Bit Digital shares fell nearly 4% Wednesday, after the crypto-mining firm said it was selling or winding down its Bitcoin mining equipment and using the proceeds to purchase more Ether.
A statement from the company said The entire Bitcoin would be converted (BTCEther stack (ETHIt did not give a time limit for the completion of the move.
Cointelegraph contacted Bit Digital but received no response at the time of publishing.
Bit Digital stated its goal to become the leading digital agency in Europe. “pure play Ethereum staking and treasury company.” In 2022, the company began purchasing ETH as a treasury and started its staking service infrastructure.
In the third quarter of 2013, the company held 24434.2 ETH, and 417.6 BTC as reserves.
Bit Digital would have a reserve of over 42,000 Ethereum if it converted its Bitcoins to ETH.
Bit Digital can be found on the same website announced The company will sell its stock and use the proceeds to purchase more Ether.
Ether price drops on Ether Move
Bit Digital (BTBT), Bit Digital’s stock, fell by 3.69% on Wednesday to $2.35.
After hours, the stock fell another 3.83%, closing the session at $2.26. according Google Finance
Stocks are down 39% since their peak on Jan. 6, when they were $3.88.
Related: Bitcoin mining firm Bit Digital reports revenues up nearly 40%
In the first quarter of the year, net sales fell 18%, and net profits dropped 240%.
In April the company acquired an industrial building In Madison, North Carolina for $53 Million to enhance its Artificial Intelligence and High-Performance Computing offerings.
More companies are moving towards ETH
Several publicly-traded companies have increased their ETH investment in the last few weeks.
SharpLink Gaming is a sport betting firm that bought ETH worth $463 million on June 13. largest publicly traded company The world’s largest holder of ETH is SharpLink. SharpLink purchased an additional ETH on Tuesday. $30 million in Ether.
Strategic ETH Reserve has a new data. tracker Bit Digital, which tracks companies that hold more than 100 Ethereum, is third in the list of publicly-traded companies with ETH reserves, behind SharpLink and Coinbase.
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Source: cointelegraph.com
