Corporate Ethereum Race Heats Up As Bit Digital Picks up Additional $20 million ETH
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Bankless co-founder David Hoffman recently sold the last of his Ethereum holdings, saying the investment case for ETH had largely played out.
Key facts
Bit Digital acquired 8,568 ETH on May 11 at an average price of $2,334 per token, pushing its total holdings to roughly 158,462 ETH
The bank’s global head of digital assets research, Geoff Kendrick, held to a price target of $4,000 for ETH by end of 2026 and $40,000 by 2030
The purchase moved Bit Digital past Coinbase Global, which held about 151,175 ETH, to become the fourth-largest public corporate holder of Ether, based on CoinGecko data
Bitmine Immersion Technologies made its largest ETH purchase of the year earlier this week, buying 111,942 Ether
Summary
Bit Digital acquired 8,568 ETH on May 11 at an average price of $2,334 per token, pushing its total holdings to roughly 158,462 ETH. According to CEO Sam Tabar, the deal helped trim the firm’s average purchase price. The purchase moved Bit Digital past Coinbase Global, which held about 151,175 ETH, to become the fourth-largest public corporate holder of Ether, based on CoinGecko data. Bit Digital is not alone.