Ethereum News Today: Bit Digital's $150M Ethereum Play: 31k Tokens at 39% Below Market Price

Bit Digital, Inc. (Nasdaq: BTBT) has completed a $150 million convertible notes offering, which it will use to acquire approximately 31,057 Ethereum (ETH) tokens. The transaction, finalized subsequent to September 30, 2025, included the full exercise of the underwriters' over-allotment option, marking a significant expansion of the company's Ethereum holdings. As of September 30, the company held 122,187 ETH, with 81.8% of these tokens staked in institutional-grade operations. The staking activities generated 291 ETH in rewards during the month, translating to an annualized yield of 3.37%.

The acquisition of Ethereum through the convertible notes offering aligns with Bit Digital's strategy to grow its digital asset portfolio. The company's average cost basis for ETH holdings was $2,643.27 as of September 30, 2025, significantly below the market price of $4,145.99 per ETH, which valued its total holdings at approximately $506.6 million. This cost advantage, combined with the company's existing staking infrastructure, positions Bit Digital to optimize yield generation while maintaining a diversified treasury.

Bit Digital's Ethereum acquisition strategy is further supported by its ownership of 27.0 million WhiteFiber (WYFI) shares, representing 71.5% of the issued and outstanding shares of the company. This cross-asset allocation underscores the firm's approach to leveraging synergies across digital asset classes. The recent capital raise also reinforces its ability to scale operations without immediate dilution of equity, a key consideration for investors in the volatile crypto market.

The company's staking operations, which manage ~99,936 ETH, highlight its role as a major institutional participant in the Ethereum ecosystem. Staking rewards contribute to a steady income stream, complementing the long-term appreciation potential of Ethereum holdings. Analysts note that Bit Digital's focus on Ethereum-native strategies, including advanced validator operations and protocol governance, differentiates it from peers who rely primarily on mining or speculative trading.

Market observers have linked Bit Digital's recent capital raise to broader trends in institutional adoption of Ethereum. The $150 million offering reflects confidence in Ethereum's utility as a store of value and its role in decentralized finance (DeFi) and smart contract platforms. With the company's Ethereum holdings now exceeding 122,000 tokens, it is well-positioned to benefit from potential network upgrades and increased demand for staking services.

The deployment of proceeds from the convertible notes offering will be disclosed in subsequent reports, but the move underscores Bit Digital's commitment to expanding its digital asset footprint. The company's management emphasized that the acquisition aligns with its mission to deliver secure, scalable, and compliant access to on-chain yield, leveraging its infrastructure to capitalize on Ethereum's growing ecosystem.

Source: [1] Bit Digital Inc. Reports Monthly Ethereum Treasury and Staking Metrics for September 2025 (https://bit-digital.com/news/bit-digital-inc-reports-monthly-ethereum-treasury-and-staking-metrics-for-september-2025/)