Ethereum News: Bit Digital Becomes the Sixth-Largest Ethereum Treasury After Purchasing 31,000 ETH for $140 Million
Bit Digital Expands Ethereum Holdings
Bit Digital, a cryptocurrency mining and infrastructure company, recently bought 31,057 Ethereum (ETH) for almost $140 million, increasing its Ethereum (ETH) holdings to over 150,000 ETH.
Bit Digital is now the sixth-largest Ethereum treasury among publicly traded firms, according to the acquisition, which was funded by the proceeds of a $150 million convertible-notes issue, according to statistics from StrategicETHReserve.xyz.
“By financing ETH accumulation on terms that are accretive to NAV per share, this acquisition demonstrates our commitment to building shareholder value,” Bit Digital CEO Sam Tabar stated. “We see ETH as the cornerstone of the digital financial infrastructure, and we think the current price points offer an attractive long-term entry point.”
Ethereum Treasuries Top $56 Billion
Around 10.3% of Ethereum’s total supply, or 12.6 million ETH, are held by public businesses and exchange-traded funds (ETFs) across the market. Their combined value is around $56.4 billion. With treasuries of over 4 million coins (~$500 billion), Ether continues to be the second-largest corporate cryptocurrency asset after Bitcoin (BTC).
With a focus on long-term NAV growth for shareholders, Tabar stated that Bit Digital intends to keep acquiring ETH “in a cost-effective manner.”
SharpLink and Institutional ETH Demand Surge
Since beginning its accumulation plan in June, SharpLink Gaming, which is led by Ethereum co-founder Joseph Lubin, has accumulated around $4 billion in ETH, with over $900 million in unrealized profits, according to a recent Cointelegraph report.
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