Bit Digital Drops $162.9M Bomb on ETH, Fueling Corporate Crypto Craze

Public Offering Powers Massive ETH Purchase

Holy crypto, Batman! Bit Digital just flexed its financial muscles, announcing a jaw-dropping $162.9 million raise to gobble up ETH like it's going out of style. This move is setting Ethereum's demand from the big dogs on fire!

On July 1, after the underwriters of Bit Digital's latest public offering went all in on their option to snag an extra 11.25 million shares, the company unleashed a total of 86.25 million shares. After trimming off fees and expenses, they're left with a cool $162.9 million, and guess what? It's all going straight into ETH's pocket.

Bit Digital: The Ethereum Powerhouse

Trading on Nasdaq under the ticker BTBT, Bit Digital isn't messing around. They've been beefing up their Ethereum game since 2022, and now they're running one of the biggest Ethereum staking platforms out there. We're talking validator infrastructure, custody services, and yield tools that make ETH staking a breeze.

This $162.9 million raise? It's one of the biggest single-purpose ETH grabs a public company has ever made. It's a clear sign that companies are starting to see Ethereum not just as a tech playground, but as a legit asset to stash on their balance sheets.

ETH: The Crypto Darling of Corporate Treasuries

Why the love for ETH? It's not just about the 3-5% annual staking yields or its deflationary mojo. ETH is the lifeblood of decentralized apps, and it's giving companies like Bit Digital a way to rake in onchain yields while getting cozy with one of the hottest assets in crypto town.

But Bit Digital isn't the only one jumping on the ETH bandwagon. SharpLink, a Nasdaq-listed company with the backing of ConsenSys and led by Ethereum co-founder Joe Lubin, dropped a massive $425 million in May to snap up over 176,000 ETH. And guess what? Their ETH stash has now ballooned to over 202,000 ETH after their latest shopping spree.

BioNexus Gene Lab is also all in on ETH, making it their main treasury asset earlier this year and dropping a whitepaper that sings the praises of ETH staking.

The Strategic ETH Reserve: Where the Big Players Play

These companies are part of an elite crew of about 40 players listed under the Strategic ETH Reserve, a tracking initiative that keeps tabs on corporate and organizational ETH holders. And get this: they're sitting on more than 1.2 million ETH, worth around $3 billion!

The top five players in this high-stakes game? Ethereum Foundation, SharpLink, PulseChain Sac, Coinbase, and Golem. Together, they're holding onto more than 70% of all the known ETH reserves listed under the SER. Talk about a power move in the world of crypto!