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ETH
$4 521
24h volatility:
1.3%
Market cap:
$545.74 B
Vol. 24h:
$39.65 B
treasury and staking, has announced another major purchase, while derivatives short-traders were caught off guard with $21 million in short contracts liquidated as Ethereum price rebounded above $4,500 on October 8.
According to Bit Digital’s announcement on October 8, the company has purchased approximately 31,057 ETH, funded by proceeds of its recently completed $150 million convertible notes offering.
Ethereum Treasury Holdings as of October 8, 2025 | Source: Coingecko
Following the latest transaction, Bit Digital now holds 150,244 ETH, and is set to leapfrog Coinbase into third position among the largest Ethereum treasuries, according to Coingecko data.
Kraken Financial, Jump Trading Credit, and Jane Street Capital all participated in Bit Digital’s latest financing round, with CEO Sam Tabar reaffirming long-term commitment to the ETH treasury strategy.
“This purchase demonstrates our commitment to building shareholder value by financing ETH accumulation on terms that are accretive to NAV per share. The structure of our convertible notes allowed us to raise capital at a premium to mNAV, and we have deployed those proceeds directly into ETH. We view ETH as foundational to digital financial infrastructure and believe current levels provide a compelling long-term entry point,” said Sam Tabar, CEO of Bit Digital.
According to the company’s estimates as of September 29, 2025, Bit Digital’s mNAV was approximately $3.84 per share, calculated from $512.7 million in ETH holdings and $723.1 million in WYFI shares, totaling $1.236 billion in combined asset value.
The $4.16 per share conversion price marks an 8.2% premium over that mNAV, reflecting investor confidence in Bit Digital’s Ethereum-focused treasury model.
Ethereum price rose to a multi-month peak above $4,700 earlier this week, tracking Bitcoin
BTC
$123 595
24h volatility:
2.3%
Market cap:
$2.46 T
Vol. 24h:
$66.44 B
new all-time high of $126,200 on October 7. However, as Bitcoin began retracing, Ethereum followed suit, declining 5% to $4,432 amid profit-taking pressure.
That brief correction triggered a spike in leveraged short positions, as speculators anticipated deeper losses. But steady corporate demand amid the US government shutdown has seen bulls regain control as ETH price rebounded above $4,500 on October 8, sparking early signals of a potential short squeeze.
Crypto market liquidations as of October 8 | Source: Coinglass
Following a highly volatile 24-hour period where total crypto market liquidations hit $361.7 million, bull traders initially bore the brunt of the sell-off, accounting for $213.6 million of the wipeout. This placed the bull’s loss incidence at approximately 59% on the 24-hour time frame.
However, recent derivatives data reading after Ethereum retook $4,500 suggests an early rebound underway. Within just the past hour, total liquidations of $35.7 million were dominated by $28.9 million in shorts versus only $6.7 million in longs. This short squeeze has dramatically reduced the bull loss incidence to just 19%, indicating that bears are being aggressively forced out of the market.
Ethereum is leading the charge, with $20.5 million in short positions liquidated over the last 12 hours alone.
As this early rebound gains traction, and with institutional confidence reinforced by Bit Digital’s $673 million Ethereum treasury, the sharp short-liquidations could potentially set the stage for a new breakout toward $5,000 as the US government shutdown fuels corporate risk-on sentiment.
With Ethereum rebounding above $4,500 and institutional treasuries like Bit Digital expanding holdings to record levels, investors are rotating toward promising early-stage projects such as Best Wallet (BEST).
Best Wallet presale
Best Wallet (BEST) is a next-generation multi-chain storage platform offering smart vaults, multi-sig integrations, and yield optimization tools designed for both retail and institutional users.
At press time, the Best Wallet presale has surpassed $16.4 million, trading at $0.026 with less than 24 hours before the next price tier unlocks. Investors can still acquire tokens at $0.026 via the official Best Wallet website, and gain exclusive staking rewards ahead of the project’s public rollout.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.