Bit Digital buys $20M of Ether, raises treasury to 158K ETH
Nasdaq-listed Bit Digital acquired 8,568 ETH for $20 million on May 11 at an average price of $2,334.25, bringing its holdings to roughly 158,462 ETH.
Bit Digital purchased 8,568 Ether on May 11 for about $20 million, paying an average of $2,334.25 per token. The acquisition increased the company’s public Ethereum holdings to roughly 158,462 ETH.
Company figures showed Bit Digital previously held about 140,008 ETH. After the May 11 purchase, its treasury rose above another large public holder and places Bit Digital as the fourth-largest public corporate holder of ETH. A separate public company leads public treasuries with more than 5.39 million ETH following a recent, larger purchase.
Chief Executive Sam Tabar described the purchase as lowering the company’s average acquisition cost for ETH and part of a plan to grow net asset value per share through accumulating Ethereum, investing in AI infrastructure and making strategic acquisitions. Bit Digital operates in Ethereum treasury management, artificial intelligence and high-performance computing. Its WhiteFiber unit trades on Nasdaq under the ticker WYFI.
The company did not disclose any immediate plans for additional ETH purchases in its announcement. Bit Digital shares closed at $2.03 on Wednesday and have risen about 35.5% over the past month.
Market data showed Ether trading near $2,013 at the time of the company announcement, down about 32% year-to-date and roughly 60% below its August 2025 peak near $4,946.
A bank research report noted that Ethereum transaction activity and total value locked remain near high levels even as the token trades well below recent highs. The bank’s head of digital assets research, Geoff Kendrick, reiterated price targets of $4,000 by the end of 2026 and $40,000 by 2030, citing continued growth in stablecoin use and tokenization on the blockchain.
Views within the crypto community vary. Bankless co-founder David Hoffman wrote that he sold his remaining ETH holdings after concluding the “ETH is Money” investment thesis had largely “played out,” while acknowledging that stablecoins, tokenization and layer-2 activity may continue to expand on Ethereum even if only a portion of that growth benefits ETH.
Bit Digital’s latest purchase adds to a pattern of some public companies increasing on-chain exposure while pursuing broader business strategies that include AI and infrastructure investments.
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