Bit Digital Inc (NASDAQ:BTBT) has reported continued growth in its Ethereum (ETH) treasury and staking operations in November 2025. As of November 30, Bit Digital held approximately 154,398.7 ETH, valued at roughly $461.9 million based on the month-end price of $2,991.90.
In this article, I review all major Ethereum ETFs and single out ETH (Grayscale Ethereum Mini Trust) as my favorite. Despite ETHA's (iShares) leadership in liquidity, ETH is the more compelling choice for long-term holding due to its lower expense ratio. The primary competitive advantage of ETH is the potential to earn additional yield from staking.
BitMine Immersion holds 3.6 million ETH, 192 BTC, and $607 million cash, positioning itself as the largest public Ethereum treasury. The company targets owning 5% of all ETH supply, requiring an additional 6 million ETH through a $24.5 billion equity program. BMNR trades at a discount to its NAV despite rapid ETH-per-share growth, reflecting market concerns about ongoing dilution and execution risk.