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LLM-based text embedders have substantially improved retrieval and semantic representation quality, but their deployment remains costly: large backbone models slow down embedding inference, while high-dimensional full-precision embeddings impose substantial storage and bandwidth overhead on large-scale indexes. In this paper, we present BITEMBED, an extreme low-bit framework for LLM-based text embedding that jointly targets encoding efficiency and vector storage. BITEMBED converts pretrained LLM backbones into BitNet-style embedding encoders with ternary weights, quantized activations, and lightweight normalization refinement. The converted model is adapted to representation learning through continual contrastive pre-training, followed by supervised contrastive fine-tuning with both similarity-distribution distillation and attention-relation distillation from a full-precision teacher. Beyond quantizing the backbone, BITEMBED further trains output embeddings to support multiple storage precisions meeting different storage needs in various scenarios. Experiments on MMTEB (eng, v2) with Qwen3-0.6B and Gemma3-270M show that BITEMBED is largely comparable to full precision teacher embedders. Moreover, BITEMBED flexibly obtains text embeddings of various precisions, achieving a trade-off between performance and storage cost.