Key Takeaways
- Bit Digital, casting aside its 280 digital orphans—Bitcoin—embraced $172 million in Ethereum, swelling its coffers to over 100,000 pieces of programmable hope. Whispers from the CEO’s mouth suggest Ethereum dreams in the code of a new world order.
Once guardians of a modest 280 Bitcoin reserve—yes, that mythic number—Bit Digital has, in a fit of modern Dostoevskian despair (and perhaps hope), decided to make Ethereum its muse.🐐💸
On the seventh of July—a day cursed or blessed, the blockchain will decide—the company serenely announced its $172 million windfall, bringing its ETH treasury to the dizzying height of 100,603. Who needs gold when you can mine magic internet contracts?
Samir Tabar, the firm’s chief, faced the interrogation lights of CNBC and delivered a line worthy of Chekhov—
“We exited a profitable BTC mining business and sold all the BTC and poured it all into Ethereum. We’re just getting started.”
Why surrender the citadel of Bitcoin for the nebulae of Ethereum? Tabar answered with the authority of a man convinced his coffee is sentient:
“Ethereum is the only blue-chip institutional blockchain that can tokenize the world’s traditional real-world assets. There is no second best.”
ETH treasury heats up (but does it get sunburn?)
Before this great pivot, Bit Digital’s treasury was home to a mere 24,434 ETH. Voilà—three months, several sleepless nights, and one existential shrug later, their total now nearly grazes the heavens with 100k ETH. The kind of crypto-hoarding Dostoevsky’s Raskolnikov might envy (were he not occupied with other crimes).🔥
Bit Digital isn’t alone in this game of musical tokens. They’re now the second ex-Bitcoin mining devotee to leap aboard the Ethereum bandwagon—surely the party bus of the blockchain world.
On the 30th of June, BitMine Immersion Technologies hollered about its own $250 million ETH hoard, with Tom Lee waving a flag somewhere in the background, probably calculating things on a napkin.
Publicly, the hoarding gets better: ETH stacked by public firms and their Web3 courtiers now stands at $3.3 billion. Of these, public firms are clutching 313.8k ETH, roughly 24% of the supply—a share any oligarch would glare at hungrily.
With this maneuver, Bit Digital leaps into the hallowed top 10 ETH treasuries—and if it keeps going, might soon throw shade at Coinbase itself (137,300 ETH), who will presumably respond with a frosty meme.
Markets responded as unpredictably as Russian weather: Bit Digital’s stock, BTBT, rode a bullish blizzard, up 19% from $3.25 to $3.86. Since June’s tragicomic lows, it’s up more than 80%. Stockholders suddenly find themselves poets of profit—while ETH itself rose 22%. BTBT folks: four times richer, once laughter fades.
At this hour, ETH looks out upon the marketplace, crowned at $2,570. Versus Bitcoin—oh, that old monolith—ETH outshone it by 10% in a fortnight, sending maximalists to their journals.
If the inscrutable ETH/BTC ratio holds its ground at the range lows and dares a leap to 0.025, more glory awaits Ethereum holders. Or, as Tolstoy would say, all treasuries are alike, but each crypto treasury is strange in its own way. 🎩⏳
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2025-07-09 09:57