Ethereum

bullish

Tom Lee

Bit Digital purchased $20 million worth of Ether earlier this month, increasing its holdings to roughly 158,462 ETH.
The Nasdaq-listed company said Thursday it acquired 8,568 ETH (ETH) on May 11 at an average price of $2,334.25 per token.
CEO Sam Tabar said the purchase reduced Bit Digital’s average ETH acquisition cost and was part of the company’s strategy to grow net asset value per share through Ethereum accumulation, AI infrastructure and acquisitions.
Bit Digital operates across Ethereum treasury management, AI and high-performance computing infrastructure and strategic acquisitions. Its WhiteFiber subsidiary trades on Nasdaq under the ticker WYFI.<img alt="Bit Digital buys $20M worth of Ethereum, expands treasury to 158K ETH" height="489" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-05-28-at-14617-pm.png" width="2828">
Top 5 Ethereum treasury companies. Source: <a href="https://www.coingecko.com/en/treasuries/ethereum" rel="noopener noreferrer nofollow">CoinGecko</a>
Based on CoinGecko data, Bit Digital’s previously reported holdings of roughly 140,008 ETH placed it behind Coinbase Global, which held about 151,175 ETH. The company’s newly announced purchase would move its treasury above Coinbase’s holdings, making Bit Digital the fourth-largest public corporate Ethereum holder.
The company's shares closed Wednesday at $2.03, while the stock was up roughly 35.5% over the past month, according to Yahoo Finance data.<img alt="Bit Digital buys $20M worth of Ethereum, expands treasury to 158K ETH" height="985" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-05-28-at-21614-pm.png" width="1779">
Source: <a href="https://finance.yahoo.com/quote/BTBT/" rel="noopener noreferrer nofollow">Yahoo Finance</a>
Related: <a href="https://cointelegraph.com/markets/ethereum-under-2k-eth-whales-sell-as-retail-remains-bullish" rel="noopener noreferrer nofollow">Ethereum under $2K: ETH whales sell as retail remains bullish</a>
<h2 id="ethereum-fundamentals-remain-strong-despite-price-weakness">Ethereum fundamentals remain strong despite price weakness</h2>
The purchase comes as some analysts argue Ethereum’s network activity remains significantly stronger than its market performance. In a Thursday report, Standard Chartered said Ethereum transaction activity and total value locked remain <a href="https://cointelegraph.com/news/standard-chartered-says-ethereums-onchain-metrics-are-improving-eth-price-underperforms" rel="noopener noreferrer nofollow">near record levels</a> despite ETH trading more than 50% below its 2025 highs.
StanChart's global head of digital assets research, Geoff Kendrick, reiterated his ETH price targets of $4,000 by the end of 2026 and $40,000 by 2030, arguing the gap between Ethereum’s network usage and token price could narrow as stablecoin and tokenization activity continues expanding on the blockchain.
The bullish outlook comes as some public companies continue expanding Ethereum treasury strategies. On Tuesday, Bitmine Immersion Technologies said it <a href="https://cointelegraph.com/news/bitmine-buys-111k-ethereum-as-tom-lee-predicts-supercycle" rel="noopener noreferrer nofollow">purchased another 111,942 Ether</a>, its largest purchase of the year.
Chairman Tom Lee said that Ethereum could benefit from a crypto “supercycle” driven by tokenization and AI-powered agents. According to CoinGecko data, BitMine Immersion currently ranks as the largest public Ethereum treasury holder, with more than 5.39 million ETH.
The optimism contrasts with comments this week from Bankless co-founder David Hoffman, who said he <a href="https://cointelegraph.com/news/ethereum-evangelist-hoffman-explains-why-he-sold-his-eth-stash" rel="noopener noreferrer nofollow">sold the remainder of his ETH holdings</a> after concluding the “ETH is Money” investment thesis had largely “played out. Hoffman said Ethereum’s network may continue growing through stablecoins, tokenization and layer-2 activity, but only a limited share of that growth ultimately accrues to ETH itself.
ETH was trading around $2,013 at the time of writing, down roughly 32% year-to-date and nearly 60% below its August 2025 all-time high near $4,946, according to CoinGecko data.<img alt="Bit Digital buys $20M worth of Ethereum, expands treasury to 158K ETH" height="1115" src="https://s3-images.ctmedia.io/media/content/screenshot-2026-05-28-at-15920-pm-1.png" width="2781">
Source: <a href="https://www.coingecko.com/en/coins/ethereum?chart=type%3Dprice%26mode%3Dline%26timeframe%3Dytd" rel="noopener noreferrer nofollow">CoinGecko</a>
Magazine: <a href="https://cointelegraph-magazine.com/big-questions-do-we-really-only-need-2-5-cryptocurrencies-2/" rel="noopener noreferrer nofollow">Big Questions: Do we really only need 2–5 cryptocurrencies</a>

Bit Digital buys $20M worth of Ethereum, expands treasury to 158K ETH

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