Bit Digital Buys Another $20 Million of Ether, Lifting Holdings to 158,462 ETH
Summary
- Bit Digital said it bought an additional 8,568 Ether (ETH) worth about $20 million, bringing its total holdings to 158,462 ETH.
- Chief Executive Officer Sam Tabar said the purchase was part of a treasury strategy aimed at increasing net asset value (NAV) per share.
- With the latest purchase, Bit Digital became the fourth-largest publicly traded holder of Ether, while ETH was trading at about $2,013 and was down about 32%% from the start of the year.
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Bit Digital, a Nasdaq-listed company, bought about $20 million of Ether as it expands its corporate treasury strategy.
Cointelegraph reported on May 28 that Bit Digital purchased 8,568 ETH on May 11 at an average price of $2,334.25. The purchase lifted the company’s total Ether holdings to about 158,462 ETH.
Chief Executive Officer Sam Tabar said the acquisition was part of a strategy to increase net asset value, or NAV, per share. Bit Digital is also pursuing an AI and high-performance computing, or HPC, infrastructure business alongside its Ether treasury strategy.
Before the latest purchase, Bit Digital held about 140,008 ETH, according to CoinGecko data. By overtaking Coinbase Global, which holds about 151,175 ETH, the company became the fourth-largest publicly traded holder of Ether.
The purchase comes as more companies adopt Ether accumulation strategies. In a report released the same day, Standard Chartered said activity on the Ethereum network and total value locked, or TVL, remained at elevated levels.
Ether was trading at about $2,013 at the time of writing. It was down about 32% from the start of the year.
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