Bit Digital Set to Boost ETH Reserves, Aiming for Top Spot
Bit Digital, Inc. (Nasdaq: BTBT) is set to raise $100 million through a public offering of senior convertible notes due 2030. The company aims to use most of the proceeds for Ethereum (ETH) purchases, which could significantly impact its ETH reserves and potentially its ranking among corporate holders.
Currently, Bit Digital holds about 120,000 ETH, valued at roughly $494 million, making it the third-largest corporate ETH holder. If it commits a significant portion of the $100 million to Ethereum, it could surpass Coinbase and become the second-largest corporate ETH holder, behind BitMine Immersion Technologies which currently leads with $10.5 billion in ETH reserves.
The notes, senior unsecured obligations maturing on 01 October 2030, will give holders the option to convert them into cash, Bit Digital shares, or a mix of both. The company has also granted underwriters a 30-day option to purchase an additional $15 million in notes. Bit Digital's Ethereum purchases align with its broader digital asset strategy and may also fund acquisitions, investments, and other corporate initiatives.
Bit Digital's planned Ethereum purchases could significantly boost its ETH reserves and potentially its ranking among corporate holders. The company's digital asset strategy and the uncertainty surrounding Ethereum's price performance will be key factors to watch in the coming months.
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