The post Bit Digital’s Ethereum Holdings Hit 120,306 — Now Among the Top ETH Holders appeared first on Coinpedia Fintech News

Bit Digital has acquired yet another 19,683 Ethereum (ETH) using proceeds from its recent $67.3 million direct offering to institutional investors. This brings the Company’s total ETH holdings to around 120,306. 

Bit Digital Joins Top ETH Holders

“With approximately 120,000 ETH, Bit Digital is positioned among the largest institutional Ethereum treasuries in the public markets,” Sam Tabar, Chief Executive Officer of Bit Digital, said in the press release. 

It now holds one of the biggest Ethereum treasuries among public companies, only behind SharpLink Gaming and BitMine Immersion. It previously stated that “Ethereum can rewrite the entire financial system” and also aims to become the world’s leading ETH holding company.

Earlier in July, Bit Digital sold around 280 BTC and used $172 million in funding to buy over 100,000 ETH, fully shifting its treasury from Bitcoin to Ethereum. 

This is also part of a growing trend among public companies like SharpLink Gaming and BitMine Immersion, which are moving towards Ethereum over Bitcoin.

Ethereum – the Future of Digital Finance

Bit Digital views Ethereum as the backbone of future digital finance, highlighting its flexibility, rising adoption, and staking rewards. It plans to keep increasing its Ethereum holdings as part of a long-term strategy.

Ether has doubled in the past three months with rising institutional interest. In June, Bitmine launched a $250 million raise to start building its Ethereum treasury, with Fundstrat’s head of research, Thomas Lee, as a board member.

Ethereum is playing a bigger role in real-world finance, powering stablecoins, tokenized assets, and decentralized apps. The company notes that its ability to earn yield and support smart financial systems makes it more than just a crypto asset.

Bit Digital has been building its ETH position since 2022, focusing on staking and validator operations as core to its strategy. The Company now operates one of the largest institutional Ethereum staking infrastructures worldwide. 

Amidst the rising institutional interest, the Trump-backed World Liberty has also added $3 million more in Ethereum, after an earlier $5 million buy. It now holds 70,143 ETH, worth about $251 million

Companies are racing to stock up on Ethereum as staking rewards grow and ETH ETFs gain traction. Ethereum is currently trading at $3,581, up 5%  in the last 24 hours. Bit Digital (BTBT) shares saw a modest rise.