TLDR
- Bit Digital plans to raise $100 million through a convertible senior note offering to expand its Ethereum treasury.
- The company aims to use the funds for purchasing more Ether and pursuing general corporate purposes including investments.
- Bit Digital currently holds over 120,000 Ether and could acquire an additional 23,714 tokens if the raise is successful.
- BitMine holds 2.65 million Ether, making it the largest Ethereum treasury company, well ahead of its competitors.
- BitMine’s most recent purchase of 234,000 Ether brings it closer to its goal of holding 5% of the total Ether supply.
Bit Digital, a digital asset company, announced plans to raise $100 million through a convertible senior note offering. The company aims to use the funds to expand its Ethereum treasury and pursue general corporate purposes. These purposes include potential investments, acquisitions, and business opportunities related to digital assets.
The offering includes an additional $15 million in notes, with all proceeds earmarked for purchasing more Ether. As of now, Bit Digital holds over 120,000 Ether, ranking as the seventh-largest Ethereum treasury company. If the raise is successful, the company could acquire an additional 23,714 tokens, potentially moving it ahead of Coinbase.
BitMine Expands Ethereum Treasury Holdings
BitMine Immersion Technologies continues to dominate Ethereum treasury rankings, holding 2.65 million Ether, valued at over $11 billion. This positions BitMine as the largest Ethereum treasury company, far ahead of SharpLink Gaming, which holds over 838,000 Ether. BitMine made its most recent acquisition of 234,000 tokens in late September as part of its long-term goal to accumulate 5% of the total Ether supply.
BitMine’s Ethereum holdings reflect the company’s ongoing commitment to Ethereum as a key strategic asset. The company’s average purchase price for Ether is $4,141, with the token currently trading at $4,221. BitMine Chairman Tom Lee emphasized the growing importance of Ethereum, citing it as a premier blockchain for both cryptocurrency and artificial intelligence (AI) supercycles expected in late 2025.
Lee expressed confidence in Ethereum’s future value, stating, “Ethereum is one of the biggest macro trades over the next 10-15 years.” He highlighted how the growing adoption of Ethereum by Wall Street and AI industries will transform the financial system. This transformation, according to Lee, will be built on Ethereum’s neutral public blockchain.
Ethereum Treasuries Gaining Institutional Attention
The race to accumulate Ethereum has sparked growing institutional interest, with companies like Bit Digital and BitMine leading the way. Collectively, Ethereum treasury companies and exchange-traded funds (ETFs) now hold over 11.8 million Ether, representing nearly 10% of the total supply. This trend suggests that Ethereum is gaining traction among institutional investors, similar to Bitcoin’s rise years ago.
Industry experts predict that this accumulation of Ether could lead to a new phase of growth for decentralized finance (DeFi). David Grider, a partner at Finality Capital, compared the Ethereum treasury boom to Bitcoin’s impact from Strategy’s acquisitions. Grider suggested that the surge in Ethereum holdings could drive significant price action for ETH in the near future.
