Bit Digital Acquires 31,057 ETH Through $150M Convertible Notes Offering
Bit Digital Inc. (Nasdaq: BTBT) has purchased 31,057 Ether (ETH) using proceeds from its recently completed $150 million convertible notes sale, the company announced on October 8, strengthening its position among the largest institutional Ethereum holders in the public markets. The financing included underwriters fully exercising their overall allotment option. The notes carry an initial conversion price of $4.16 per share — an 8.2% premium to the company’s estimated mark-to-market net asset value (mNAV) at the time of pricing. Ethereum Treasury Expands Following the acquisition, Bit Digital’s Ethereum holdings rose to approximately 150,244 ETH. The company, which positions itself as a digital asset treasury firm, said several institutional investors participated in the offering, including Kraken Financial, Jump Trading Credit and Jane Street Capital. The move comes as digital asset companies increasingly build large on-balance-sheet treasuries, aiming to capitalize on price cycles while maintaining exposure to key blockchain infrastructure assets. Chief Executive Officer Sam Tabar said the company’s strategy centres on increasing its per-share asset value while deploying capital efficiently. “We view ETH as foundational to digital financial infrastructure,” Tabar said in a statement. “We are focused on cost-effectively expanding our Ethereum treasury.” mNAV and Asset Valuation Bit Digital’s estimated mNAV is based on its Ethereum treasury and its majority ownership stake in WhiteFiber Inc. (WYFI). As of Sept. 29, the company held 121,252 ETH valued at $4,229 per token, totalling about $512.7 million. Its 27,043,749 WYFI shares were valued at $26.74 each, amounting to approximately $723.1 million. Combined, the assets were valued at roughly $1.236 billion, with 321.4 million BTBT shares outstanding. That calculation placed the company’s estimated mNAV at $3.84 per share at the time the notes were priced. The conversion price of $4.16 represented an 8.2% premium. The company emphasized that mNAV figures are based on market data as of Sept. 29 and remain subject to volatility. Strategic Capital Allocation Convertible notes have become a preferred funding instrument in the digital asset sector, offering companies access to capital while aligning investor incentives with share price performance. By issuing the notes at a premium, Bit Digital secured additional funds without immediately diluting existing shareholders. The company said the transaction reflects its broader strategy of expanding its ETH reserves and leveraging market opportunities to increase asset value per share.
CoinShares Launches Altcoins ETF on Nasdaq to Expand U.S. Crypto Access
CoinShares International Ltd., a Jersey-based digital asset manager with more than $10 billion in assets under management, has introduced a new exchange-traded fund designed to broaden cryptocurrency exposure for U.S. investors. The CoinShares Altcoins ETF, trading under the ticker DIME, began trading on Tuesday on the Nasdaq exchange, marking one of the first U.S. ETFs to offer diversified access to digital assets beyond Bitcoin and Ether. Expanding Beyond Bitcoin and Ethereum Until now, U.S. investors could only access cryptocurrency exposure through spot Bitcoin and Ethereum ETFs. According to CoinShares, these two assets represent less than a third of the total crypto market value, leaving a wide segment of digital assets out of reach for traditional brokerage clients. The DIME fund seeks to bridge that gap by offering exposure to a diversified portfolio of alternative cryptocurrencies through a regulated ETF structure. It invests in a range of exchange-traded products (ETPs) listed across the United States, Canada, the United Kingdom, and the European Union. Initial allocations include ETPs tied to Solana (SOL), Polkadot (DOT), Cardano (ADA), Cosmos (ATOM), Sei (SEI), Avalanche (AVAX), Sui (SUI), Aptos (APT), Near Protocol (NEAR), and Toncoin (TON). Jean-Marie Mognetti, chief executive officer of CoinShares, said the new ETF is part of the firm’s effort to make altcoin exposure more accessible to investors through familiar investment channels. Equal-Weight Approach and Risk Controls The DIME ETF tracks the CoinShares-Compass Altcoins Index, which equally weights its components and rebalances quarterly. The strategy aims to manage concentration risk by trimming outperforming assets and reallocating to underperforming ones. CoinShares said the fund’s structure provides exposure across three key themes: high-speed Layer 1 blockchains, interoperability protocols, and emerging smart contract platforms. Layer 1 blockchains refer to networks that process transactions on their own technology, while interoperability protocols allow blockchains to share information. To encourage adoption, CoinShares will waive the fund’s 0.95% management fee on assets up to $1 billion until September 30, 2026, subject to approval by the fund’s board. Simplified Access Through Brokerages CoinShares said DIME enables investors to gain cryptocurrency diversification through standard brokerage accounts, eliminating the need for direct crypto exchange participation or wallet management. The fund is designed to offer the transparency and oversight of a traditional ETF while opening access to a broader segment of the digital asset market.
