Bit Digital, Inc., a publicly traded digital asset platform focused on Ethereum-related treasury and staking strategies, has announced a proposed registered underwritten public offering to issue $100 million in aggregate principal amount of convertible senior notes, which are scheduled to mature on October 1, 2030. This offering also comes with a 30-day option for underwriters to purchase an additional $15 million, intended to cover any over-allotments.
These senior unsecured notes will allow holders the flexibility to convert them into cash, shares of common stock, or a combination of both before maturity. The net proceeds from this offering are primarily earmarked for the purchase of Ethereum (ETH), while any remaining funds will go toward general corporate uses, including potential investments, acquisitions, and other opportunities within the digital asset space.
This move supports Bit Digital’s transition to a “pure-play” Ethereum staking and treasury company, a strategy that began in earnest in 2022 when the company started accumulating and staking ETH. In July 2025, Bit Digital had previously raised $172 million through a public equity offering, sold approximately 280 BTC, and revamped its treasury to include over 100,603 ETH, establishing itself among the largest public holders of ETH globally.
The offering is being led by Barclays, Cantor Fitzgerald, and B. Riley Securities, who are serving as joint book-running managers. The transaction is being conducted under an effective shelf registration on Form S-3. Following the announcement, Bit Digital’s stock (BTBT) saw a rise of 8.4% in regular trading on September 29 but experienced a decline of around 10% in after-hours trading.
CEO Sam Tabar has highlighted the value of ETH, describing it as a “discount to the future” and emphasizing its importance in institutional finance and scalability for artificial intelligence. This perspective aligns with a growing trend among firms implementing digital asset treasury (DAT) strategies, as evidenced by companies like BitMine Immersion and SharpLink Gaming, which are also building their ETH positions.
In a related development, OpenSea, the leading NFT marketplace, recently launched support for all NFT Strategy tokens, allowing for seamless trading and integration of these innovative ERC-20 tokens that are linked to ERC-721 NFT collections. These tokens, developed by TokenWorks, employ a unique “flywheel” mechanism where trading fees—typically set at 10%—accumulate in a smart contract. Once enough ETH has been gathered, it is used to acquire a floor-priced NFT from the associated collection, which is then automatically relisted at a premium.
As part of the rollout, OpenSea introduced a 20 ETH rewards pool for select tokens such as PUNKSTR (CryptoPunks), PUDGYSTR (Pudgy Penguins), APESTR (Bored Ape Yacht Club), TOADSTR (Toadz), and BIRBSTR (Good Vibes Birds), to encourage early liquidity and adoption. PUNKSTR, the flagship token for CryptoPunks, has gained significant traction, surging 392% since its launch on September 15, reaching an $87.2 million market cap and a daily volume of approximately $1.5 million.
Moreover, PUNKSTR has generated around 700 ETH in fees and has burned roughly 2.8% of its supply through a series of buy-sell cycles involving CryptoPunks. Recently, Punk Strategy, utilizing PUNKSTR, made its 18th acquisition of a CryptoPunk, further enhancing its treasury within the iconic collection of 10,000 pieces.
This automated protocol, which is exclusive to CryptoPunks, enhances the engagement with this valuable collection by linking token trades to NFT arbitrage and implementing dynamic tax structures. The integration of DeFi yield with NFT trading could potentially revitalize on-chain activity, as seen in the recent surge of $109.8 million in weekly NFT sales, with CryptoPunks experiencing a 136% increase.
Discussions on social media platforms, particularly on X, suggest speculation regarding OpenSea’s potential $2 million token buy-in, raising interest around broader adoption and expansion of these innovative trading strategies.
