Earlier this month, Bit Digital purchased $20 million worth of Ether, increasing its holdings to approximately 158,462 ETH.
The Nasdaq-listed company said on Thursday that it acquired 8,568 ETH (ETH) on May 11 at an average price of $2,334.25 per token.
CEO Sam Tabar said the purchase lowered Bit Digital’s average cost of acquiring ETH and was part of the company’s strategy to augment net asset value per share through Ethereum accumulation, AI infrastructure and acquisitions.
Bit Digital operates in Ethereum treasury management, artificial intelligence and high-performance computing infrastructure, and strategic acquisitions. Its subsidiary WhiteFiber is listed on the Nasdaq Stock Exchange under the symbol WYFI.
Top 5 Ethereum Treasury Stocks. Source: CoinGecko
Based on CoinGecko data, Bit Digital’s previously reported holdings of approximately 140,008 ETH placed it behind Coinbase Global, which held approximately 151,175 ETH. The company’s newly announced purchase would move its treasury above Coinbase’s holdings, making Bit Digital the fourth-largest public holder of corporate Ethereum.
The company’s shares closed at $2.03 on Wednesday, according to Yahoo Finance data, while the stock has rallied about 35.5% over the past month.
Source: Yahoo Finance
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Ethereum’s fundamentals remain sturdy despite price weakness
The purchase comes after some analysts say Ethereum’s network activity remains much stronger than its market performance. In a report on Thursday, Standard Chartered said Ethereum trading activity and total locked value remain near record highs, even though ETH trading is more than 50% below 2025 highs.
Global head of digital asset research at StanChart, Geoff Kendrick, reiterated his ETH price targets of $4,000 by the end of 2026 and $40,000 by 2030, arguing that the gap between Ethereum network usage and token price could narrow as stablecoin and tokenization activity continues to expand on the blockchain.
The bullish outlook comes as some public companies continue to expand Ethereum treasury strategies. On Tuesday, Bitmine Immersion Technologies said it purchased another 111,942 Ether, the largest purchase of the year.
CEO Tom Lee said Ethereum could benefit from a cryptocyclical “supercycle” fueled by tokenization and AI-based agents. According to CoinGecko data, BitMine Immersion is currently the largest holder of the public Ethereum vault, with over 5.39 million ETH.
The optimism contrasts with comments this week from Bankless co-founder David Hoffman, who said he sold the remainder of his ETH holdings after concluding that the “ETH is money” investment thesis had largely “come true.” Hoffman said the Ethereum network can continue to grow with stablecoins, tokenization and Layer 2 activity, but only a confined portion of that growth ultimately accrues to ETH itself.
According to CoinGecko data, ETH is trading around $2,013 at the time of writing, down about 32% year-to-date and almost 60% below its August 2025 all-time high of $4,946.
Source: CoinGecko
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