Another Public Company Treasury Pivots to Ethereum With $172M Raise

Bit Digital has gone all-in on Ethereum after offloading all of its Bitcoin to buy ETH.

The Nasdaq-listed company raised $172 million from its BTC sales and acquired over 100,000 ETH, becoming the latest corporate Ethereum treasury firm.

“Following a $172 million public equity raise and conversion of its balance sheet from Bitcoin to Ethereum, Bit Digital has accumulated over 100K ETH to become one of the largest corporate treasury companies in the world,” the firm stated on July 7.

Ethereum Treasury Firms Growing

Prior to the offering, the publicly traded digital asset platform held 24,434 ETH as of March 31. Following the additional ETH acquisitions funded by the net proceeds of the public offerings and the sale of its BTC, the firm has accumulated approximately 100,603 ETH worth around $254 million at current market prices.

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“We believe Ethereum has the ability to rewrite the entire financial system,” said Bit Digital CEO Sam Tabar, who added:

“Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets.”

He said the firm was aligning itself with Ethereum’s “long-term potential” while positioning itself as a focused Ethereum treasury platform in the public markets.

“We are starting with exposure to over 100K ETH for now, but we intend to aggressively add more so we become the preeminent ETH holding company in the world.”

Bit Digital has joined the ranks of Joe Lubin’s gaming firm SharpLink and Tom Lee’s Bitmine, which launched a $250 million Ethereum treasury last week.

“Tom Lee lit the fuse, Lubin showed the playbook, and Bit Digital just proved scale. ETH-forward treasury strategies are graduating from thesis to trend,” commented former Ethereum developer Eric Conner.

ETH Price Reaction

As usual, Ethereum prices have not reacted and have gone in the opposite direction again, in line with the wider market retreat today.

ETH has declined 2% on the day in a fall to $2,528 at the time of writing. The asset failed to break resistance at $2,600 late last week and has followed the rest of the market into the red this week as US President Donald Trump started dishing out his trade tariff letters.

Ethereum is still tightly range-bound, in a sideways channel where it has been stuck for the past two months.