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Investing.com -- Bit Digital Inc (NASDAQ:BTBT) stock surged 14% after the cryptocurrency mining company announced the completion of its transition to an Ethereum treasury strategy, significantly increasing its ETH holdings.
The company has accumulated approximately 100,603 ETH following its recent underwritten public offering that raised approximately $172 million in gross proceeds. Bit Digital deployed the net capital to purchase Ethereum and additionally sold approximately 280 BTC to acquire more ETH.
Prior to the offering, Bit Digital held 24,434 ETH as of March 31, 2025. The strategic shift represents a substantial increase in the company’s Ethereum position as it pivots away from Bitcoin holdings.
"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, Chief Executive Officer of Bit Digital. The CEO indicated the company intends to "aggressively add more" to become "the preeminent ETH holding company in the world."
The company’s strategic pivot comes amid growing institutional interest in Ethereum, particularly following the approval of ETH ETFs and the network’s transition to a proof-of-stake consensus mechanism that enables staking yields.
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