Bit Digital buys $20M worth of Ethereum, expands treasury to 158K ETH
Bit Digital said it bought $20 million of Ether, lifting its holdings to about 158,462 ETH and pushing it ahead of Coinbase in public ETH treasuries.
Intelligence analysis by GPT-5.4 Mini
Bit Digital added 8,568 ETH on May 11 at an average price of $2,334.25, taking its treasury to roughly 158,462 ETH. The move, according to CoinGecko data cited in the article, would make it the fourth-largest public corporate Ether holder.
Bit Digital bought a big pile of Ether, which is a kind of digital money linked to the Ethereum network. Think of it like a company putting extra savings into a toy it thinks may become more valuable later.
After the purchase, Bit Digital said it had about 158,462 Ether. That was enough to move it ahead of Coinbase in the list of public companies holding the most Ether, according to the data cited in the article.
The story matters because some companies are treating Ether like a long-term treasure chest. Even when the price is down, they are still buying more, hoping the network keeps growing and their stash becomes more valuable over time.
Analysis
What Bit Digital did
Bit Digital said it bought 8,568 ETH on May 11 for $20 million, paying an average of $2,334.25 per token. The company says the purchase lifted its total Ether holdings to about 158,462 ETH.
Treasury strategy
CEO Sam Tabar said the lower purchase price reduced Bit Digital’s average ETH acquisition cost. He framed the move as part of a broader strategy to grow net asset value per share through Ethereum accumulation, AI infrastructure, and acquisitions. Bit Digital also operates in high-performance computing, and its WhiteFiber unit trades on Nasdaq under WYFI.
Market position
The article says CoinGecko data now places Bit Digital ahead of Coinbase Global as the fourth-largest public corporate Ether holder. Before this purchase, Bit Digital’s reported holdings were about 140,008 ETH, below Coinbase’s roughly 151,175 ETH.
Bigger context
The buy lands in a market where some analysts remain constructive on Ethereum even as the token price is weak. The story cites a Standard Chartered report saying transaction activity and total value locked remain near record levels, despite ETH trading far below its 2025 peak. It also notes other companies are still adding ETH, including Bitmine Immersion Technologies, which recently made a much larger purchase and is currently the largest public ETH treasury holder. The article contrasts that optimism with a more skeptical view from Bankless co-founder David Hoffman, who said he sold the rest of his ETH after deciding the main investment thesis had already played out.
Overall, the piece frames Bit Digital’s buy as part of a continuing corporate race to build Ethereum treasuries, even as ETH itself remains well below its highs.
Key points
- Bit Digital said it bought 8,568 ETH for $20 million on May 11.
- The company said its total Ether holdings rose to about 158,462 ETH.
- CoinGecko data cited in the article would place Bit Digital ahead of Coinbase as the fourth-largest public corporate Ether holder.
- CEO Sam Tabar said the purchase fits a strategy centered on Ethereum accumulation, AI infrastructure, and acquisitions.
- The article places the buy in a broader debate over whether Ethereum’s network growth is translating into ETH price strength.
