Nasdaq-Listed Bit Digital Plans to Raise $67.3M to Expand Ethereum Treasury

Key Points

1. Bit Digital aims to raise $67.3 million via a direct offering of 22 million shares priced at $3.06 per share, managed by B. Riley Securities, with the proceeds exclusively for purchasing Ethereum.

2. The company recently converted its entire Bitcoin holdings to Ether and held approximately 100,603 ETH as of early July, signaling a long-term commitment to Ethereum.

3. Ethereum's price rose 0.6% to $2,991, gaining over 18% in the past week, while Bitcoin remained relatively flat at $118,852.

4. Other public companies, like BIT Mining and DeFi Development Corp., are also diversifying into crypto holdings, including ETH and SOL, following the trend pioneered by Michael Saylor’s strategy.

5. Ethereum co-founder Joe Lubin mentioned the company has been purchasing tens of millions of dollars worth of ETH daily, indicating strong institutional accumulation.