Bit Digital, the Nasdaq-listed company, purchased 8,568 Ether on May 11 at an average price of $2,334.25 per token, expanding its total holdings to approximately 158,462 ETH and surpassing Coinbase Global’s 151,175 ETH, according to CoinGecko data.
The $20 million acquisition marked a strategic move to reduce Bit Digital’s average cost basis while positioning the company among the top four public corporate Ethereum holders. Sam Tabar, CEO of Bit Digital, said the purchase “reduced Bit Digital’s average ETH acquisition cost and was part of the company’s strategy to grow net asset value per share through Ethereum accumulation, AI infrastructure and acquisitions.”
Bit Digital’s ascent reflects broader institutional appetite for Ethereum despite significant price headwinds. ETH has declined 32 percent year-to-date and trades more than 50 percent below its August 2025 all-time high of $4,946, according to Standard Chartered data. The token was trading at $2,013 at the time of publication on May 28.
Bitmine Immersion Technologies, which holds the largest public Ethereum treasury with 5.39 million ETH, announced its own accumulation activity on an unspecified Tuesday. Tom Lee, chairman of Bitmine Immersion, stated that “Ethereum could benefit from a crypto ‘supercycle’ driven by tokenization and AI-powered agents.”
Standard Chartered’s Geoff Kendrick, global head of digital assets research, published price targets reflecting confidence in Ethereum’s medium-term outlook. Kendrick projected ETH reaching $4,000 by the end of 2026 and $40,000 by 2030. His analysis noted that Ethereum transaction activity and total value locked remain near record levels despite the extended price weakness.
Not all observers share this bullish sentiment. David Hoffman, co-founder of Bankless, stated the “ETH is Money” investment thesis had largely “played out,” arguing that while Ethereum’s network may continue growing through stablecoins, tokenization and layer-2 activity, “only a limited share of that growth accrues to ETH itself.”
Bit Digital’s stock price closed Wednesday at $2.03, up 35.5 percent over the past month, outpacing the broader Ethereum market’s recovery. The company operates across Ethereum treasury management, AI and high-performance computing infrastructure, and strategic acquisitions. Its WhiteFiber subsidiary trades on Nasdaq under ticker WYFI.
