Bit Digital, Inc. (NASDAQ: BTBT) shares began Wednesday in positive country. The company, a leading Ethereumdigital asset treasury company, today announced that it has purchased approximately 31,057 Ethereum ("ETH") using the net proceeds from its recently completed $150 million convertible notes offering, which included the underwriters' full exercise of their over-allotment option.
The initial conversion price for the convertible notes of $4.16 per share represents an 8.2% premium to the Company's estimated mNAV at the time of deal pricing.
Following this transaction, Bit Digital now holds approximately 150,244 ETH, reinforcing its position among the largest institutional Ethereum treasuries in the public markets.
Several notable crypto focused investors participated in the convertible notes offering, including Kraken Financial, Jump Trading Credit, and Jane Street Capital.
CEO Sam Tabar commented: "This purchase demonstrates our commitment to building shareholder value by financing ETH accumulation on terms that are accretive to NAV per share. The structure of our convertible notes allowed us to raise capital at a premium to mNAV, and we have deployed those proceeds directly into ETH.
“We view ETH as foundational to digital financial infrastructure and believe current levels provide a compelling long-term entry point. We are focused on expanding our Ethereum treasury in a cost-effective manner, while benefiting from the growth of our majority stake in WhiteFiber."
BTBT shares advanced 8,5 cents, or 2.3%, to $3.82.
