TLDR

• Bit Digital seeks to raise $100 million in convertible notes to purchase more Ether, potentially moving from seventh to sixth largest treasury holder.
• BitMine Immersion Technologies now holds 2.65 million ETH worth over $11 billion, the largest treasury position tracked by StrategicEtherReserve.
• Exchange reserves for Ethereum are declining according to CryptoQuant, indicating investors are moving tokens into long-term storage.
• Technical analyst Ted Pillows forecasts ETH could climb above $10,000 after completing a short-term pullback phase.
• SWIFT has launched a pilot program testing Ethereum’s Linea Layer-2 network with BNP Paribas and BNY Mellon for settlement systems.

Bit Digital revealed plans on Monday to raise $100 million through a convertible senior note offering. The digital asset company will dedicate all proceeds to expanding its Ether holdings.

The offering includes an additional $15 million option for note purchasers. Funds will support ETH acquisitions and general corporate activities including potential digital asset investments.

Bit Digital currently maintains a position of more than 120,000 Ether tokens. StrategicEtherReserve ranks the company as the seventh-largest Ether treasury holder.

A successful raise would allow Bit Digital to acquire approximately 23,714 additional tokens. This purchase would elevate the company to sixth place, surpassing Coinbase in treasury rankings.

BitMine Expands to Record $11 Billion Position

BitMine Immersion Technologies announced on Monday it has grown its treasury to 2.65 million Ether. The position carries a market value exceeding $11 billion at current trading levels.

The company now maintains the largest corporate Ether treasury position. SharpLink Gaming holds second place with over 838,000 ETH tokens.

BitMine’s most recent purchase occurred on September 26 according to StrategicEtherReserve data. The company acquired 234,000 tokens during that transaction as part of its objective to control 5% of total supply.

The company reports an average purchase price of $4,141 per token. Ether currently trades at $4,221 based on CoinGecko pricing data.

BitMine Chairman Tom Lee described current ETH prices as undervalued relative to future potential. He pointed to converging crypto and artificial intelligence cycles expected in late 2025.

Lee stated that both sectors require neutral public blockchain infrastructure. He positioned Ethereum as the leading choice for Wall Street firms and AI companies adopting blockchain technology.

Exchange Reserves Drop as Holders Accumulate

CryptoQuant released data showing Ethereum reserves on centralized exchanges have decreased in recent weeks. The trend indicates tokens are moving from trading platforms into personal wallets and staking protocols.

The analytics firm identified active buying followed by withdrawal as the primary driver. Investors are purchasing ETH and immediately transferring tokens for long-term custody.

Reduced exchange inventory can create conditions for price appreciation when demand strengthens. Historical patterns show similar reserve declines preceded upward price movements.

Current data shows steady pricing despite falling reserves. This pattern suggests balanced buying and selling pressure in the market.

CryptoQuant analysts noted that increased demand remains necessary for upward price movement. Improved macroeconomic conditions such as lower interest rates could provide catalyst.

Technical analyst Ted Pillows observed that ETH has gained approximately 250% from recent lows. He anticipates the current correction phase will conclude shortly.

Pillows projects ETH could exceed $10,000 once demand conditions improve. The forecast reflects optimistic sentiment among technical analysts tracking the asset.

Institutional holders have accumulated over 11.8 million ETH throughout 2025. This represents nearly 10% of total token supply across treasury companies and exchange-traded funds.

SWIFT Pilots Ethereum Layer-2 Technology

SWIFT initiated testing of Ethereum’s Linea Layer-2 network for institutional settlement. The global payments network connects over 11,000 financial institutions processing more than $150 trillion annually.

BNP Paribas and BNY Mellon participated in the pilot program. Testing focused on on-chain messaging capabilities and settlement infrastructure.

The pilot demonstrates institutional exploration of Ethereum for production financial systems. Expanded adoption could strengthen Ethereum’s position in traditional finance infrastructure.

VanEck CEO Jan van Eck made similar predictions in August regarding blockchain adoption. He forecast financial services firms would implement blockchain for stablecoin settlement, expecting Ethereum to serve as the primary platform.

Ether currently trades at $4,176.84 according to market data.