Bit Digital Buys $140M in Ethereum, Becomes 6th-Largest ETH-Holding Public Firm

Key Insights:

Bit Digital bought 31,057 ETH worth $140M using proceeds from a $150M convertible note sale.

The firm now ranks 6th among public companies with the largest Ethereum holdings.

ETH price holds above $4,500 amid cooling momentum after recent highs near $4,800.

Bit Digital, a crypto infrastructure firm, has  expanded its Ethereum holdings, acquiring 31,057 ETH valued at approximately $140 million. The purchase was funded through proceeds from a $150 million convertible notes offering, and brings the firm’s total ETH holdings to over 150,000, according to on-chain data.

Public firms and their ETH reserve | Source: strategicethreserve

The move places Bit Digital as the sixth-largest public holder of ETH, trailing only behind major entities such as PulseChain Sac, the Ethereum Foundation, The Ether Machine, SharpLink Gaming, and Bitmine Immersion Technologies, which tops the list with over 2.8 million ETH.

“This purchase demonstrates our commitment to building shareholder value by financing ETH accumulation on terms that are accretive to NAV per share,” said Sam Tabar, CEO of Bit Digital.

He added that the firm views Ethereum as a foundational layer for digital financial infrastructure, making current price levels a compelling long-term entry point.

The newly issued convertible notes were priced at $4.16 per share, an 8.2% premium over Bit Digital’s mark-to-market net asset value (mNAV) at the time of pricing.

Notably, those who took part in the offering include heavyweight crypto institutions like Kraken Financial, Jump Trading Credit, and Jane Street Capital.

Meanwhile, Bit Digital's mNAV as of late September was estimated at $3.84 per share, supported by $512.7 million in ETH and $723.1 million in shares of its majority-owned subsidiary, WhiteFiber Inc. The company says it intends to continue growing its ETH reserves in a “cost-effective manner” as part of its broader long-term NAV-focused strategy.

Ethereum Price Outlook Amid Treasury Accumulation

ETH price chart | Source: Tradingview 

Bit Digital’s aggressive ETH accumulation comes as Ethereum attempts to stabilize following a retreat from its recent local high of $4,800.

At the time of writing, ETH is trading slightly above $4,500, a level that has served as a key support over the past few days. 

The price structure suggests a pullback phase rather than a breakdown, with technical indicators showing a moderation of momentum.

Meanwhile, the Relative Strength Index (RSI) sits just above 55, pointing to mild bullish control but no signs of overheating. Also, MACD remains positive, although the flattening histogram bars hint at weakening momentum.

Volume has also thinned slightly, reflecting reduced conviction among buyers. If $4,500 holds, ETH may attempt another rally toward $4,650 or even retest the $4,800 zone.

A breakdown below $4,500, however, could shift short-term sentiment, with the next major support sitting around $4,350.

With institutional players like Bit Digital accumulating Ethereum, the long-term thesis for ETH remains strong. Such treasury moves also reflect growing confidence in Ethereum’s role in the digital assets space, especially as Ethereum ETFs and Layer 2 adoption gain further momentum.