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Bit Digital now holds 153,546 $ETH, a massive bet positioning the public company as a cornerstone of the institutional digital asset landscape far beyond its mining origins.
- Bit Digital boosted its Ethereum holdings to 153,546 $ETH, valued at $590.5 million as of October 31.
- Around 86% of its $ETH is staked, generating yield as the company pivots from Bitcoin mining to Ethereum-native finance.
In a press release dated Nov. 7, Nasdaq-listed Bit Digital announced that its Ethereum ($ETH) treasury had grown to approximately 153,547 $ETH, valued at about $590.5 million as of October 31.
The company said it acquired over 31,000 $ETH during the month, pushing its average cost basis to $3,045 per token. Bit Digital also reported that roughly 86% of its holdings, about 132,480 $ETH, were staked, generating 249 $ETH in monthly rewards at an annualized yield of 2.93 percent. The disclosure marks another step in the firm’s ongoing transition from Bitcoin mining to Ethereum-native yield operations.
Bit Digital’s shift toward Ethereum-native finance
Bit Digital began accumulating Ethereum in 2022, marking a quiet but deliberate pivot away from its legacy as one of North America’s largest Bitcoin miners. The scale of its commitment became undeniable earlier this year when the company executed a complete swap of its Bitcoin treasury for Ethereum. This move signaled a fundamental belief in Ethereum’s distinct value proposition.
According to CEO Sam Tabar, the decision to pivot was driven by a conviction in Ethereum’s superior utility as a foundational technology. Tabar has publicly framed the shift around Ethereum’s role as a core settlement layer for the next generation of finance, specifically highlighting the growth of tokenized real-world assets and stablecoins.
He has argued that while Bitcoin functions primarily as a store of value, Ethereum’s programmable nature and robust ecosystem position it to capture the economic activity of widespread asset tokenization, making its native asset, $ETH, a compelling yield-bearing instrument.
The move also situates Bit Digital among a growing list of public companies making long-term commitments to Ethereum. BitMine Immersion Tech, for instance, recently disclosed holdings of 3.31 million $ETH valued at roughly $13.3 billion, while SharpLink Gaming’s Ethereum balance climbed to 859,853 $ETH following its latest purchase.