Bit Digital Seeks $100M to Expand Ether Treasury as BitMine Widens Its Lead

Digital asset company Bit Digital has announced plans to raise $100 million through a convertible senior note offering, with proceeds dedicated to expanding its Ether holdings. The company said Monday it will also include an option for an additional $15 million in notes, targeting further ETH purchases alongside general corporate purposes such as acquisitions and other digital asset initiatives.

Bit Digital currently holds more than 120,000 ETH, making it the seventh-largest Ether treasury company tracked by StrategicEtherReserve. If the fundraising effort is successful, the company could add another 23,714 ETH to its reserves — enough to surpass Coinbase and move into sixth place on the leaderboard.

BitMine Expands Dominance With $11B in Ether

While Bit Digital eyes expansion, BitMine Immersion Technologies continues to solidify its dominance. The company revealed Monday that it had grown its Ether treasury to 2.65 million tokens, worth over $11 billion at current market prices. 

This figure significantly outpaces the second-largest holder, SharpLink Gaming, which manages over 838,000 ETH.

According to StrategicEtherReserve, BitMine’s most recent purchase occurred on September 26, when it added 234,000 tokens. The company has a long-term goal of amassing 5% of ETH total supply. BitMine estimates its average purchase price at $4,141 per ETH, slightly below today’s trading level of $4,221 reported by CoinGecko.

Chairman Tom Lee described the current ETH price as “a discount to the future,” citing dual growth cycles in cryptocurrency and artificial intelligence. “Both require neutral public blockchains, and Ethereum is the premier choice,” he said. Lee added that ETH represents “one of the biggest macro trades over the next 10–15 years.”

Institutional Adoption Seen as Price Catalyst

Institutional players have steadily increased their exposure to Ethereum throughout 2025. Combined holdings across corporate treasuries and ETFs now stand at more than 11.8 million ETH — nearly 10% of the total supply.

Jan van Eck, CEO of asset manager VanEck, echoed Lee’s outlook in August, predicting that Ethereum will become the platform of choice for stablecoin settlement as financial services adopt blockchain solutions.

Similarly, David Grider, partner at venture capital firm Finality Capital, argued that growing Ether treasury strategies could create market dynamics comparable to Bitcoin’s surge under MicroStrategy’s accumulation.

With both corporate and institutional demand rising, analysts suggest ETH may be entering a new phase of long-term accumulation.