In a significant strategic maneuver, Bit Digital has acquired $20 million worth of Ethereum, elevating its total reserves to approximately 158,462 ETH. This acquisition propels the company ahead of Coinbase Global, securing its position as the fourth-largest publicly traded holder of Ether, as confirmed by data from CoinGecko.
On May 11, Bit Digital finalized a purchase of 8,568 ETH at an average price of $2,334.25 per token, a decision aimed at optimizing the company's acquisition costs. CEO Sam Tabar emphasized that this acquisition is integral to their broader strategy to enhance shareholder value through Ethereum accumulation, as well as accelerating investments in artificial intelligence infrastructure and strategic mergers and acquisitions.
With the recent purchase, Bit Digital now surpasses Coinbase, which previously held about 151,175 ETH. The company’s aggressive treasury management approach reflects a growing trend among public firms to expand their cryptographic asset holdings as the blockchain landscape evolves.
Shares of Bit Digital, traded on the Nasdaq under the ticker symbol BTBT, closed at $2.03 on Wednesday, marking a notable increase of approximately 35.5% in value over the past month, according to Yahoo Finance data. This uptrend in stock performance correlates with rising interest in Ethereum, despite the token trading at about $2,013—down nearly 60% from its all-time high of $4,946 in August 2025.
Analysts remain optimistic about Ethereum's future, highlighting that although the current market conditions may appear unfavorable, network activity remains robust. Standard Chartered's global head of digital assets research, Geoff Kendrick, reiterated a price target of $4,000 for ETH by the end of the year, driven by anticipated growth in stablecoin usage and tokenization on the Ethereum blockchain.
In parallel, other companies are also ramping up their Ethereum strategies. For instance, Bitmine Immersion Technologies recently disclosed a historic purchase of 111,942 ETH, reinforcing its status as the leading public holder of Ethereum with more than 5.39 million ETH.
Intriguingly, this optimism contrasts sharply with more cautious sentiments from figures like Bankless co-founder David Hoffman, who has recently divested his ETH holdings, arguing that the core investment thesis surrounding Ethereum as a monetary system may be nearing its limit.
As Bit Digital positions itself at the forefront of this evolving landscape, the company's latest acquisition underscores a pivotal moment in the intersection of traditional finance and emerging blockchain technologies.
For continuous updates on Ethereum and other cryptocurrencies, stay tuned.
Source: CointelegraphSource: CoinTelegraph Ethereum
