Nasdaq-listed Bit Digital has announced the purchase of approximately 19,683 ETH, expanding its Ethereum Treasury using the net proceeds from its recent $67.3 million registered direct offering to institutional investors. This new acquisition brings Bit Digital’s total ETH holdings to around 120,306 ETH, valued at approximately $438 million.
Bit Digital Expands Ethereum Treasury To 120,306 ETH
According to a press release, Bit Digital, with a market cap of $1.2 billion, has now become one of the largest institutional holders of Ethereum in the public markets after buying 19,683 ETH. Bit Digital’s decision to increase its Ethereum holdings comes as part of a broader strategy to participate in Ethereum’s long-term growth.
The company’s expansion of its Ethereum treasury follows the conversion of its entire Bitcoin holdings to ETH. Bit Digital has previously announced its decision to convert all of its Bitcoin holdings into Ethereum, positioning itself to capture the future value potential of the digital asset. The move has been strategic, as Ethereum continues to lead the current crypto market rally. At press time, the ETH price has recently surpassed $3,600, a level not seen since earlier this year.
CEO Sam Tabar stated, “With approximately 120,000 ETH, Bit Digital is positioned among the largest institutional Ethereum treasuries in the public markets.” Per the announcement, Bit Digital sees Ethereum as a key part of its long-term strategy, believing its programmable nature and growing adoption will play a significant role in the future of digital financial infrastructure.
Whale Activity and Institutional Interest in Ethereum
Ethereum has recently witnessed a surge in institutional and whale accumulation. Data from Lookonchain reveals that two large wallets withdrew a total of $745 million worth of ETH from exchanges.
Whale 0x35fb withdrew 103,274 ETH, valued at $373 million, from Kraken, while wallet 0x9684 moved $372 million in ETH from FalconX. These significant withdrawals are seen as a sign of confidence in Ethereum’s long-term potential, with many investors opting for self-custody of their holdings.
Additionally, one of the largest players in the gaming sector, SharpLink Gaming, has made a significant purchase, acquiring approximately 32,892 ETH worth $115 million, which has increased its ETH holdings to $1.3 billion. Meanwhile, Bitmine Technologies has expanded its Ethereum treasury, which now holds 300,000 ETH, worth just over $1 billion.
Another significant development in Ethereum’s institutional adoption is the recent Ethereum purchases by World Liberty Financial. The firm has increased its holdings by adding $3 million worth of ETH, following a previous $5 million acquisition. It currently owns 70,143 ETH, valued at around $251 million.
The recent actions of major institutional entities have bolstered Ethereum’s market position, and its price has climbed to $3,622, representing a 6% rally in 24 hours.
Kelvin Munene Murithi
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary .
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Source: https://coingape.com/1-2-billion-bit-digital-expands-ethereum-treasury-to-120306-eth/