Digital asset company Bit Digital has announced plans to raise $100 million through a convertible senior note offering to grow its Ethereum (ETH) treasury. The company also offers an option for an extra $15 million in notes.
According to Bit Digital, the proceeds will be used for Ethereum purchases and general corporate purposes, including potential investments, acquisitions, and other digital asset business opportunities.
Currently holding over 120,000 ETH, Bit Digital ranks as the seventh-largest Ethereum treasury company, tracked by StrategicEtherReserve. If the fundraising succeeds, the company could acquire an additional 23,714 ETH, which would allow it to take the sixth place, passing Coinbase.
BitMine strengthens lead in ETH holdings
At the same time, BitMine Immersion Technologies has expanded its treasury to 2.65 million Ethereum, valued at more than $10.5 billion. This move widens its lead over the second-largest holder, SharpLink Gaming, which holds over 838,730 ETH. BitMine purchased 234,000 ETH on September 26, as part of its long-term goal of holding 5% of total Ethereum supply.
Industry figures, including VanEck CEO Jan van Eck, have observed that Ethereum will be able to facilitate the adoption of stablecoin and financial services.
Ethereum market overview and institutional demand
At the time of writing, Ethereum trades at $4,194.29 USD, up 2.05% in the last 24 hours, with a 24-hour trading volume of $38.6 billion USD. Its live market capitalization stands at $506.26 billion, according to the CoinMarketCap data.
Institutional acquisition of Ethereum has steadily increased in 2025, with over 11.8 million tokens held across treasury companies and ETFs, representing nearly 10% of the total supply.
Investing in Ethereum carries volatility and market risks. Prices can fluctuate due to regulatory changes, macroeconomic trends, or network issues. While institutional adoption and treasury accumulation are positive signs that people trust Ethereum, potential investors must be cautious.
The increase and the growth of Bit Digital and BitMine point to the increasing institutional interest in Ethereum, indicating that more people are interested but indicating that crypto investments are still risky.