Bit Digital Expands ETH Holdings to 158K Ether After $20M Purchase
Bit Digital bought $20 million worth of Ether earlier this month, increasing its holdings to 158,462 ETH.
The Nasdaq-listed company received 8,568 ETH (ETH) at an average price of $2,334.25 on Thursday, May 11.
CEO Sam Tabar said the acquisition is part of the company's strategy to lower Bit Digital's average ETH acquisition cost and increase net asset value per share through acquisitions of Ethereum inventory, AI infrastructure and acquisitions.
Bit Digital works on Ethereum treasury management, AI and high-performance computing infrastructure and strategic discoveries. Its White Fiber subsidiary trades on the Nasdaq under the symbol WYFI.
Top 5 Ethereum Treasury Companies. Source: CoinGecko
Based on CoinGecko data, Bit Digital's previously reported holdings of about 140,008 ETH put it behind Coinbase Global, which holds about 151,175 ETH. The company's newly announced purchase moves its holdings above Coinbase's holdings, making Bit Digital the fourth-largest public corporate owner of Ethereum.
Shares of the company closed at $2.03 on Wednesday, and the stock is up about 35.5% in the past month, according to Yahoo Finance data.
Source: Yahoo Finance
RELATED: Ethereum Under $2K: ETH Will Sell Off as Retail Declines
Despite the price weakness, Ethereum's fundamentals remain strong.
The purchase comes as some analysts argue that Ethereum's network activity remains stronger than its market performance. In a report on Thursday, Standard Chartered noted that Ethereum's trading activity and overall price remain locked at record levels even as ETH trades below 50% of its 2025 peak.
StanChart Global Head of Digital Assets Research, Geoff Kendrick, ETH price targets $4,000 at the end of 2026 and $40,000 in 2030, arguing the gap between the use of the Ethereum network and the value of the token, as the stablecoin and tokenization movement continues to expand on the blockchain.
The crash outlook comes as some public companies continue to expand their Ethereum treasury strategies. On Tuesday, Bitminer Immersion Technologies said it bought another 111,942 ether, its biggest purchase of the year.
Chairman Tom Lee said Ethereum could benefit from a crypto “supercycle” driven by tokenization and AI-powered agents. According to CoinGecko data, BitMine Immersion currently owns the largest public Ethereum treasury with over 5.39 million ETH.
The optimism contrasts with comments made this week by Bankless co-founder David Hoffman, who said he sold his remaining ETH holdings after completing an investment study that said “ETH is money.” Hoffman said the Ethereum network may continue to grow with statscoins, tokenization, and Layer-2 activity, but only a fraction of that growth will eventually add up to ETH itself.
ETH was trading around $2,013 at the time of writing, up about 32% year-to-date and 60% below its August 2025 all-time high, according to CoinGecko data.
Source: CoinGecko
Magazine: Big Questions: We really only need 2-5 cryptocurrencies.
