Bit Digital, a publicly traded cryptocurrency company, recently purchased $31,057 worth of ETH (worth $140 million), increasing its total holdings of Ethereum to 150,244.
This makes it the third largest holder of Ethereum, right after SharpLink and BitMine Immersion.
Interestingly, Bit Digital funded its latest accumulation of ETH by issuing $150 million in convertible bonds.
This means that investors are loaning money now, which the company can later convert into shares at a fixed price. In the case of Bitwise, the company raised funds from major financial players related to cryptocurrencies, including Kraken Financial, Jump Trading Credit, and Jane Street Capital.
But retail investors aren’t sitting still either.
With institutions backing ETH’s Bit Digital strategy, retail is turning to similar growth potential in ecosystems like Best Wallet, backed by Best Wallet Token ($BEST).
Bit Digital’s $140M Ethereum Purchase Triggers Short Squeeze and Signals Renewed Institutional Confidence
Bit Digital’s stash now totals 150,244 ETH, equivalent to roughly $666 million — a massive company-wide treasury that pushes Bit Digital past Coinbase in terms of dollar ETH holdings.
“We view ETH as a foundation for digital financial infrastructure and believe current levels provide a compelling entry point over the long term,” CEO Sam Tabar said recently.
In support of Tabar’s long-standing conviction, ETH price recently reached $4,700 and then fell to $4,432, sparking panic and opening short positions. However, Bit Digital news declined, causing a brief rally above $4,500.
Despite a total of $90 million in liquidations over the past 24 hours, the majority came from long positions ($51.44 million), while short positions amounted to $38 million, suggesting that there is some bearish sentiment at the moment.
As Bit Digital’s $140 million purchase led to a potential market-wide accumulation, experts claim that $ETH forms a potential breakout setup towards $5,000.
As the ETH price rebound boosts institutional confidence, attention is turning to ecosystems like Best Wallet and its native token $BEST – positioned to capitalize on Ethereum’s momentum.
Best Wallet & Best $ – Empowering users with full control, lower fees, and exclusive pre-sale access
Best Wallet is a non-custodial mobile crypto wallet that lets you buy, sell, swap and soon share assets securely across six chains (soon 60+).
The app has a built-in DEX, a pre-sale token launchpad (where you can join the best crypto pre-sales instantly), and exclusive perks for original token holders, including higher rewards and lower fees.
With strong security measures, multi-chain support, and on-ramp and off-ramp fiat options, Best Wallet stands out as one of the most reliable and versatile mobile cryptocurrency wallets today.
In its next phase, the project plans to launch Best Card, an innovative cryptocurrency payment solution designed to make everyday transactions easy, convenient and widely accessible.
At the heart of this thriving ecosystem is Best Wallet Token ($BEST), the native cryptocurrency of the Best Wallet app. $BEST powers the ecosystem by:
- Lower transaction and swap fees within the Best Wallet app
- Increased returns on staking compared to non-staking
- Priority access to exclusive, vetted cryptocurrency pre-sales
- Allowing you to vote on upcoming features, integrations, and ecosystem developments within Best Wallet
With Best Wallet positioning itself as the most user-friendly platform in the industry, its native token $BEST aims to simplify DeFi and empower its community with true utility, governance, and long-term growth potential.
The project is already generating buzz, having raised $16.4 million in pre-sale. Each $BEST token is currently trading at $0.025765, offering a whopping 81% return on APY through dynamic staking bonuses.
This means that a $500 investment today could grow to about $905 in staking rewards alone in one year. But remember that as more investors join the pool, the betting rewards will gradually diminish. Furthermore, the next prices are expected to rise tomorrow, meaning the first movers will make the most gains.
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