Bit Digital has acquired $20 million worth of Ethereum, pushing its total treasury to 158,462 tokens and vaulting past Coinbase to become the largest publicly reported corporate holder of the second-largest crypto. The purchase, disclosed this week, cements the mining firm's shift toward a more diversified digital asset strategy.
How Bit Digital got here
Bit Digital, a New York-based bitcoin miner, started stacking ether in earnest last year. The company's latest buy brings its stockpile to 158,462 ETH, roughly $480 million at current prices. That's enough to edge out Coinbase, which held about 147,000 public ETH in its corporate treasury as of its latest quarterly filing. The miner isn't just hodling — it's been actively accumulating through open-market purchases and treasury reallocations.
Bit Digital's growing ether hoard signals that mining firms see value beyond bitcoin. While most publicly traded miners stick to BTC, Bit Digital has leaned into Ethereum at a time when the network's proof-of-stake transition and scaling upgrades are drawing institutional attention. The move also highlights how corporate treasuries are becoming a bigger force in crypto markets — not just as passive holders but as active accumulators that can shift supply dynamics.
Why overtaking Coinbase matters
Coinbase has long been the face of public crypto holdings, partly because it reports its own treasury in its financial disclosures. For Bit Digital to surpass that number is a milestone — it shows that a mid-tier mining company can amass a position that rivals one of the largest exchanges. It also puts pressure on other public miners to disclose or grow their own crypto holdings, or risk looking under-allocated.
Bit Digital hasn't said whether it plans to keep buying. The company's next quarterly filing, due in August, will show whether the accumulation pace picks up or levels off. For now, the miner holds more public Ethereum than anyone else — and that alone is reshaping how the market views corporate crypto balance sheets.
