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Bit Digital, Inc. (NASDAQ:BTBT) ("Bit Digital" or the "Company"), a leading Ethereum digital asset treasury company ("DAT"), 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.
Sam Tabar, CEO of Bit Digital, 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. Our guiding principle is to grow NAV per share, with the goal of creating long-term value for shareholders."
Supplemental Information on mNAV
Bit Digital estimates its mark-to-market net asset value ("mNAV") by aggregating the value of its Ethereum ("ETH") holdings and its ownership stake in WhiteFiber, Inc. ("WYFI") divided by the number of its outstanding ordinary shares.
As of September 29, 2025, which reflected the market values at the time the convertible notes were priced:
Based on these figures, Bit Digital's estimated mNAV was approximately $3.84 per share. The initial conversion price of the convertible notes is $4.16 per share, representing a premium of approximately 8.2% to mNAV at the time of pricing.
Posted In: BTBT
