Bit Digital Buys $20M in ETH, Treasury Hits 158,462

Nasdaq-listed Bit Digital purchased 8,568 ether for $20 million on May 11, increasing its ethereum holdings to about 158,461.75 ETH, the company reported. The tokens were acquired at an average price of $2,334.25 per ETH.

Bit Digital stated the acquisition is intended to grow net asset value (NAV) per share through disciplined accumulation of ethereum and to lower its average acquisition cost basis.

The company allocates capital across ethereum, AI infrastructure and strategic acquisitions. Its AI and high-performance computing operations operate through Whitefiber Inc., which is listed on Nasdaq under the ticker WYFI.

Holding roughly 158,500 ETH places Bit Digital among public companies that maintain material ethereum treasuries.

CEO Sam Tabar commented, “Our recent ETH purchase reflects our conviction in ethereum as infrastructure for the future digital economy. It strengthens our ETH treasury, lowers our average acquisition cost basis, and supports our commitment to NAV per share growth for our shareholders.”

Tabar added the company may continue to add to its ethereum holdings if management identifies attractive entry points. Bit Digital did not disclose whether the ETH was purchased on a single exchange or across multiple trading venues.

Ethereum is used for settlement and as a platform for decentralized finance and other blockchain applications. Some public companies include digital assets on their balance sheets to give shareholders crypto exposure while pursuing other business lines.