Institutional Demand for Ethereum Grows as Bit Digital Secures $162.9M for ETH Acquisition

Bit Digital has raised $162.9 million through a public offering to expand its Ethereum holdings, signaling growing institutional interest in ETH as a treasury asset. The Nasdaq-listed company (ticker: BTBT) announced on July 1 that underwriters fully exercised their option to purchase an additional 11.25 million shares, bringing the total offering to 86.25 million shares. After accounting for fees and expenses, net proceeds reached $162.9 million, which will be allocated exclusively to Ethereum acquisitions.

Since 2022, Bit Digital has developed one of the largest Ethereum staking platforms among public companies, offering validator infrastructure, custody services, and yield optimization tools. This capital raise represents one of the most substantial single-purpose ETH funding initiatives by a publicly traded firm to date.

The move reflects a broader trend of corporations viewing Ethereum not just as a technology platform but as a strategic reserve asset. ETH's appeal stems from its 3-5% annual staking yields, deflationary tokenomics, and utility in powering decentralized applications.

This strategic shift mirrors similar moves by other institutional players. In May, ConsenSys-backed SharpLink acquired 176,000 ETH through a $425 million raise, now holding over 202,000 ETH. Earlier this year, BioNexus Gene Lab also adopted Ethereum as its primary treasury asset, publishing a whitepaper on ETH staking benefits.

These companies are part of the Strategic ETH Reserve initiative, which tracks approximately 40 corporate and organizational ETH holders. Current SER data shows over 1.2 million ETH ($3 billion) held in corporate treasuries, with top holders including the Ethereum Foundation, SharpLink, PulseChain Sac, Coinbase, and Golem collectively controlling more than 70% of reported reserves.