The company revealed that it has dramatically expanded its digital asset treasury, bringing total holdings to over 150,000 ETH, now worth around $675 million.
From Miner to Ethereum Treasury
Founded in 2015, Bit Digital spent years as one of North America’s better-known Bitcoin miners. But after a major strategic overhaul this summer, it sold off its remaining BTC and began accumulating Ethereum at scale, aiming to become what it calls a “pure‑play” Ethereum staking and treasury company.
The shift is now paying off. In its latest update, Bit Digital confirmed that it recently purchased more than 31,000 ETH, financed through proceeds from a $150 million convertible note issuance.
A New Kind of Capital Structure
Unlike traditional debt offerings, Bit Digital’s convertible notes were designed to raise funds at a premium to its modified net asset value (mNAV) – a measure that adjusts for discounts and token restrictions. The notes were priced at $4.16 per share, roughly 8% above the firm’s estimated mNAV.
Chief Executive Sam Tabar said the structure allowed the company to expand its Ethereum holdings while protecting shareholder value. He emphasized that the company’s focus remains on increasing net asset value per share, not short‑term trading gains.
Institutional Interest and Treasury Philosophy
The financing round drew participation from major players including Kraken Financial, Jump Trading Credit, and Jane Street Capital – a clear sign that institutional appetite for Ethereum exposure is rising.
Tabar has been outspoken about how corporate treasuries should approach digital assets, warning that some firms are overleveraging to build Ethereum reserves. He argues that unsecured debt financing offers a more sustainable path for DATs seeking long‑term balance sheet growth.
Preparing for the Next Phase of Ethereum Adoption
Bit Digital’s growing ETH treasury puts it among the leading institutional holders of Ethereum, giving it significant exposure to both the staking economy and Ethereum’s evolving role in decentralized finance.
According to Tabar, the company’s strategy is not just about accumulation but positioning for a financial future built around on‑chain yield, stable income generation, and transparent balance sheet growth.
With its latest expansion, Bit Digital has effectively completed its transformation – from a high‑energy Bitcoin miner into one of the first publicly traded companies focused exclusively on managing and growing an Ethereum‑based digital asset treasury.
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