Bit Digital Acquires Additional $20M in ETH, Total Holdings Reach 158K Tokens
The acquisition propelled the publicly-traded Nasdaq company beyond Coinbase Global's position, securing its rank as the fourth-largest corporate public holder of Ether, based on data from CoinGecko.
Earlier this month, Bit Digital completed a $20 million Ethereum purchase, bringing its total ETH reserves to approximately 158,462 tokens.
On Thursday, the Nasdaq-listed firm announced it had acquired 8,568 ETH (ETH) on May 11, paying an average price of $2,334.25 for each token.
According to CEO Sam Tabar, the acquisition lowered Bit Digital's average cost basis for ETH and aligns with the firm's broader strategy to increase net asset value per share by accumulating Ethereum, developing AI infrastructure, and pursuing strategic acquisitions.
The company's operations span Ethereum treasury management, artificial intelligence and high-performance computing infrastructure, as well as strategic acquisitions. The firm's WhiteFiber subsidiary is publicly traded on Nasdaq with the ticker symbol WYFI.
According to data from CoinGecko, Bit Digital's previously disclosed holdings of approximately 140,008 ETH had positioned it below Coinbase Global, which maintained around 151,175 ETH. With the company's latest acquisition announcement, its treasury now exceeds Coinbase's reserves, elevating Bit Digital to the position of fourth-largest public corporate holder of Ethereum.
On Wednesday, the company's stock closed at $2.03, with shares demonstrating an increase of approximately 35.5% during the previous month, based on data from Yahoo Finance.
Ethereum fundamentals remain strong despite price weakness
This acquisition occurs while certain analysts maintain that Ethereum's on-chain network activity continues to demonstrate considerably greater strength than its market valuation would suggest. In a report released Thursday, Standard Chartered noted that Ethereum transaction activity and total value locked continue hovering near all-time highs even though ETH is currently trading more than 50% beneath its 2025 peak values.
Geoff Kendrick, StanChart's global head of digital assets research, reaffirmed his price projections for ETH at $4,000 by the conclusion of 2026 and $40,000 by 2030, contending that the disparity between Ethereum's network utilization and token valuation could close as stablecoin adoption and tokenization activity continue growing on the blockchain.
This optimistic perspective emerges as certain publicly-traded companies persist in expanding their Ethereum treasury approaches. Earlier this week on Tuesday, Bitmine Immersion Technologies announced the acquisition of an additional 111,942 Ether tokens, representing its most substantial purchase of the year.
According to Chairman Tom Lee, Ethereum stands to gain from a cryptocurrency "supercycle" fueled by tokenization and AI-powered agents. Data from CoinGecko indicates that BitMine Immersion presently holds the position of largest public Ethereum treasury holder, possessing over 5.39 million ETH.
This optimistic sentiment stands in sharp contrast to recent statements made this week by Bankless co-founder David Hoffman, who disclosed that he liquidated his remaining ETH positions after determining the "ETH is Money" investment thesis had essentially "played out." Hoffman suggested that while Ethereum's network may continue expanding through stablecoins, tokenization, and layer-2 activity, only a modest portion of that expansion ultimately benefits ETH itself.
At the time of publication, ETH was exchanging hands at approximately $2,013, representing a decline of roughly 32% year-to-date and nearly 60% beneath its August 2025 all-time peak near $4,946, based on data from CoinGecko.
