Bit Digital, a Nasdaq-listed cryptocurrency mining and staking company, has announced a significant strategic shift, transitioning from Bitcoin mining to focusing exclusively on Ethereum staking and treasury.
According to an announcement, the company aims to become a "pure-play" Ethereum staking and treasury company, planning to convert all Bitcoin holdings into ETH and is seeking strategic alternatives for its Bitcoin mining operations, including potential sale or wind-down.
As of March 31, 2025, Bit Digital held 24,434.2 ETH valued at $44.6 million and 417.6 BTC valued at $34.5 million. The company began building its ETH position and staking infrastructure in 2022 and has been steadily increasing its holdings since then.
Bit Digital plans to gradually convert its Bitcoin holdings into Ethereum. As part of the transition, the company has initiated a strategic alternatives process for its Bitcoin mining operations, which it expects to either sell or wind down. Proceeds from any such transactions will be reinvested into Ethereum.
Additionally, Bit Digital has announced a public offering of its ordinary shares. All shares in the offering will be sold by the company, with proceeds earmarked for additional Ethereum purchases. The size and terms of the offering are yet to be determined.
Bit Digital's subsidiary, WhiteFiber Inc., has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission for a potential initial public offering. The timing, share count, and pricing for the IPO have not yet been disclosed.
Bit Digital, Inc. (BTBT) closed at $2.35 in the latest trading session, marking a -3.69% move from the prior day. The stock of company has fallen by 5.43% in the past month.
The company is expected to report EPS of -$0.02, down 100% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $29.4 million, showing a 1.56% escalation compared to the year-ago quarter.
This strategic shift marks a significant moment for Bit Digital as it seeks to establish itself as a leader in the Ethereum staking and treasury space.