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'MicroStrategy Of Ethereum' Approach Gains Popularity As BitDigital Raises $163 Million

Benzinga·07/02/2025 13:31:50
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Bit Digital Inc. (NASDAQ:BTBT) has successfully raised approximately $163 million through an underwritten share offering, with the full exercise of underwriters' option enabling the company to launch an Ethereum (CRYPTO: ETH) treasury initiative.

What Happened: The Nasdaq-listed firm issued 86.25 million ordinary shares, securing net proceeds of $162.9 million to acquire and stake ETH as part of its corporate treasury strategy.

This move reflects a growing trend among public companies adopting crypto treasury strategies.

BitMine Immersion Technologies (AMEX:BMNR) recently completed a $250 million private placement to establish an ETH treasury, signaling its transition from Bitcoin-only holdings.

Similarly, SharpLink Gaming (NASDAQ:SBET), a Nasdaq-listed entity, became the largest public ETH holder, expanding its treasury to 198,167 ETH by acquiring an additional 9,468 ETH between June 23–27, funded through a $24.4 million at-the-market equity facility.

In contrast, Strategy (NASDAQ:MSTR) (formerly MicroStrategy) remains the dominant Bitcoin (CRYPTO: BTC) treasury leader, recently acquiring nearly 5,000 BTC for $532 million.

The firm now holds over 597,000 BTC, valued at more than $64 billion, financed via its ATM equity program.

Also Read: Bitcoin’s Halving Cycle Is ‘Over’, Standard Chartered Affirms: What That Means For You

Why It Matters: The rising institutional interest in Ethereum as a treasury asset highlights the broader appeal of staking yields and decentralized finance utility.

Bit Digital, which launched its ETH staking platform in 2022, now operates one of the largest Ethereum validator and custody infrastructures among public firms.

Meanwhile, corporate interest in Bitcoin treasuries continues to expand. More than 140 publicly traded firms globally, including Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), and Coinbase Inc. (NASDAQ:COIN), have added BTC to their balance sheets.

These entities follow a playbook popularized by Strategy's aggressive Bitcoin accumulation model.

Industry analysts warn that companies leveraging debt or equity to fund crypto acquisitions may face heightened volatility risk.

Still, the strategy has attracted significant capital, automated market makers and institutional inflows, that support large-scale crypto treasury initiatives.

Bit Digital's Ethereum treasury raise, alongside similar corporate moves, signals a clear shift in how publicly traded firms are applying digital assets within their treasury portfolios.

The strategy appears aimed at achieving both on-chain yield and broader token exposure, reflecting evolving corporate finance models.

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