Bit Digital bought $20 million ETH for first time since October before 15% plunge
CoinDesk
Bit Digital purchased $20 million in ETH in May, but the investment is currently facing an unrealized loss following a market downturn.Summary
Bit Digital, a treasury firm focused on Ethereum, recently acquired 8,568 ETH for $20 million at an average price of $2,334 per token. This marks the company's first purchase since October. However, due to a subsequent market correction where ETH prices dropped to around $1,980, the company is currently facing an unrealized loss of approximately $3 million. Despite the immediate dip, CEO Sam Tabar maintains confidence in Ethereum's long-term fundamentals, citing AI-related transactions and tokenized assets as key demand drivers. Bit Digital continues to pivot from its original bitcoin mining roots toward an Ethereum-heavy treasury strategy and AI infrastructure investments.
(Source：CoinDesk)