Bit Digital pledges 74% of staked ETH position for $50 million Galaxy loan with 24-hour margin-call window
Bit Digital pledged 49,000 LsETH worth $105.6 million to Galaxy Digital to secure a $50 million loan, representing 74% of its staked ETH position. The borrowing includes a margin mechanism that can require additional collateral within 24 hours after a standard notice. The company said it retained 17,192 LsETH valued at $27.6 million as a buffer and converted 73,235 ETH into 66,192 LsETH in the second quarter. It also converted its entire 280 BTC reserve into ETH and has continued adding to its holdings, now reporting roughly 100,603 ETH, according to its second-quarter results.