In a major pivot, Bitcoin miner Bit Digital announced a strategic shift to Ethereum
ETH
$2 453
24h volatility:
0.4%
Market cap:
$296.30 B
Vol. 24h:
$14.55 B
staking along with a $150 million public offering.
The firm also announced that it had begun accumulating ETH back in 2022, after the blockchain transitioned to a proof-of-reserve network, and has been accumulating ETH since then.
Bit Digital stated that during the quarter ending March, the company held 24,434.2 ETH and 417.6 BTC, valued at approximately $44.6 million and $34.5 million, respectively. The Bitcoin miner has further announced plans to convert its Bitcoin
BTC
$107 115
24h volatility:
0.1%
Market cap:
$2.13 T
Vol. 24h:
$22.20 B
holdings into Ethereum.
Once Bit Digital completes the conversion of its Bitcoin holdings into Ether, the company is projected to hold approximately 42,000 ETH, valued at around $103 million based on current market prices.
On Thursday, Bit Digital announced a public offering of 75 million ordinary shares aimed at raising $150 million. The shares are priced at $2 each, with the proceeds earmarked for purchasing Ether as part of the company’s strategic pivot toward becoming an Ethereum-focused enterprise.
The lucrative yields that come with ETH staking have attracted investors over the past few years. Ethereum’s robust ecosystem and strong fundamentals have led to growing participation from retail as well as institutional players.
The staking demand for spot Ethereum ETFs has also been on the rise recently. Last month, REX Shares filed with the U.S. Securities and Exchange Commission (SEC) to introduce the staking feature for spot Ethereum ETFs.
Bit Digital Stock Plunges Amid Market Reaction
Investor sentiment has soured following Bit Digital’s announcement to pivot toward Ethereum, with the company’s shares declining nearly 4% on Wednesday. Over the week, the stock experienced a sharper drop, falling 19% from a high of $2.40 to a low of $1.86 by Friday.
Despite the negative market reaction, Bit Digital remains committed to its Ethereum-focused strategy.
Once ranked as the 12th-largest Bitcoin mining firm by market capitalization, Bit Digital has now slipped to the 13th spot. The data further reveals a year-to-date decline of over 40% in the company’s stock price.
Apart from Bit Digital, other Bitcoin mining firms have also faced selling pressure on Wall Street in 2025. Rising operational costs have contributed to this downward trend.
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