Bit Digital Bets Big on ETH: $150M Notes, 2% of Supply? 😂🚀

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In the smoky backroom where numbers cough up dreams and the air tastes faintly of silicon, Bit Digital, a treasury conjurer of Ethereum, summoned a $150 million pact in convertible notes. From this incantation rose exactly 31,057 ETH, and with the flourish of a magician’s flourish, its hoard swelled to roughly 150,244 tokens-enough to make a ledger blush. 🪄💰

With such a flourish, Bit Digital ascends into the public pantheon of Ethereum’s largest institutional guardians. A constellation of names-Kraken Financial, Jump Trading, and Jane Street Capital-joined the rite, stamping their sigils on the deal like polite conspirators at a very expensive club. ✍️🦎

As the official throes declare, the convertible notes carry an initial conversion rate of $4.16 per share, a sheen of 8.2% above the company’s measured mark-to-market net asset value (mNAV) of $3.84 per share. mNAV, that sacred arithmetic of corporate fortune, is derived by combining ETH holdings with a stake in WhiteFiber, Inc. (“WYFI”) and then dividing by the number of outstanding shares-a ritual performed by accountants with the patience of saints and the souls of caffeinated punchy calculators. 🧮✨

Strategic ETH expansion

CEO Sam Tabar spoke with the gravity of a man who knows the clockwork of the cosmos is made of digits. “This purchase demonstrates our commitment to building shareholder value by financing ETH accumulation on terms that are accretive to NAV per share,” he proclaimed, as if echoing a manifesto written in the margins of a ledger. He added that Ethereum stands as a pillar of digital finance and expressed confidence in its long march forward. Bit Digital plans to swell its ETH holdings while savoring its majority stake in WhiteFiber, like a benevolent sorcerer who never forgets to polish his wand. 🪄📈

Meanwhile, BitMine Immersion Technologies, another Ethereum-focused outfit led by Fundstrat’s Thomas Lee, expanded its own hoard by 179,251 tokens last week, now commanding more than 2.83 million ETH-over 2% of the entire supply. The marketplace theatre grows crowded, the characters richer, and the plot thickens with every block. 🎭🧭

According to CoinMarketCap, Ethereum stood at $4,484.34 at the moment of writing, down 4.69% in the past 24 hours, with a 24-hour volume of $56.38 billion. The market roils like a city in a novella-bright, ridiculous, and somehow inevitable. 💹🕯️

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2025-10-08 17:35