Key Takeaways
- Crypto mining and staking company Bit Digital plans on raising capital via convertible notes to expand Ethereum treasury
- Ethereum is currently in a holding pattern, caught between cautious selling pressure and hopeful buyers.
- The move comes at a time when big institutions are rapidly increasing their exposure to Ethereum.
Nasdaq-listed Bit Digital plans on expanding its Ethereum treasury by raising $100 million. The firm announced on Tuesday that it will issue its convertible senior notes due 2030 to raise the capital.
The proceeds from the offering will primarily be used to purchase Ethereum and for general corporate purposes, per the company’s latest press release. This includes potential investments, acquisitions and other business opportunities relating to digital assets.
The move comes at a time when Ethereum has seen a steady rise in institutional buying, highlighted by the hype around Ethereum ETFs and large corporate buying. However, despite the positive news, Bit Digital shares failed to reciprocate the optimism. At press time, the firm’s shares plunged over over 8%, trading at $2.9789.
Bit Digital Eyes Overtaking Coinbase in Ethereum Treasury
Bit Digital is steadily building its position as one of the prominent Ethereum holders in the corporate world. Right now, the firm owns over 120,000 ETH, which makes it the seventh-largest Ethereum treasury, according to StrategicEtherReserve.
If the firm’s current plans of buying more Ethereum culminates successfully, it could add another 23,700+ ETH to its reserves. That boost would be enough to push it ahead of Coinbase, giving it the sixth spot among the largest ETH-holding companies.
The additional purchase will also come come amid major firms racing to stockpile Ethereum, betting big on its future role in staking, DeFi, and even possible ETF products.
Also Read: BitMine Rakes in $963M in Ethereum, ETH Price Boom Ahead?
Bit Digital’s Constant Commitment To Ethereum Buy
Bit Digital declared earlier in July that it had fully moved its corporate treasury into Ethereum is among the biggest public corporate holders of ETH. Previously, the firm has undertaken a $172 million underwritten public equity offering and the sale of about 280 Bitcoins to finance Ethereum purchases.
It is also interesting to note that the firm’s new plans come at a time when its peers are also continuously buying Ethereum. A good example of this is BitMine Immersion Technologies which has increased the size of its treasury to 2.65 million Ethereum, worth over $10.5 billion currently.
With over 11.8 million ETH held among treasury corporations and ETFs, or about 10% of the total supply, institutional acquisition of Ethereum has expanded significantly in 2025.
Ethereum Price Swings Between Crucial Levels
Bit Digital’s plans on banking more Ethereum come at a time when Ethereum is seeing crucial price swings. ETH is currently in a consolidation phase, caught between cautious selling pressure and hopeful buyers.
After its recent dip, indicators show that momentum has weakened, signaling that bulls may need more fuel to drive prices higher. Still, strong support levels are preventing a deeper slide, keeping bears from fully taking over.
The big question now is what will give Ethereum its next push. Technical strength alone isn’t enough, markets are looking for a real catalyst. This could come from institutional money flowing back in, clearer regulatory signals in the U.S., or fresh demand from DeFi and real-world asset tokenization projects.
If that spark arrives, Ethereum could retest its early-September highs and possibly aim for a new all-time high. For now, though, ETH is in a wait-and-watch phase: steady but searching for the breakthrough moment that can reignite its rally.
