Bit Digital Becomes Second-Largest Corporate ETH Holder
Bit Digital has shifted its corporate treasury strategy from Bitcoin to Ether, believing Ethereum will transform the financial system. The company utilized $172 million from a public offering and proceeds from selling 280 Bitcoin to acquire Ether. Bit Digital's holdings increased from 24,434 ETH to 100,603 ETH, making it the second-largest corporate holder of ETH after Coinbase. The stock price surged over 29%, raising its market capitalization above $1 billion. CEO Sam Tabar stated the goal is to become a leading Ethereum treasury platform. While corporate crypto treasury strategies have focused mainly on Bitcoin, some companies are exploring alternatives like Binance's BNB. Institutional interest in Ethereum has been low, but recent weeks have seen consistent inflows into Ether funds.
