Ethereum-focused treasury company Bit Digital has acquired $150 million worth of Ethereum through a convertible notes offering. The firm purchased approximately 31,057 ETH using the raised capital, boosting its total holdings to around 150,244 tokens. This move positions Bit Digital as one of the largest institutional holders of Ethereum publicly, joining forces with renowned crypto investors like Kraken Financial, Jump Trading, and Jane Street Capital in the deal. The notes were priced at an initial conversion rate of $4.16 per share, representing an 8.2% premium to the company’s estimated mark-to-market net asset value (mNAV) of $3.84 per share. Bit Digital calculates mNAV by combining its ETH holdings and stake in WhiteFiber, Inc. (“WYFI”), divided by outstanding shares. As of September 29th, Bit Digital owned 121,252 ETH worth $512.7 million and over 27 million WYFI shares valued at $723.1 million. They used the $150 million to purchase more ETH at an optimal price point for strategic expansion.