In breaking Ethereum news, Bit Digital is advancing the Ethereum treasury push with its latest bet. In a press release on October 8, the company said it has expanded its holdings with the newly purchased 31,057 ETH.
With this latest purchase, the company has expanded its total Ethereum stash and now ranks as one of the biggest treasury firms backing the asset.
Ethereum News: ETH Stacking By All Means Necessary
Per the Ethereum news update, Bit Digital said it made the acquisition through funds it raised from its recently completed $150 million convertible notes offering.
It confirmed that this offering saw its underwriters exercising the full exercise of their overall allotment option.
Priced at an initial $4.16 per share, the convertible notes mark an 8.2% Premium to the firm’s mNAV.
The quest to stack Ethereum has grown remarkably in the past few months, with Tom Lee’s BitMine Immersions leading the group.
Following this latest purchase, the Bit Digital ETH treasury strategy now consists of a total holding of 121,252 Ethereum. This is valued at approximately $4,229 per Ethereum for a total of $512.7 million.
This is not the only asset under the firm’s control, as it has also diversified to WhiteFiber Inc (WYFI).
With the trend surrounding Ethereum acquisitions thus far, the coin is benefiting from both reserve funds and debt offerings that firms are deploying to buy it.
The Diversification Game is Growing
It is now considered a very positive strategy to include digital currencies in reserve holdings. Beyond Bit Digital and BitMine, SharpLink is also hyper-focused on Ethereum.
With more than 12% of the total Ethereum holdings now linked to treasury firms, new players are also emerging in the space.
While slightly deviating from Ethereum as a reserve asset, insurance firm Anthea has raised $22 million in Series A funding.
This funding will enable it to launch the Anthea Firstlife insurance product that is denominated in Ethereum. With this product, the Ethereum community has bagged its first insurance product.
Companies are devising new measures to take a share of the Ethereum pie at a time when altcoins are gaining traction.
These growing acquisitions, mixed with network upgrades, have been tipped as a positive boon for the entire ecosystem.
Ethereum News: Impact on ETH Price
Since the start of October in Ethereum news, the ETH price has lagged behind some of its core altcoin pairs in the industry.
While Bitcoin price recorded a new all-time high (ATH) above $126,000, Binance Coin has also bagged a new high of $1,336.57.
Despite this, Ethereum price is yet to reclaim the ATH of $4,953 that it set over a month ago. The growing liquidity crunch may help shift the tide in the coming days, masked by growing capital rotation from Bitcoin.