TLDR
- Bit Digital boosts ETH stash with $150M notes, signaling bold crypto bet.
- Bit Digital buys 31K ETH, raising treasury to 150K amid bullish outlook.
- $150M ETH buy cements Bit Digital as a leading institutional holder.
- Bit Digital ups ETH to 150K with note-funded purchase, shares rebound.
- Bit Digital’s $150M ETH move lifts holdings, mNAV, and investor appeal.
Bit Digital Inc. (Nasdaq: BTBT) ended October 7 trading at $3.74, reflecting a 1.06% decline from the previous session. However, it rebounded in pre-market activity, gaining 1.6% to reach $3.80 early on October 8.
This movement followed the company’s announcement of a major Ethereum acquisition using capital from a recent $150 million convertible notes offering.
The company confirmed it purchased approximately 31,057 ETH with proceeds from its completed offering. This transaction boosts its total ETH holdings to 150,244, solidifying its leadership in institutional Ethereum treasury. With ETH prices hovering near $4,229 during the deal, Bit Digital’s strategy signals a bullish stance on Ethereum’s long-term potential.
Market observers noted that the note conversion price was set at $4.16 per share, representing an 8.2% premium to Bit Digital’s estimated market net asset value (mNAV). The firm disclosed its mNAV at $3.84 per share, based on valuations of Ethereum and WhiteFiber as of September 29, 2025. That pricing suggests the capital raise was favorable to shareholders, as it enhanced the per-share value.
Ethereum Holdings Strengthen Financial Profile
The newly acquired Ethereum positions Bit Digital as a key player in digital asset treasury management. The company began accumulating ETH in 2022 and has continued expanding its staking infrastructure globally. Its ETH holdings, now exceeding 150,000 tokens, are among the largest publicly held by any institutional entity.
As of the convertible notes pricing date, the firm held 121,252 ETH, valued at $512.7 million using Bloomberg’s $4,229 per token benchmark. The addition of over 31,000 tokens increases this exposure by more than 25%, further deepening its strategic commitment to Ethereum. The company emphasized its aim to grow NAV per share through disciplined capital allocation.
Bit Digital integrates staking, validator operations, and protocol governance into its Ethereum strategy. It uses partnerships across the ecosystem to secure on-chain yield, expand infrastructure, and optimize returns. This ETH-driven model aims to enhance digital asset income while maintaining secure custodial standards.
Convertible Notes Offering Attracts Key Backers
Bit Digital’s $150 million capital raise attracted major names in digital finance. Notable participants included Kraken Financial, Jump Trading Credit, and Jane Street Capital, reflecting growing confidence in Bit Digital’s ETH-focused roadmap. The full exercise of underwriters’ over-allotment option further increased the offering’s total.
The company confirmed that the initial conversion price of $4.16 per share aligned with its premium-to-NAV approach. This structure enabled Bit Digital to raise funds exceeding its intrinsic asset value, thereby maximizing shareholder benefit. Management noted this structure enabled accretive ETH accumulation while preserving dilution control.
Bit Digital maintains a majority stake in WhiteFiber, Inc. (Nasdaq: WYFI), an AI infrastructure and HPC solutions provider. This stake contributed $723.1 million to its mNAV as of September 29. The combined valuation of ETH and WYFI underpinned Bit Digital’s $1.236 billion net asset base, reinforcing long-term stability.
