Bit Digital has officially announced that it is moving away from Bitcoin mining to Ethereum staking. It issued 150m shares through a public sale in order to acquire more ETH.
Recent studies have shown that the number of people who are able to speak English is increasing. press releaseBit Digital will offer 75,000,000 shares, priced at $2 each. An additional 11.25million shares are also available for underwriters through a 30-day-option. Total capital raised by the offering of shares will amount to $150 million.
The offer is scheduled to end on 27th June and will be subject to “satisfaction of customary closing conditions.”
The company stated that the money generated by the offering would be used to purchase Ethereum.ETH) in order to accelerate building an ETH treasury. The company describes themselves as “digital asset platform focused on Ethereum-native treasury and staking strategies.”
The ETH treasury is the largest commitment made to date. It’s also the company’s first significant pivot away from Bitcoin.BTC) mining as it attempts to fully transition towards Ethereum staking and building a dedicated ETH treasury.
The Bit Digital was shocked to hear that the company would officially be ditching Bitcoin for Ethereum. stock BTBT dropped 15.32% at the last closing price. According to, the BTBT share is worth $1.99 on the market. Yahoo Finance.
Despite that, Bit Digital has been accumulating ETH along with its Bitcoin since 2022. Bit Digital’s holdings were approximately 417.6 BTC and 24,434 BTC as of the 14th June. The company’s Ethereum holdings will increase to $209.5 million if the value of ETH is $2441, which was the price at the time the public offering took place.
The company announced that they plan to convert their Bitcoins in future into Ethereum.
In the first half of this month, as institutions compete for BTC, corporate Ethereum reserves also caught up. As mentioned previously reported Crypto.news reported that on June 19, strategic reserves between institutions reached 1.190 Million ETH.
The 1,190,000,000 ETH currently held by corporates is worth more than 1% the supply total of ETH, or about $3 billion at today’s market price.
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Source: crypto.news
