Two of the biggest Ether-focused firms made headlines this week: BitMine Immersion Technologies expanded its already-massive ETH reserves, while Bit Digital revealed plans to raise fresh capital to boost its treasury.
Bit Digital Eyes $100 Million Note Sale
Digital asset infrastructure company Bit Digital announced it will issue $100 million in convertible senior notes, with an option to extend by another $15 million. The firm said proceeds will be used mainly to purchase additional Ether, alongside broader corporate purposes such as acquisitions and other blockchain-related ventures.
Currently holding over 120,000 ETH, Bit Digital is the seventh-largest institutional Ether holder tracked by StrategicEtherReserve. If the raise is completed, the firm could add nearly 24,000 more tokens, enough to leapfrog Coinbase and move into sixth place on the leaderboard.
BitMine Expands Its Dominance
Meanwhile, BitMine Immersion Technologies disclosed that its Ether reserves have climbed to 2.65 million ETH — worth more than $11 billion. This widens its lead over the second-largest holder, SharpLink Gaming, which holds around 838,000 ETH.
The company’s most recent purchase was logged on September 26, when it added 234,000 tokens. BitMine has set a long-term goal of acquiring 5% of Ethereum’s total supply. According to the firm, its average purchase price is $4,141 per ETH, slightly below the current market rate of $4,221 (CoinGecko data).
ETH as a “Discount to the Future”
BitMine chairman Tom Lee described Ethereum’s valuation as a “discount to the future,” pointing to two converging supercycles in late 2025 — the crypto boom and the rise of artificial intelligence. Both, he said, require neutral, public blockchains, and Ethereum is the frontrunner.
Lee emphasized that Ethereum could be “one of the biggest macro trades over the next decade,” predicting that will accelerate adoption and reshape financial systems, with Ethereum at the center.
