Bit Digital has announced it raised $162.9 million to purchase Ethereum (ETH) for its corporate treasury, marking a significant step in the growing institutional adoption of the digital asset. The announcement, made on July 1, follows the full exercise of an option by underwriters in the company’s recent public offering to purchase an additional 11.25 million shares. In total, Bit Digital issued 86.25 million shares, generating net proceeds of $162.9 million after fees and offering expenses. The company confirmed the funds will be used to acquire ETH.
Listed on Nasdaq under the ticker BTBT, Bit Digital has been developing its Ethereum strategy since 2022 and now operates one of the largest ETH staking platforms among public companies. Its infrastructure includes validators, custody solutions, and yield optimization tools for staking Ethereum.
The $162.9 million raise is among the largest ETH-specific funding rounds by a publicly traded company, highlighting a shift in how institutions perceive Ethereum—not just as a technological platform, but as a strategic asset. With staking yields ranging from 3–5% annually, Ethereum’s deflationary tokenomics, and its foundational role in powering decentralized applications, ETH is increasingly seen as a viable on-chain yield-generating asset for corporate treasuries.
Bit Digital isn’t alone in this approach. In May, SharpLink—a Nasdaq-listed firm backed by ConsenSys and led by Ethereum co-founder Joe Lubin—raised $425 million to acquire over 176,000 ETH. Following additional purchases, SharpLink’s total ETH holdings now exceed 202,000 ETH.
Meanwhile, BioNexus Gene Lab adopted Ethereum as its primary treasury asset earlier this year and released a whitepaper detailing the benefits of ETH staking. These firms are part of a broader cohort—approximately 40 organizations—being tracked under the Strategic ETH Reserve (SER) initiative, which monitors corporate and institutional ETH holdings.
According to SER data, more than 1.2 million ETH (valued at roughly $3 billion) are now held in company reserves. The top five participants—Ethereum Foundation, SharpLink, PulseChain Sac, Coinbase, and Golem—account for over 70% of the total ETH under management.
This growing trend underscores a new institutional narrative: Ethereum is no longer just infrastructure—it’s an investable, yield-bearing asset in its own right.
