Corporate Ethereum Race Heats Up As Bit Digital Buys Additional $20M ETH
Bankless co-founder David Hoffman lately bought the final of his Ethereum holdings, saying the funding case for ETH had largely performed out. That exit got here the identical week Bit Digital went the opposite path — dropping $20 million so as to add extra to its already substantial Ethereum stash.
A Company Building Around Ethereum
Bit Digital acquired 8,568 ETH on May 11 at a mean value of $2,334 per token, pushing its whole holdings to roughly 158,462 ETH. The Nasdaq-listed firm mentioned the acquisition was a part of a broader technique to develop internet asset worth per share via Ethereum accumulation, AI infrastructure, and acquisitions.
According to CEO Sam Tabar, the deal helped trim the agency’s common buy value. Bit Digital operates throughout three areas: Ethereum treasury administration, AI and high-performance computing infrastructure, and strategic acquisitions, with its WhiteFiber subsidiary buying and selling on Nasdaq below the ticker WYFI.
The buy moved Bit Digital previous Coinbase Global — which held about 151,175 ETH — to develop into the fourth-largest public company holder of Ether, based mostly on CoinGecko knowledge.
Other Firms Are Piling In Too
Bit Digital just isn’t alone. Bitmine Immersion Technologies made its largest ETH buy of the yr earlier this week, shopping for 111,942 Ether. Chairman Tom Lee mentioned Ethereum stands to profit from a crypto supercycle pushed by tokenization and AI-powered brokers.
Based on CoinGecko knowledge, Bitmine Immersion at present ranks as the most important public Ethereum treasury holder, with greater than 5 million ETH.
The shopping for spree is occurring at the same time as ETH trades properly under its latest highs. The token was priced round $2,013 on the time of reporting, down about 30% year-to-date and practically 60% off its August 2025 peak close to $4,946.
Price Lags While Network Activity Holds Steady
Standard Chartered launched a report Thursday arguing that Ethereum’s on-chain metrics inform a distinct story than the value. Transaction exercise and whole worth locked on the community stay close to report ranges, the financial institution mentioned, regardless of the sharp drop in token worth.
The financial institution’s international head of digital belongings analysis, Geoff Kendrick, held to a value goal of $4,000 for ETH by finish of 2026 and $40,000 by 2030. He mentioned progress in stablecoin use and tokenization exercise on Ethereum might shut the hole between community utilization and token value.
Hoffman, in the meantime, acknowledged that Ethereum’s community might maintain increasing via stablecoins, tokenization, and layer-2 exercise. His concern is that solely a restricted share of that progress finally ends up benefiting ETH holders straight.
Featured picture from Trail Runner Magazine, chart from TradingView
