Institutional investment in Ethereum continues to grow despite fluctuations in cryptocurrency prices. In this context, Bit Digital has attracted significant funds to expand its assets.
Bit Digital Attracts Significant Investment
Bit Digital, listed on Nasdaq under the ticker BTBT, raised $162.9 million to purchase Ethereum tokens. A total of 86.25 million shares were issued, and after deducting fees and expected offering expenses, net proceeds came to $162.9 million. Bit Digital confirmed that the funds will be used for acquiring Ethereum tokens.
Price Decline of Ethereum Amid Institutional Investment
Despite institutional interest, the current price of Ethereum stands at $2,445.03 USD with a 24-hour trading volume of $16,212,942,499 USD, down by 0.85%. The overall market fell by 4.1%, attributed to political instability in the United States. Additionally, a Genesis ICO participant sold 501 ETH (approximately $1.22 million), continuing a trend of profit-taking by investors.
Overall Investment Trends in Ethereum Among Companies
Despite the price volatility of Ethereum, a growing number of companies, such as SharpLink and BitMine, are strengthening their positions by acquiring this token as a strategic reserve asset. SharpLink Gaming acquired an additional 9,468 ETH worth $22.8 million, making it the world's largest publicly traded holder of Ethereum. BitMine announced a $250 million private placement to fund an institutional investment strategy supported by major backers.
While Ethereum's price shows certain fluctuations, the interest of institutional investors in the token continues to grow. Future regulatory changes and network upgrades are expected to significantly impact the market.
