Bit Digital Inc., a Nasdaq-traded cryptocurrency mining firm, acquired 19,683 more Ethereum to keep in its treasury, thus increasing its Ethereum holdings.
At current market prices, the firm’s total holdings of 120,306 ETH are valued at about $436 million. The purchase was funded from the proceeds of a recent equity offering of $67.3 million, as reaffirmed in a company statement released on Friday.
This move places Bit Digital among the top public firms with major ether holdings, behind just SharpLink Gaming, with 353,000 ETH, and BitMine Immersion, with 300,657 ETH, based on recent reports.
The expansion of the holdings illustrates the company’s growing priority on Ethereum as a key component of its digital asset strategy. Bit Digital’s accumulation comes amidst a broader trend of corporate and institutional interest in Ethereum.
Demand for ether has been partly driven by rising staking yields and a surge in activity in Ethereum spot exchange-traded funds (ETFs).
These ETFs, which offer investors stock-market exposure to ETH without directly holding the token, have gained traction on Wall Street. Spot ETH ETF volumes recently accounted for more than 10% of the total Ethereum spot market volume.
Ether has also recorded a sharp price increase in recent days, and it has increased by over 20% in the last week, trading at over $3,600 when Bit Digital announced the move.
This is Ethereum’s highest six-month peak price. The rally has been supported by institutional buying and corporate treasury strategies like Bit Digital’s, which mirror similar approaches previously applied to Bitcoin.
Following the announcement, Bit Digital (BTBT) shares increased somewhat in early trade, along with rises in other stocks that are related to ether.
The company’s action indicates that publicly traded companies looking to get exposure to digital assets through strategic treasury management are still interested in Ethereum’s long-term prospects.
