Bit Digital, a company that is quoted at Nasdaq, previously dedicated to Bitcoin’s mining, completed the conversion of its 100% corporate treasury in Ether (ETH), Ethereum’s native cryptocurrency.
The company collection 172 million dollars in a signed public offer and allocated the net income to the acquisition of ETH. Besides, He sold 280 bitcoin (BTC) to further increase his Ether holdings.
After these operations, BIT Digital comes to accumulate 100,603 ETH, valued at 253 million dollars.
This strategic movement impacted the market, promoting their shares of $ 1.5 three months ago at 3.8 dollarsa 153%rise. Currently, the price of the share was stabilized at $ 3.4.
Sam Tabar, Executive Director of BIT Digital, said: “We believe that Ethereum has the ability to rewrite the entire financial system. Its programmable nature, its growing adoption and its performance performance model represent the future of digital assets.” With this approach, the company seeks to position itself as the largest holder of ETH worldwide.
Achieving that implies that Bit Digital exceeds 198,167 Eth of Sharplink, acquiring at least 97,564 eth that (240 million dollars at the current price, approximately). This would position the company as a reference in Ethereum’s corporate adoption, highlighting its confidence in the network as a financial pillar. To achieve this, the company must: issue corporate debt and make new financing rounds to raise capital.
Last June, cryptootics reported on Ether’s institutional adoption by BIT Digital, which included The closure of its Bitcoin mining operations and corporate debt emission To finance more ETH purchases.
This trend is aligned with a broader movement: more than 1.2 million ETH are in the hands of institutions.
Other companies, such as Sharplink Gaming and BTCS Inc. are also issuing debt to acquire ETH, attracted to the additional income offered by Stking. This mechanism allows companies to finance their investments without depending exclusively on their operational income.
