Bit Digital Inc. has secured approximately $163 million through an underwritten share offering, including the full exercise of underwriters’ options. The Nasdaq-listed company plans to acquire and stake Ethereum (ETH) as part of its corporate treasury strategy.
The firm issued 86.25 million ordinary shares, raising net proceeds of $162.9 million to expand its Ethereum holdings. This move aligns with a growing trend of public companies integrating crypto assets into their treasury portfolios.
BitMine Immersion Technologies recently completed a $250 million private placement to build its own Ethereum treasury, shifting from Bitcoin-only assets. Similarly, Nasdaq-listed SharpLink Gaming increased its ETH holdings to 198,167 by acquiring an additional 9,468 ETH, funded through a $24.4 million at-the-market equity facility.
In contrast, Strategy (formerly MicroStrategy) remains the largest Bitcoin treasury holder, recently adding nearly 5,000 BTC for $532 million. The company now holds over 597,000 BTC, valued at more than $64 billion, financed via an ATM equity program.
The increasing institutional interest in Ethereum highlights the appeal of staking yields and decentralized finance capabilities. Bit Digital, which launched its ETH staking platform in 2022, operates one of the largest Ethereum validator and custody infrastructures among public firms.
Meanwhile, more than 140 publicly traded companies worldwide, including Marathon Digital, Riot Platforms, and Coinbase Inc., have added Bitcoin to their treasuries, following the model popularized by Strategy’s aggressive Bitcoin acquisitions.
Analysts caution that companies using debt or equity to fund crypto purchases might face higher volatility risks. However, significant capital inflows from automated market makers and institutions continue to support large-scale crypto treasury initiatives.
Bit Digital’s Ethereum treasury raise, alongside similar corporate moves, underscores a shift in how public companies manage digital assets, focusing on both on-chain yield generation and broader token exposure as part of evolving corporate finance strategies.