Bit Digital buys 31K ETH worth $140M, becomes 6th-largest Ethereum treasury

Bit Digital has expanded its Ether holdings to much than 150,000 ETH aft purchasing 31,057 ETH valued astatine astir $140 cardinal utilizing proceeds from a $150 cardinal convertible notes sale.

The deal, which included afloat workout of underwriters’ options, positions the steadfast arsenic the sixth-largest Ether (ETH) treasury among nationalist companies, according to information from StrategicETHReserve.xyz.

“This acquisition demonstrates our committedness to gathering shareholder worth by financing ETH accumulation connected presumption that are accretive to NAV per share,” said Sam Tabar, CEO of Bit Digital. “We presumption ETH arsenic foundational to integer fiscal infrastructure and judge existent levels supply a compelling semipermanent introduction point,” Tabar added.

The recently acquired ETH was funded done Bit Digital’s convertible notes, priced astatine $4.16 per share, a premium of 8.2% to the company’s mark-to-market nett plus worth (mNAV) astatine the clip of pricing. Investors participating successful the offering included notable crypto institutions specified arsenic Kraken Financial, Jump Trading Credit and Jane Street Capital.

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Bit Digital holds implicit 150,000 ETH

Bit Digital present holds astir 150,244 ETH, ranking down PulseChain Sac (160,900 ETH), the Ethereum Foundation (222,720 ETH), The Ether Machine (496,710 ETH), SharpLink Gaming (838,730 ETH) and Bitmine Immersion Technologies (2.83 cardinal ETH), respectively.

Top 10 ETH treasury companies. Source: Strategicethreserve.xyz

The company’s estimated mNAV arsenic of precocious September stood astatine $3.84 per share, backed by $512.7 cardinal successful Ethereum and $723.1 cardinal successful shares of its majority-owned subsidiary, WhiteFiber Inc.

Tabar said Bit Digital plans to proceed expanding its ETH holdings “in a cost-effective manner,” portion maintaining absorption connected semipermanent nett plus worth maturation for shareholders.

Related: A ‘spooky’ Ethereum correlation suggests an imminent breakout

SharpLink’s Ethereum holdings adjacent $4 billion

As Cointelegraph reported, SharpLink Gaming’s Ethereum stash has ballooned to astir $4 billion, with the company’s unrealized profits surpassing $900 million. The steadfast began its accumulation strategy connected June 2 and has since go the second-largest organization holder of ETH.

In total, reserve companies and ETFs clasp 12.6 cardinal ETH ($56.4 billion), implicit 10.3% of the full supply. Ether remains the world’s second-largest crypto treasury plus aft Bitcoin (BTC), which has astir 4 cardinal coins ($500 billion) held in firm treasuries.

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