Bit Digital’s $173 Million Treasury Shift Makes It Top Public ETH Holder

- Bit Digital, a Nasdaq-listed firm, swapped its entire Bitcoin holdings for Ethereum. - The company raised $173 million through a share offering and acquired 100,603 ETH. On July 7, 2025, The Block reported that Bit Digital, a Nasdaq-listed crypto-mining and staking firm, made a bold move by converting its entire corporate Bitcoin treasury into Ethereum. To fund the purchase, the firm liquidated approximately 280 BTC and combined the proceeds with $173 million raised through a share offering to acquire 100,603 ETH. As a result, this strategic shift positions Bit Digital as one of the largest public Ethereum holders. Sam Tabar, CEO of Bit Digital, explained the company’s decision, citing Ethereum's programmability, its staking model, and its potential to transform financial systems. Tabar further emphasized Ethereum's unique role as a settlement layer for tokenized assets and stablecoins, underscoring that its robust smart contract capabilities provide value beyond being a simple cryptocurrency. The announcement triggered a significant market response, as Bit Digital’s stock (BTBT) surged over 21% and added $239 million to the company’s market capitalization in just days. This move reflects a growing institutional interest in Ethereum as its ecosystem expands into more diverse applications. Meanwhile, according to CoinMarketCap on July 7, at 15:18 UTC, Ethereum (ETH) was trading at $2,538.17, although its 24-hour trading volume showed a 0.815% decline.