Bit Digital recently announced it has raised $162.9 million, earmarked specifically for the strategic acquisition of Ethereum (ETH) to bolster its corporate treasury. The announcement follows the company’s successful public offering on July 1, where underwriters fully exercised their option for an additional 11.25 million shares. In total, Bit Digital issued 86.25 million shares, netting $162.9 million after fees and estimated expenses.
Listed on the Nasdaq under the ticker BTBT, Bit Digital has increasingly prioritized Ethereum since launching its ETH-focused strategy in 2022. Today, the firm operates one of the largest Ethereum staking infrastructures among publicly traded companies, featuring validated staking solutions, secure custody services, and yield optimization tools.
The significant size of this capital raise highlights an evolving corporate perspective on Ethereum—not only as a technological platform but increasingly as a valuable balance-sheet asset. Ethereum has notably attracted institutional investors due to its annual staking yields of between 3% and 5%, deflationary tokenomics, and pivotal role in supporting decentralized applications.
Bit Digital isn’t alone in this approach. SharpLink, a Nasdaq-listed entity backed by ConsenSys and helmed by Ethereum co-founder Joe Lubin, raised $425 million earlier in May to acquire more than 176,000 ETH, bringing their Ethereum reserve holdings to over 202,000 ETH. Similarly, BioNexus Gene Lab adopted ETH as a primary treasury asset, explicitly outlining Ethereum’s attractiveness for corporate staking in a recent whitepaper.
These companies are part of around 40 entities currently documented by the Strategic ETH Reserve, a tracking initiative devoted to monitoring organizational holdings of Ethereum. Together, these entities control over 1.2 million ETH—roughly equivalent to $3 billion. Notably, the top five ETH holders in the initiative—Ethereum Foundation, SharpLink, PulseChain Sac, Coinbase, and Golem—account for over 70% of all ETH reported by the Strategic ETH Reserve.
