Bit Digital Grows Ethereum Holdings to 120,000 ETH as Treasury Strategy Intensifies

Bit Digital has announced it has purchased a further 19,683 Ethereum, following its recently completed $67.3 million registered direct offering to institutional investors.

The move follows several significant moves from Wall Street that suggest Ethereum (ETH), long regarded as second to Bitcoin (BTC), may now be emerging as the new top pick in corporate crypto strategy.

BitDigital’s ETH Push

Bit Digital is the largest sign of this shift, a company that once built its treasury around Bitcoin.

On Friday, July 18, Bit Digital announced that it has purchased approximately 19,683 ETH, bringing its total holdings to 120,306 ETH.

“With approximately 120,000 ETH, Bit Digital is positioned among the largest institutional Ethereum treasuries in the public markets,” said Sam Tabar, Chief Executive Officer of Bit Digital.

“We view Ethereum as foundational to the next phase of digital financial infrastructure,” he added.

Earlier this month, Bit Digital announced that ETH would “rewrite the entire financial system.”

The company used funds from the sale of 280 Bitcoin, along with proceeds from a recent public offering, to acquire over 100,000 ETH.

“As of today, Bit Digital has accumulated over 100,000 ETH,” the company wrote in a July 7 statement.

“But we are not new to Ethereum, nor to our conviction in its opportunity,” they added.

“Since 2022, Bit Digital has been holding, accumulating, and staking ETH, with a belief from day 1 that it can become the dominant infrastructure for onchain finance.”

Bit Digital is not alone in its conviction for Ethereum.

Bitcoin Out, Ethereum In?

From Bit Digital’s dramatic pivot to ETH, to increasing alignment from whales, asset managers, and even Donald Trump’s World Liberty Financial (WLFI), Ethereum is rapidly gaining institutional favor.

With rising utility, regulatory momentum, and potential network upgrades on the horizon, a quiet but powerful rotation from Bitcoin appears to be underway.

SharpLink Gaming, a sportsbook marketing firm, has become the largest publicly traded company to adopt ETH as its primary treasury asset.

During the week of June 28 through July 4, 2025, the company acquired 7,689 ETH at an average price of $2,501, as announced on Tuesday, July 8.

Last month, the firm also revealed plans to sell “up to $1 billion” in common shares, with the majority of proceeds allocated to Ethereum purchases.

The pivot to Ethereum has also extended to some of the world’s most influential firms. BlackRock, the world’s largest asset manager, has continued to accumulate ETH.

On July 7, BlackRock’s iShares Ethereum Trust acquired 20,955 ETH, valued at $53.2 million, according to market data.

This move brings the trust’s total Ethereum holdings to approximately 1.5% of the entire ETH supply.

“BlackRock reportedly holding 1.5% of all ETH is a clear signal: institutional accumulation is no longer hypothetical — it’s happening,” said Jamie Elkaleh, Chief Marketing Officer at Bitget Wallet.

“If ETF inflows continue, we could be entering the early stages of a structural supply squeeze,” Elkaleh added. “That means less ETH circulating on the open market, more volatility, and stronger upward pressure on price.”

The Silent Ethereum Accumulation Boom

Ethereum accumulation by whale addresses—entities holding 1,000 ETH or more—has seen a sharp uptick in recent months, quietly laying the groundwork for a potential structural supply crunch.

New on-chain data suggests that large holders, including institutional investors and high-net-worth individuals, are dramatically increasing their ETH exposure, mirroring accumulation patterns previously seen with Bitcoin.

“This level of buying pressure resembles the accumulation Bitcoin experienced before its surge to a new all-time high in Q1 2024,” said CCN analyst Victor Olanrewaju, pointing to a potential setup for another breakout rally.

While ETF inflows and market headlines have dominated attention, it’s the behind-the-scenes behavior of whales that reveals a deeper narrative.

“Beyond institutional capital, which has driven Ethereum ETF inflows to outpace outflows for eight consecutive weeks, whales also appear increasingly confident in ETH’s potential,” Olanrewaju noted.

“For instance, large holders with balances between 10,000 and 100,000 ETH have accumulated over $500 million worth of the asset in recent weeks.”

The convergence of strong ETF inflows, growing long-term conviction from whales, and a declining ETH supply on exchanges is beginning to echo past Bitcoin market cycles—but this time, Ethereum is in the spotlight.

“If this trend continues, with Ethereum ETF inflows rising and whales doubling down, ETH’s price could break out toward the end of Q3 and the start of Q4,” Olanrewaju added.

So, Why ETH?

Ethereum’s value proposition is evolving, and it appears Wall Street and major investors are beginning to take notice.

 Yield Through Staking

There is growing speculation that Ethereum ETFs may soon be permitted to include staking, potentially transforming them into yield-generating products.

This optimism stems from possible shifts in the SEC’s stance regarding staking as a security, which could pave the way for ETH ETFs to generate income through staking rewards.

Although no official confirmation has been given, recent regulatory developments and filings suggest that such a move is increasingly likely.

Real-World Assets (RWA) and Infrastructure

Ethereum’s role as the backbone for tokenized real-world assets (RWAs) has advanced significantly, positioning the blockchain as a cornerstone of institutional financial infrastructure.

Ethereum now hosts the majority of large-scale tokenization initiatives.

According to recent market data, over $7 billion worth of tokenized RWAs reside on Ethereum—accounting for approximately 59% of the global RWA market.

These tokenized assets include U.S. Treasuries, private credit, money market funds, and equities, all secured by Ethereum’s transparency and programmability.

Leading institutions like BlackRock, Franklin Templeton, and PayPal have chosen Ethereum as the foundation for their on-chain initiatives.

Narrative Shift

While Bitcoin maintains its “digital gold” identity, Ethereum is increasingly viewed as a productive, yield-bearing capital asset—comparable to high-growth tech equities that have led recent market cycles.

For many on Wall Street, ETH feels like a stake in the infrastructure of the future internet, rather than merely a hedge against inflation.

This cultural and narrative shift may be central to Ethereum’s growing appeal among institutional investors.

About the Author

Kurt Robson

Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.

He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.

Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.

At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.

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