#BitDigital Acquires 31,057 $ETH, Holdings Hit $675M


Bit Digital announced Wednesday that it added 31,057 $ETH to its treasury, bringing total holdings to 150,244 $ETH valued at approximately $675 million. The company ranks sixth among $ETH digital asset treasuries when measured by total holdings.


The acquisition was funded through net proceeds from a recently completed $150 million convertible note offering. Kraken Financial, Jump Trading Credit, and Jane Street Capital participated in the offering, which included full exercise of underwriters' options.


CEO Sam Tabar stated the structure of convertible notes allowed the company to raise capital at a premium to mark-to-market net asset value. The firm deployed proceeds directly into $ETH with a guiding principle to grow NAV per share and create long-term shareholder value.


The initial conversion price for the notes was $4.16 per share, representing an 8.2% premium to the company's estimated mNAV at the time of deal pricing. Net asset value measures how leveraged a digital asset #treasury is by taking total crypto assets held, minus liabilities, divided by shares outstanding.

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October 09, 2025 at 1:57 AM
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