Bit Digital Inc (NASDAQ:BTBT) shares jumped 14% after the cryptocurrency miner announced it had completed its transition to an Ethereum-focused treasury strategy, significantly boosting its ETH holdings.
Following a recent underwritten public offering that raised about $172 million in gross proceeds, the company purchased approximately 100,603 ETH. Bit Digital also sold around 280 BTC to acquire additional Ethereum tokens.
Before the offering, Bit Digital held 24,434 ETH as of March 31, 2025. This move marks a major shift away from Bitcoin, substantially increasing its Ethereum position.
“We believe Ethereum has the ability to rewrite the entire financial system. Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets,” said Sam Tabar, CEO of Bit Digital. He added the company plans to “aggressively add more” ETH to become “the preeminent ETH holding company in the world.”
The strategic pivot aligns with rising institutional interest in Ethereum, particularly after ETH ETFs gained approval and the network’s shift to a proof-of-stake consensus model that allows for staking rewards.