Bit Digital quadruples ETH holdings, eyes 1 billion shares to fund Ethereum pivot
Main Idea
Bit Digital has significantly increased its Ethereum holdings, reflecting a strategic shift from Bitcoin to Ethereum amid rising institutional interest in the altcoin.
Key Points
1. Bit Digital plans to expand its authorized share capital to raise $10 million, signaling its intent to increase Ethereum exposure.
2. Bit Digital's Ethereum reserves surged from 24,434 ETH to over 120,306 ETH, making it one of the top 10 institutional Ethereum holders globally.
3. Institutional interest in Ethereum is growing, with firms like SharpLink and BitMine collectively holding over 2.3 million ETH, valued at nearly $9 billion.
4. Ethereum's price was trading at $3,883.86 with a 1.95% gain in the last 24 hours, and community sentiment is overwhelmingly bullish (82% optimistic).
5. ETH ETF inflows totaled $452.8 million, further indicating strong institutional demand.
Description
Could this be the beginning of a new institutional altcoin era?
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