Bit Digital Expands ETH Holdings to Over 120,000

Crypto miner Bit Digital Inc. has announced an increase in its ether holdings to approximately 120,306 ETH, valued around $436 million at current market prices. This expansion follows the company’s $67.3 million share sale, through which it acquired an additional 19,683 ETH. According to a statement released on Friday, the Nasdaq-listed firm (BTBT) now ranks among the largest publicly traded ether treasuries, significantly trailing behind SharpLink Gaming's 353,000 ETH holdings and BitMine Immersion's 300,657 ETH. This acquisition reflects a growing trend among corporations to accumulate ether as staking yields and spot ETF inflows enhance the asset's market profile. Ether treasuries offer investors exposure to Ethereum in the stock market without directly holding the token, following a strategy analogous to the successful bitcoin investment approaches. There is also a rising interest in ether-focused investment vehicles, such as spot exchange-traded funds on Wall Street. Recent data indicates that spot ETH ETF volumes have hit a historical high, accounting for over 10% of total Ethereum spot market activity. At the time of Bit Digital's announcement, ether was trading above $3,600, its highest price in six months, following a 20% increase in the preceding week. Shares of BTBT experienced modest gains in early trading alongside the rise of ether-linked stocks. Disclaimer: The Block is a media outlet dedicated to delivering news, research, and data about the crypto industry. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in various companies within the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures, while The Block maintains its independent operation to provide objective, impactful, and timely information. For financial disclosures, please refer to our current documents.