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NEW YORK - Bit Digital, Inc. (NASDAQ:BTBT), a $833 million market cap crypto mining company whose shares have surged 34% in the past week, announced Monday it has completed its transition to an Ethereum treasury strategy, accumulating approximately 100,603 ETH following recent capital raising activities.
The company raised approximately $172 million in gross proceeds through a public offering and converted its remaining Bitcoin holdings to Ethereum. Bit Digital sold approximately 280 BTC and used the proceeds to purchase additional ETH, adding to the 24,434 ETH it held as of March 31, 2025. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt and a healthy current ratio of 3.9x.
"We believe Ethereum has the ability to rewrite the entire financial system," said Sam Tabar, Chief Executive Officer of Bit Digital, in a press release statement. "Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets."
The company described itself as positioning to become "a focused Ethereum treasury platform in the public markets" with intentions to increase its ETH holdings further.
Bit Digital, which began accumulating and staking ETH in 2022, operates an Ethereum staking infrastructure that includes validator operations, institutional-grade custody, protocol governance, and yield optimization.
The company’s strategic shift represents one of the largest corporate treasury positions in Ethereum among publicly traded companies, according to the announcement. With analyst price targets ranging from $5 to $7, significantly above the current trading price, investors seeking deeper insights can access comprehensive analysis through InvestingPro, which offers 12 additional key insights about Bit Digital’s financial health and market position.
In other recent news, Bit Digital Inc. has made significant strides in its strategic shift towards Ethereum, reporting a substantial increase in its Ethereum holdings to approximately 100,603 ETH following a public offering that raised around $172 million in gross proceeds. The company has further bolstered its capital by raising an additional $21.4 million through the exercise of a share option, bringing total net proceeds from the offering to approximately $162.9 million. Bit Digital plans to use these funds to purchase more Ethereum as part of its transition to an Ethereum treasury strategy. H.C. Wainwright has reiterated its Buy rating for Bit Digital, highlighting the company’s pivot from bitcoin mining to focus on Ethereum staking and treasury. The firm also announced plans to spin off its WhiteFiber high-performance compute business, which generated $16.5 million in revenue in the first quarter of 2025. Bit Digital has priced a $150 million public offering of ordinary shares, with proceeds intended for further Ethereum purchases. Additionally, Bit Digital is exploring alternatives for its bitcoin mining business, which it plans to sell or wind down, reinvesting proceeds into Ethereum. These developments reflect Bit Digital’s commitment to becoming a leading Ethereum-focused digital asset platform.
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