Quick breakdown
- Bit Digital targets $100M+ raise to expand its Ether reserves and surpass Coinbase’s treasury ranking.
- BitMine now holds 2.65M ETH, worth over $11B, with ambitions for 5% of Ethereum’s total supply.
- Institutional ETH holdings top 11.8M tokens, fueling bullish sentiment for long-term price growth.
Bit Digital’s $100M convertible note plan
Digital asset company Bit Digital has announced plans to raise $100 million through a convertible senior note offering, with an additional $15 million option available. The firm said all proceeds will be used to expand its Ether (ETH) holdings and support general corporate purposes, including acquisitions and digital asset investments.
Bit Digital Announces Proposed Offering of $100 Million Convertible Notes@BitDigital_BTBT today announced a proposed registered underwritten public offering by the Company of $100,000,000 aggregate principal amount of its convertible senior notes due 2030, subject to market and…
— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) September 29, 2025
Bit Digital currently holds 120,000 ETH, ranking seventh among Ether treasury companies tracked by Strategic Ether Reserve. Should the fundraising succeed, the firm could add nearly 23,714 ETH, enough to move it past Coinbase into sixth place.
BitMine expands lead with $11B in Ether
Meanwhile, rival BitMine Immersion Technologies widened its lead as the world’s largest Ether treasury company. On Monday, the firm confirmed that it now controls 2.65 million ETH, worth over $11 billion, following the purchase of 234,000 tokens on September 26. BitMine aims to secure 5% of Ethereum’s total supply, with an average entry price of $4,141 per ETH according to CoinGecko data.
At current prices of $4,221, BitMine’s holdings remain firmly profitable. Chairman Tom Lee described Ethereum as “one of the biggest macro trades over the next decade,” citing twin supercycles in crypto adoption and artificial intelligence that rely on neutral public blockchains.
Institutional buying pushes ETH higher
Institutional interest in Ethereum has surged in 2025, with combined holdings across treasury firms and exchange-traded funds now exceeding 11.8 million ETH, nearly 10% of the total supply.
Investment leaders such as Jan van Eck of VanEck and David Grider of Finality Capital argue that Ethereum is primed to become the backbone for financial services, stablecoin settlements, and AI-driven applications. Grider noted that this growing corporate treasury trend could replicate the impact of MicroStrategy’s Bitcoin strategy on ETH price performance. Meanwhile, Macro analyst Luke Gromen said Bitcoin’s lack of yield makes it a safer store of value compared to Ethereum.
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