Shares of Bit Digital Inc. (NASDAQ:BTBT) rose 4% after the crypto mining firm announced the acquisition of nearly 20,000 Ethereum (ETH), deepening its commitment to digital asset accumulation.
The company disclosed that it used proceeds from a recently completed $67.3 million registered direct offering to institutional investors to purchase approximately 19,683 ETH. This brings its total Ethereum holdings to around 120,306 ETH.
CEO Sam Tabar noted that the transaction positions Bit Digital “among the largest institutional Ethereum treasuries in the public markets,” underscoring the company’s evolving investment strategy centered around Ethereum’s long-term value proposition.
Ethereum’s role as programmable infrastructure, its expanding use cases, and its ability to generate yield through staking are core to Bit Digital’s thesis. The company stakes most of its ETH and operates validators to earn rewards while reinforcing the network’s security.
Bit Digital also highlighted Ethereum’s essential role in the broader decentralized finance (DeFi) ecosystem, acting as a backbone for stablecoins, tokenized assets, and decentralized applications. By integrating directly with the Ethereum network, the company seeks to provide traditional equity investors with regulated access to Ethereum’s economics.
This latest ETH acquisition reflects Bit Digital’s strategic shift to diversify its crypto exposure and aligns with its ongoing commitment to participating in the foundational infrastructure of Web3.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.