Bit Digital Quadruples ETH Holdings, Eyes $10M Ethereum Expansion
Institutional interest in Ethereum [ETH] is growing, and Bit Digital is making a significant move to capitalize on this trend.
Key Points
- Bit Digital is shifting its focus from Bitcoin to Ethereum.
- ETH holdings have increased to over 120,000 amid rising institutional interest.
- The firm proposes expanding its authorized share capital to 1 billion shares.
Bit Digital, a Nasdaq-listed crypto firm, plans to increase its Ethereum exposure. The company aims to expand its authorized share capital from 340 million to 1 billion shares, signaling a major shift from its Bitcoin [BTC]-focused roots.
Bit Digital’s Ethereum Bet
On July 25, Bit Digital filed with the U.S. SEC to raise $10 million, primarily for Ethereum acquisitions. A shareholder vote is scheduled for September 10.
The proceeds from the share issuance will support Ethereum acquisitions, potential mergers and acquisitions, employee compensation, dividend payments, and operational expenses.
Ethereum Reserves
Bit Digital’s Ethereum reserves have surged from 24,434 ETH to over 100,600 ETH in a few weeks. A subsequent purchase of 19,683 ETH on July 18 increased its holdings to an estimated 120,306 ETH, positioning the company among the top 10 institutional Ethereum holders globally.
This increase aligns with SharpLink’s recent addition of 32,892 ETH ($115 million) on July 18, bringing its nine-day total to 144,501 ETH, valued at $515 million.
Collectively, Ethereum-centric firms hold over 2.3 million ETH, valued at nearly $9 billion, highlighting the growing institutional confidence in Ethereum.
Bit Digital stated:
“ETH can offer a rare combination of capital appreciation and native yield, making it an institutional titan. Its value is reinforced by strong onchain utility and a global community of developers. No other asset, including BTC, matches the depth of its ecosystem and built-in earning potential.”
Market Trends
Ethereum was trading at $3,883.86, with a 1.95% gain in the last 24 hours. Community sentiment is bullish, with 82% of participants optimistic about ETH’s future.
Institutional interest is surging, with $452.8 million in ETH ETF inflows tracked by Farside Investors.
BitMine Immersion Technologies [BNMR] has emerged as the largest public company holder of ETH, with a $2.1 billion trove.
Ethereum is becoming a top institutional bet in the altcoin arena.
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