Bit Digital, a digital asset firm, aims to raise $100 million through a convertible senior note offering to expand its Ether treasury, while BitMine Immersion Technologies solidifies its position as the largest holder of Ether treasury.
In a statement on Monday, Bit Digital announced it is also offering an additional $15 million in notes, with all net proceeds designated for further Ether (ETH) acquisitions and general corporate purposes, including potential investments, acquisitions, and other business opportunities related to digital assets.
Currently, Bit Digital owns over 120,000 Ether, making it the seventh-largest Ether treasury company tracked by StrategicEtherReserve. Should they succeed in this capital raise, the company could buy an additional 23,714 tokens, elevating it to sixth place, ahead of crypto exchange Coinbase.
BitMine solidifies its lead
Meanwhile, BitMine revealed on Monday that its Ether treasury has expanded to 2.65 million tokens, valued at over $11 billion, increasing its lead over the second-largest entity, SharpLink Gaming, which holds more than 838,000 Ether.
According to StrategicEtherReserve, BitMine’s last purchase was on Sept. 26, when it secured 234,000 tokens as part of its strategy to maintain 5% of the total Ether supply.
BitMine estimates its average acquisition cost is $4,141 per Ether. Currently, the token is trading at $4,221, according to CoinGecko.
Ether bought at a bargain, says Lee
BitMine’s Chairman Tom Lee remarked that ETH’s current price represents “a discount to the future,” highlighting two supercycles anticipated in late 2025 — one for crypto and another for artificial intelligence — both of which “demand neutral public blockchains,” positioning Ethereum as the “leading option.”
“We remain convinced that Ethereum is poised for one of the most significant macro trades over the next 10-15 years,” Lee stated.
“The integration of Wall Street and AI onto the blockchain is set to revolutionize today’s financial system, with the majority of these developments occurring on Ethereum.”
Jan van Eck, CEO of investment management company VanEck, which has an Ether-based exchange-traded fund (ETF), echoed similar sentiments in August, predicting that financial services would adopt blockchain technology for stablecoin transactions, anticipating Ethereum as the chosen platform.
Institutional Ether holdings could elevate prices
Institutions have been consistently acquiring Ether throughout 2025, with treasury companies and ETFs holding over 11.8 million, which is nearly 10% of the total token supply.
Related: ETHZilla unveils new $350M war chest for Ethereum investments
In August, Etherealize’s Vivek Raman informed Cointelegraph that the “positive competition” among firms acquiring Ether might ignite a DeFi Summer 2.0 “but on an institutional level, larger and more impactful.”
Furthermore, David Grider, a partner at the venture capital firm Finality Capital, predicted in a July post that the boom in Ether treasury companies “should favorably impact ETH flows and price action, akin to the influence MicroStrategy had on Bitcoin.”
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