Bit Digital files to up funding to $1 billion for more Ethereum purchases

Bit Digital is trying to triple its authorized share capital to fund even more Ethereum buys. The company said in an SEC filing on Friday that it’s calling a shareholder meeting this September to approve the decision.

If passed, Bit Digital’s authorized ordinary shares would jump from 340 million to 1 billion, and total authorized capital would rise from $3.5 million to $10.1 million.

The number of preference shares, capped at 10 million, won’t change. This expansion is meant to support its long-term Ethereum acquisition plans and overall growth.

Bit Digital said the current share structure no longer fits its goals. “Our management believes that our current authorized share capital is not sufficient for our needs,” the filing said.

The company’s board is pushing for the proposal, with every member voting in favor and recommending shareholders do the same. The decision will need a majority vote from both ordinary and preference shareholders.

Bit Digital buys 19,683 ETH with direct offering proceeds

Bit Digital has already shown what it plans to do with more capital. On July 18, the company confirmed it had bought 19,683 Ethereum using money raised from a $67.3 million direct offering to institutional investors.

That purchase raised its total Ethereum holdings to 120,306 ETH, which is currently worth around $450 million, based on prices tracked by CoinGecko.

This places Bit Digital among the top publicly listed companies holding Ethereum. The only two with bigger ETH treasuries are Bitmine Immersion Technologies and SharpLink Gaming.

Bit Digital isn’t new to crypto, but it used to focus on Bitcoin mining. That’s no longer the case. The firm has turned its attention entirely to Ethereum, building what it sees as a treasury model for a new financial era.

Chief Executive Officer Sam Tabar explained the company’s position in a statement. “With approximately 120,000 ETH, Bit Digital is positioned among the largest institutional Ethereum treasuries in the public markets,” Sam said.

“We view Ethereum as foundational to the next phase of digital financial infrastructure. We believe Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets, and we remain committed to scaling our ETH holdings as part of that long-term strategy.”

Bit Digital isn’t just holding Ethereum in cold storage; it’s using it. The company operates validators on the Ethereum network and stakes the majority of its ETH. That means it earns yield directly from the network while helping secure it.

Ethereum has evolved from just another coin to a full-blown settlement layer used in stablecoins, tokenized assets, and decentralized applications. Bit Digital sees that and is locking in a position in it.

The company sees Ethereum as the infrastructure layer for what it calls the “onchain economy.” ETH’s staking yield, programmability, and adoption rate are key factors in why Bit Digital has chosen to treat it as a strategic treasury asset. The network supports real activity, not just speculation. The firm believes this is how value will move and settle across markets in the coming years.

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