Bit Digital buys 31,057 ETH with convertible notes proceeds

Bit Digital Inc. (NASDAQ: BTBT) purchased approximately 31,057 Ethereum tokens using proceeds from its $150 million convertible notes offering, the company announced. The transaction brings Bit Digital's total Ethereum holdings to approximately 150,244 ETH.

The convertible notes included an over-allotment option that was fully exercised by underwriters. The initial conversion price of $4.16 per share represents an 8.2% premium to the company's estimated mark-to-market net asset value at the time of deal pricing.

Notable crypto-focused investors participated in the convertible notes offering, including Kraken Financial, Jump Trading Credit, and Jane Street Capital.

As of September 29, 2025, Bit Digital estimated its mark-to-market net asset value at approximately $3.84 per share. This calculation included 121,252 ETH valued at approximately $4,229 per token totaling $512.7 million, and 27,043,749 shares of WhiteFiber Inc. valued at $26.74 per share totaling $723.1 million. The combined value reached $1.236 billion across 321.4 million outstanding shares.

"This purchase demonstrates our commitment to building shareholder value by financing ETH accumulation on terms that are accretive to NAV per share," said Sam Tabar, CEO of Bit Digital. "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."

Bit Digital operates as a digital asset platform focused on Ethereum treasury and staking strategies. The company began accumulating and staking ETH in 2022 and holds a majority equity stake in WhiteFiber (NASDAQ: WYFI), an AI infrastructure provider.

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