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3w ago

Bit Digital Buys 31,057 ETH After $150 Million Notes Deal, Lifting Holdings to 150,244

The company financed the purchase with convertible notes priced above its estimated asset value, signaling investor confidence.

Ethereum news: bit digital expands eth holdings with $150m offering
Bit Digital increases Ethereum holdings to $673M with 31,057 ETH addition
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Overview

  • The transaction brings Bit Digital’s Ethereum treasury to approximately 150,244 ETH, valued around $670–675 million.
  • The $150 million convertible notes carry an initial conversion price of $4.16 per share, an estimated 8.2% premium to the company’s mNAV of $3.84 at pricing.
  • Underwriters fully exercised their over‑allotment option, with participants including Kraken Financial, Jump Trading Credit, and Jane Street Capital.
  • As of late September, 81.8% of the company’s ETH (about 99,936 tokens) was staked, generating 291 ETH in monthly rewards at roughly a 3.37% annualized rate.
  • Bit Digital continues its pivot from Bitcoin mining to an Ethereum-native treasury and staking model, with disclosed mNAV of about $1.236 billion that includes a majority stake in WhiteFiber.