Bit Digital now holds 153,546 ETH, a massive bet positioning the public company as a cornerstone of the institutional digital asset landscape far beyond its mining origins.
In a press release dated Nov. 7, Nasdaq-listed Bit Digital announced that its Ethereum (ETH) treasury had grown to approximately 153,547 ETH, valued at about $590.5 million as of October 31.
The company said it acquired over 31,000 ETH during the month, pushing its average cost basis to $3,045 per token. Bit Digital also reported that roughly 86% of its holdings, about 132,480 ETH, were staked, generating 249 ETH in monthly rewards at an annualized yield of 2.93 percent. The disclosure marks another step in the firm’s ongoing transition from Bitcoin mining to Ethereum-native yield operations.
Bit Digital began accumulating Ethereum in 2022, marking a quiet but deliberate pivot away from its legacy as one of North America’s largest Bitcoin miners. The scale of its commitment became undeniable earlier this year when the company executed a complete swap of its Bitcoin treasury for Ethereum. This move signaled a fundamental belief in Ethereum’s distinct value proposition.
According to CEO Sam Tabar, the decision to pivot was driven by a conviction in Ethereum’s superior utility as a foundational technology. Tabar has publicly framed the shift around Ethereum’s role as a core settlement layer for the next generation of finance, specifically highlighting the growth of tokenized real-world assets and stablecoins.
He has argued that while Bitcoin functions primarily as a store of value, Ethereum’s programmable nature and robust ecosystem position it to capture the economic activity of widespread asset tokenization, making its native asset, ETH, a compelling yield-bearing instrument.
The move also situates Bit Digital among a growing list of public companies making long-term commitments to Ethereum. BitMine Immersion Tech, for instance, recently disclosed holdings of 3.31 million ETH valued at roughly $13.3 billion, while SharpLink Gaming’s Ethereum balance climbed to 859,853 ETH following its latest purchase.
