Bit Digital has strengthened its Ethereum position, purchasing 31,057 ETH worth around $140 million, bringing its total holdings to over 150,000 ETH. The deal, funded through proceeds from a $150 million convertible notes sale, establishes Bit Digital as the sixth-largest public Ether holder, according to 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.” The notes were issued at $4.16 per share — an 8.2% premium to the company’s mark-to-market net asset value (mNAV) at the time. The offering attracted interest from well-known crypto institutions, including Kraken Financial, Jump Trading Credit, and Jane Street Capital. Firm Joins Elite List of ETH Treasuries Following the transaction, Bit Digital now holds approximately 150,244 ETH. This ranks it just below PulseChain Sac (160,900 ETH) and the Ethereum Foundation (222,720 ETH). The largest holders include The Ether Machine (496,710 ETH), SharpLink Gaming (838,730 ETH), and Bitmine Immersion Technologies, which leads with 2.83 million ETH. According to data from StrategicETHReserve.xyz, Bit Digital’s mNAV was $3.84 per share in late September, supported by $512.7 million in Ethereum and $723.1 million in shares of its majority-owned subsidiary, WhiteFiber Inc. Tabar noted that the company intends to keep expanding its ETH position “in a cost-effective manner,” with a continued focus on building long-term net asset value for shareholders. Ethereum’s Growing Institutional Demand The acquisition highlights a broader trend of institutional confidence in Ethereum. SharpLink Gaming, another major corporate holder, has seen its Ether reserves rise to nearly $4 billion, with unrealized profits exceeding $900 million. The company began its accumulation in June and is now the second-largest institutional ETH holder. Collectively, reserve companies and ETFs now hold about 12.6 million ETH — roughly $56.4 billion — accounting for over 10% of Ethereum’s circulating supply. Ether remains the second-largest crypto asset in corporate treasuries after Bitcoin, which has around 4 million BTC valued at approximately $500 billion.
