Digital Asset Company is planning to raise $100 million through convertible senior notes to grow the Ether Treasury Department, with Bitmine Immersion Technologies expanding its lead as the largest ether financing company.
Bit Digital said in a statement Monday that it offers an additional $15 million memo option. All net income will be allocated to more ether (ETH) purchases and for more general corporate purposes, it said, “including potential investments, acquisitions and other business opportunities related to digital assets.”
BIT Digital currently holds over 120,000 ethers, and is the seventh largest ether treasury to track by StrategalEtherReserve. If the salary increase is successful, the company can purchase an additional 23,714 tokens. This will bring the list up to sixth, ahead of Crypto Exchange Coinbase.
Bitmine extends leads
At the same time, Bitmine announced on Monday its expansion of its financial holdings to over $11 billion in 265 million ether, expanding its lead against Sharplink Gaming, the second-largest company with over 838,000 ethers.
StrategicEtherReserve lists September 26th as Bitmine’s latest purchase date. This got 234,000 tokens as part of its long-term goal of holding 5% of the total supply.
Bitmine estimates the average purchase price at $4,141 per ether. According to Coingecko, the token is trading at $4,221.
Ether was purchased at a discount, Lee says
Bitmine Chairman Tom Lee called the current price of ETH a “discount to the future,” and in the last few months of 2025, two supercycles (crypto and artificial intelligence) “necessary to a neutral public blockchain,” making Ethereum the “best choice.”
“We continue to think that Ethereum is one of the biggest macro transactions for the next 10-15 years,” Lee said.
“If Wall Street and AI move to blockchain, it should lead to greater changes in today’s financial system. The majority of this is happening in Ethereum.”
Jan Van Eck, CEO of Vaneck, an investment management company that offers Ether-based Exchange-Traded Funds (ETFs), made a similar comment in August, predicting that financial services will adopt blockchain to handle Stablecoin transactions, and believes Ethereum will become the platform of choice.
The ether held by the institution could boost prices
The institution has steadily acquired ether throughout 2025, with the total of financing companies and ETFs being over 11.8 million, accounting for just under 10% of the token supply.
Related: Esyra unleashes fresh $350 million war chest for Ethereum bets
In August, Etherealize’s Vivek Raman told Cointelegraph that “sounding competition” between companies that have acquired ether could cause “summer 2.0.”
Meanwhile, David Grider, partner at Venture Capital Fient Finality Capital, told the Ether Treasury Company in July’s X Post that “Boom should be a good foreshadowing of price actions similar to the impact ETH flow and MicroStrategy have had on Bitcoin.”
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