Bit Digital, a publicly traded crypto company, recently purchased 31,057 $ETH (worth $140M), increasing its total Ethereum holdings to 150,244.
This makes it the 3rd largest largest corporate Ethereum holder, right behind SharpLink and BitMine Immersion.
Interestingly enough, Bit Digital financed its latest $ETH accumulation through a $150MM convertible note issuance.
This means investors lend money now, and the company can later convert it to shares at a fixed price. In Bitwise’s case, the company has raised funds from major crypto-linked financial players, including Kraken Financial, Jump Trading Credit, and Jane Street Capital.
But retail investors aren’t sitting still, either.
As institutions back Bit Digital’s $ETH strategy, retail is turning to similar growth potential in ecosystems like Best Wallet, powered by Best Wallet Token ($BEST).
Bit Digital’s $140M Ethereum Purchase Triggers Short Squeeze and Signals Renewed Institutional Confidence
Now Bit Digital’s total stash is at 150,244 ETH, roughly worth $666M — a massive corporate-level treasury that pushes Bit Digital past Coinbase in terms of $ETH holdings.
CEO Sam Tabar recently said ‘We view ETH as foundational to digital financial infrastructure and believe current levels provide a compelling long-term entry point.’
Supporting Tabar’s firm conviction, $ETH recently touched $4,700 and then dropped to $4,432, triggering panic and short positions. However, Bit Digital’s news dropped, causing a short burst above $4,500.
Despite $90M in total liquidations over the past 24 hours, the majority came from long positions ($51.44M), while shorts are at $38M, signaling that there’s some bearish sentiment at the moment.
With Bit Digital’s $140M purchase triggering a potential market-wide accumulation, experts claim that $ETH is forming a possible breakout setup toward $5,000.
As $ETH’s price rebound solidifies institutional confidence, attention is tilting towards ecosystems like Best Wallet and its native token $BEST — positioned to benefit from Ethereum’s momentum.
Best Wallet & $BEST — Empower Users With Full Control, Lower Fees, and Exclusive Presale Access
Best Wallet is a non-custodial mobile crypto wallet that lets you buy, sell, swap, and soon stake assets securely across six chains (soon 60+).
The app has a built-in DEX, a presale token launchpad (where you can join the best crypto presales right away), and exclusive perks for its native token holders, including higher staking rewards and lower fees.
With robust security measures, multi-chain support, and fiat on- and off-ramp options, Best Wallet stands out as one of the most reliable and versatile mobile crypto wallets today.
In its next phase, the project plans to launch the Best Card, a groundbreaking crypto payment solution designed to make everyday transactions effortless, convenient, and widely accessible.
At the center of this thriving ecosystem is Best Wallet Token ($BEST), the native crypto of the Best Wallet app. $BEST powers the ecosystem through:
- Lower transaction and swap fees within the Best Wallet app
- Boosted yields on staking compared to non-holders
- Priority entry to exclusive and vetted crypto presales
- Allowing you to vote on upcoming features, integrations, and ecosystem developments within Best Wallet
With Best Wallet positioning itself as the most user-friendly platform in the industry, its native token $BEST aims to simplify DeFi and empower its community through real utility, governance, and long-term growth potential.
The project is already making waves, having raised $16.4M in its presale phase. Each $BEST token currently trades at $0.025765, offering a massive 81% APY through dynamic staking rewards.
That means a $500 investment today could grow to around $905 in staking rewards alone within a year. But remember, as more investors join the pool, staking rewards will gradually taper. Besides, the next price jump is expected tomorrow, meaning early movers stand to gain the most.
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Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/bit-digital-140m-eth-buy-best-wallet-token/