Bit Digital's $20M ETH buy is already $3M underwater.

Bit Digital (BTBT) purchased 8,568 ETH on May 11 at an average price of $2,334 per token, deploying $20 million in its first Ethereum buy since October's market peak. Within weeks, ETH broke below $2,000, leaving the position roughly $3 million in the red — a decline of more than 15%.

CEO Sam Tabar defended the timing, saying market conditions had "reset to a level consistent with our thesis." He has previously argued that ETH's weakness reflects leverage unwinding rather than deteriorating fundamentals, pointing to stablecoin settlement, tokenized assets, and AI-related transactions as long-term demand drivers.

The purchase brings Bit Digital's total ETH treasury to approximately 158,462 ETH, worth around $313 million at current prices.