Bit Digital plans to raise $100 million for Ethereum

Nasdaq-listed mining company Bit Digital has announced new financing. The company plans to raise up to $100 million from investors through a bond offering.
Bit Digital intends to use the funds primarily to expand its Ethereum reserve. The announcement states: “Bit Digital intends to use the net proceeds from the offering to purchase Ethereum for treasury purposes and for general corporate purposes.” According to the company, these include, among other things, working capital, investments in infrastructure, and the repayment of existing debt.
Bit Digital is primarily known for its Bitcoin mining, but with this move, it is specifically expanding its ETH treasury strategy. The company currently holds around 120,000 Ether.
Meanwhile, BitMine remains the largest Ethereum treasury, holding approximately 2.4 million Ether, or over two percent of the total circulating supply. Since mid-September, the company has purchased an additional 264,000 ETH, equivalent to $1.1 billion. The goal is to expand its holdings to five percent of the total supply in the long term—currently around six million Ether. CEO Tom Lee described Ethereum as “one of the biggest macro trades of the next ten to fifteen years.”

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