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Bit Digital Upsizes Convertible Note Offering to $135 Million for Ethereum Purchases

Proceeds target an expansion of its roughly 120,000 ETH treasury through convertible debt with potential equity dilution.

'Ethereum is one of the biggest macro trades over the next 10-15 years' - Tom Lee
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Bit digital plans $100 million convertible notes offering to buy ethereum

Overview

  • CoinDesk reports the deal was increased from $100 million to $135 million with an initial conversion price of $4.16 per share, and the stock fell about 8% at the U.S. open.
  • The senior unsecured notes are due October 1, 2030 and can be converted at holders’ option, with the company able to settle in cash, shares, or a combination.
  • Net proceeds are intended primarily for Ethereum acquisitions, with any remainder available for corporate uses tied to digital assets.
  • Barclays, Cantor Fitzgerald, and B. Riley Securities are joint lead bookrunners, and the sale is being conducted off an SEC‑effective Form S‑3 shelf declared effective June 20, 2025.
  • The underwriters have a 30‑day option to purchase an additional $15 million of notes, and the final interest rate and other terms remain subject to pricing and market conditions.