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    Wednesday, October 8
    Ethereum

    Bit Digital Becomes Sixth-Largest Ethereum Holder With $140M ETH Purchase

    KryptonewsBy No Comments2 Mins Read

    Bit Digital has expanded its Ether holdings to more than 150,000 ETH after purchasing 31,057 ETH valued at roughly $140 million using proceeds from a $150 million convertible notes sale.

    The deal, which included full exercise of underwriters’ options, positions the firm as the sixth-largest Ether (ETH) treasury among public companies, according to data 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,” Tabar added.

    The newly acquired ETH was funded through Bit Digital’s convertible notes, priced at $4.16 per share, a premium of 8.2% to the company’s mark-to-market net asset value (mNAV) at the time of pricing. Investors participating in the offering included notable crypto institutions such as Kraken Financial, Jump Trading Credit and Jane Street Capital.

    Related: ETH rally tops out at $4.8K, setting up a make-or-break moment for Ether bulls

    Bit Digital holds over 150,000 ETH

    Bit Digital now holds approximately 150,244 ETH, ranking behind PulseChain Sac (160,900 ETH), the Ethereum Foundation (222,720 ETH), The Ether Machine (496,710 ETH), SharpLink Gaming (838,730 ETH) and Bitmine Immersion Technologies (2.83 million ETH), respectively.

    Top 10 ETH treasury companies. Source: Strategicethreserve.xyz

    The company’s estimated mNAV as of late September stood at $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 said Bit Digital plans to continue expanding its ETH holdings “in a cost-effective manner,” while maintaining focus on long-term net asset value growth for shareholders.

    Related: A ‘spooky’ Ethereum correlation suggests an imminent breakout

    SharpLink’s Ethereum holdings near $4 billion

    As Cointelegraph reported, SharpLink Gaming’s Ethereum stash has ballooned to nearly $4 billion, with the company’s unrealized profits surpassing $900 million. The firm began its accumulation strategy on June 2 and has since become the second-largest institutional holder of ETH.