Bit Digital raises $162.9M to buy more ETH for its treasury

Bit Digital announced an increase of $ 162.9 million to buy ETH for its corporate treasure, adding to the growing demand for Ethereum institutions.

THE announcement was manufactured on July 1, after the subscribers of the recent audience of Digital Bit have fully exercised their option to buy 11.25 million additional shares. In total, the company issued 86.25 million shares, with a net product amounting to $ 162.9 million after deduction of costs and estimated tenders. Bit Digital has confirmed that he will use funds to acquire Ethereum (Ethn).

Bit Digital, which is negotiated on the Nasdaq under the BTBT Ticker, has built its Ethereum strategy since 2022. The company now manages one of the largest Ethereum display platforms operated by a public company. Its platform includes a validator infrastructure, childcare services and performance tools for the implementation of the ETH.

The increase is one of the largest single -use ETH increases by a public company to date. He demonstrates that companies are starting to consider Ethereum as more than a simple technological platform and as a balance sheet.

Due to its annual annual yields of 3 to 5%, its deflationary design and its ability to fuel decentralized applications, ETH has won call. Ethereum gives companies like Bit Digital a means of winning onchain’s yield while paying exposure to one of the most used assets in crypto.

Other companies have adopted similar strategies. Sharplink, a company listed at the Nasdaq supported by Consensys and led by the co-founder of Ethereum, Joe Lubin, raised $ 425 million in May to acquire more than 176,000 ETH.

Reports now show that its total Eth Holdings have reached more than 202,000 ETH after the last purchases. Bionexus gene Lab also adopted Ethereum as its main asset of the treasury earlier this year and has published a white paper describing the advantages of ETH’s pace,

These companies are part of a group of around 40 participants listed as part of the Strategic ETH reserve, a follow up Initiative for ETH holders of companies and organizational. More than 1.2 million ETH, totaling around 3 billion dollars, are now held in business reserves.

The five main participants, Ethereum, Sharplink, Pulsechain Bag, Coinbase and Golem Foundation, hold more than 70% of all known ETH reserves as part of the SER list.