Bit Digital buys $20M ETH at $2,334 amid Ethereum bear…

Nasdaq-listed Bit Digital (BTBT) has purchased approximately 8,568 ETH for $20 million, executing the transaction on May 11, 2026 at an average cost of $2,334.25 per ETH. The buy adds to an already substantial position, bringing the company's total ETH holdings to roughly 158,461.75 ETH.

The move is a deliberate counter-trend bet. Ethereum has faced persistent selling pressure in recent months, yet Bit Digital — which describes itself as a Strategic Asset Company focused on Ethereum strategies — chose this window to deepen its treasury exposure at a cost basis well below recent cycle highs.

For institutional observers, the signal is the conviction, not just the size. A Nasdaq-listed company adding $20M in ETH during a bear phase is a public, auditable statement that management sees current prices as a structural entry point rather than a falling knife.