Bit Digital, Inc, a publicly traded digital asset platform specializing in Ethereum-native treasury and staking strategies, announced a proposed registered underwritten public offering of $100 million in aggregate principal amount of convertible senior notes due 2030.
The offering includes a 30-day option for underwriters to purchase up to an additional $15 million to cover over-allotments. The notes are senior unsecured obligations maturing on October 1, 2030, with holders able to convert them into cash, shares of common stock, or a combination prior to maturity.
Net proceeds will primarily fund Ethereum (ETH) purchases, with the remainder allocated to general corporate purposes, including potential investments, acquisitions, and other digital asset-related opportunities.
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This move aligns with Bit Digital’s pivot to a “pure-play” Ethereum staking and treasury company, which began accumulating and staking ETH in 2022. In July 2025, the company raised $172 million via a public equity offering, sold ~280 BTC, and converted its treasury to acquire over 100,603 ETH, making it one of the largest public corporate ETH holders globally.
The offering is led by Barclays, Cantor Fitzgerald, and B. Riley Securities as joint book-running managers, conducted under an effective shelf registration on Form S-3. BTBT shares closed up 8.4% on September 29 but fell ~10% in after-hours trading amid the announcement.
CEO Sam Tabar has emphasized ETH as a “discount to the future,” citing its role in institutional finance and AI scalability. This reflects a broader trend of digital asset treasury (DAT) strategies, with firms like BitMine Immersion and SharpLink Gaming also building ETH positions.
OpenSea Integrates NFT Strategy Tokens; Punk Strategy Hits 18th CryptoPunk Acquisition
OpenSea, the leading NFT marketplace, launched support for all NFT Strategy tokens, enabling seamless trading and integration of these innovative ERC-20 tokens tied to ERC-721 NFT collections.
Developed by TokenWorks, NFT Strategy tokens deploy a “flywheel” mechanism: trading fees typically 10% accumulate in a smart contract until sufficient ETH is gathered to buy a floor-priced NFT from the linked collection. The NFT is then automatically relisted at a 1.2x markup 20% premium.
Sale proceeds are used to buy back and burn the corresponding strategy tokens, creating deflationary pressure and aligning token value with the underlying NFT floor price. The rollout includes a 20 ETH rewards pool for select tokens like PUNKSTR (CryptoPunks), PUDGYSTR (Pudgy Penguins), APESTR (Bored Ape Yacht Club), TOADSTR (Toadz), and BIRBSTR (Good Vibes Birds), incentivizing early liquidity and adoption.
PUNKSTR, the flagship token for CryptoPunks, has surged 392% since its September 15 launch, boasting an $87.2 million market cap, $1.5 million daily volume, and a price of ~$0.087 down 1.9% in the last 24 hours.
It has generated ~700 ETH in fees and burned ~2.8% of its supply through 12 full Punk buy-sell cycles. Coinciding with the launch, Punk Strategy via PUNKSTR acquired its 18th CryptoPunk, pushing the protocol’s treasury deeper into the iconic 10,000-piece collection (floor price ~59.71 ETH, or $176,649 average over the past year).
This automated protocol, exclusive to CryptoPunks acquired by Yuga Labs in 2022, transforms the collection into a “living burn engine” by linking token trades to NFT arbitrage, with dynamic taxes up to 90% post-sale, decaying over time to deter MEV exploits.
The integration blends DeFi yield with NFT trading, potentially revitalizing on-chain activity amid a $109.8 million weekly NFT sales jump CryptoPunks up 136%. TokenWorks plans to enable any ERC-721 collection owner to deploy custom strategy tokens, expanding the model.
On X, discussions buzz about OpenSea’s potential $2 million token buy-in, fueling speculation on broader adoption.
