Bit Digital’s Ethereum Holdings Cross 150,000 Tokens After Latest Purchase

Bit Digital (BTBT) announced on Wednesday that it has acquired an additional 31,057 Ethereum (ETH) tokens, bringing its total holdings to more than 150,000 tokens.

The company said the latest purchase was funded with net proceeds from a recently completed $150 million convertible note offering. The notes carried an initial conversion price of $4.16 per share, representing an 8.2% premium to the company’s estimated mNAV at the time of pricing.

Ethereum’s price was trading at around $4,500 in early morning trade after falling nearly 5% in the last 24 hours. This puts the value of Bit Digital’s 150,244 ETH holdings at around $673 million.

BTBT’s stock rose 1.6% in pre-market trade. However, retail sentiment around the shares on Stocktwits dipped to ‘bullish’ from ‘extremely bullish’ over the past day as chatter remained at ‘high’ levels. 

“The structure of our convertible notes allowed us to raise capital at a premium to mNAV, and we have deployed those proceeds directly into ETH,” Bit Digital CEO Sam Tabar said. “We are focused on expanding our Ethereum treasury in a cost-effective manner, while benefiting from the growth of our majority stake in WhiteFiber.”

WhiteFiber (WYFI), Bit Digital’s AI infrastructure and high-performance computing subsidiary, is central to the company’s evolving strategy. The firm has shifted from a Bitcoin-focused mining operation to a dual approach, emphasizing Ethereum staking and AI compute services like most other companies in the space. Bit Digital holds a majority stake in WhiteFiber, which was spun off through a planned Nasdaq initial public offering (IPO) in August.

In pre-market trade on Wednesday, WYFI’s stock edged 0.5% higher. Retail sentiment around the company trended in ‘bullish’ territory amid ‘high’ levels of chatter over the past day. 

According to CoinGecko data, Bit Digital is the fourth-largest Ethereum-holding digital asset treasury (DAT) company behind BitMine Immersion (BMNR), SharpLink (SBET), and Coinbase (COIN).

Read also: BNB Hits Record $1,330 While Bitcoin, Ethereum Retreat Amid $650 Million Liquidations

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