2% premium to the company's estimated mark-to-market net asset value (mNAV) of $3.84 per share [3] Financial Overview - The estimated mNAV of Bit Digital is approximately $3.84 per share, based on the value of its ETH holdings and its stake in WhiteFiber, Inc. [3] - The convertible notes offering attracted notable crypto-focused investors, including Kraken Financial, Jump Trading Credit, and Jane Street Capital [2] - As of September 29, 2025, Bit Digital's ETH holdings are valued at approximately $512.7 million, while its stake in WhiteFiber is valued at around $723.1 million, leading to a combined value of approximately $1.236 billion [7] Strategic Focus - The company aims to expand its Ethereum treasury in a cost-effective manner while benefiting from its majority stake in WhiteFiber, which is a leading AI infrastructure provider [2][5] - Bit Digital's strategy emphasizes growing NAV per share to create long-term value for shareholders [2] - The company operates one of the largest institutional Ethereum staking infrastructures globally, focusing on advanced validator operations and yield optimization [5]