Bit Digital Ethereum Treasury Soars to $675M, Cementing Spot as Top 6 Holder

Core Insights - Bit Digital's Ethereum holdings have increased to approximately $675 million, positioning the company among the top six institutional Ethereum treasuries globally [1] - The firm has transitioned from Bitcoin mining to focusing on Ethereum, now holding around 150,244 ETH after a recent purchase [2][6] - The acquisition was financed through a $150 million convertible notes offering, which was priced at $4.16 per share, reflecting an 8.2% premium to the company's estimated NAV [3] Financial Strategy - The recent purchase of ETH is part of Bit Digital's strategy to enhance shareholder value and increase NAV per share [4] - The company has conducted multiple fundraising rounds, including a $67.3 million direct offering in July aimed at ETH purchases [5] - Bit Digital's shift to Ethereum has resulted in a significant decline in Bitcoin-related revenue, which dropped 64% year-over-year in Q1 2025 [7] Market Position - The company views Ethereum as essential to digital financial infrastructure and considers current prices as an attractive long-term investment opportunity [4] - Bit Digital's treasury has grown nearly 50% since early July, when it held about 100,603 ETH valued at $301 million [6] - The firm is now generating income through validator operations and custody solutions, alongside a stake in AI-focused firm WhiteFiber [7]