June 27, 2025

In a dramatic shift in corporate crypto strategy, Bit Digital Inc. (NASDAQ: BTBT) has officially announced its exit from Bitcoin mining and is raising $150 million to expand its Ethereum holdings — a move that immediately sent its stock plunging over 15%.

The crypto infrastructure firm revealed plans to issue 75 million shares at $2 each through a public offering, with underwriters granted a 30-day option to purchase an additional 11.25 million shares. The offering is expected to close today, pending customary conditions.

The company said proceeds will go toward accelerating the growth of its Ethereum treasury and further building out its ETH-native staking platform.

From Bitcoin Miner to Ethereum Treasury Powerhouse

With this pivot, Bit Digital is making one of the largest public Ethereum treasury commitments to date — signaling a strategic departure from the Bitcoin ecosystem.

“We’re transitioning to a fully Ethereum-native digital asset platform, focused on staking and long-term treasury management,” the company said in a press release.

Bit Digital has been slowly accumulating ETH since 2022. As of June 14, the firm held approximately:

24,434 ETH (valued around $59.6 million)

417.6 BTC (worth roughly $44.85 million)

Following the $150 million capital raise, Bit Digital’s ETH reserves could climb to more than $209 million, based on Ethereum’s current price of $2,441. The company has also declared intentions to fully convert its Bitcoin holdings into Ethereum over time.

Markets React: BTBT Plunges 15%

Investors did not react kindly to the news. Shares of BTBT fell 15.32%, closing at $1.99. While the stock dip reflects investor caution, Bit Digital is betting that Ethereum’s transition to proof-of-stake and increasing institutional adoption will position it as a more scalable and profitable platform.

The move bucks the trend of companies racing to add Bitcoin to their corporate reserves. However, institutional interest in Ethereum is quietly gaining steam. As of June 19, corporations collectively held over 1.19 million ETH, or more than 1% of total supply, representing nearly $3 billion in market value.

Is Ethereum the Next Big Treasury Asset?

As Bitcoin continues to dominate headlines as a reserve asset, Bit Digital’s Ethereum-first strategy could be a signal of broader shifts to come. With staking yields, smart contract functionality, and a growing DeFi economy, Ethereum is increasingly viewed as more than just the “silver to Bitcoin’s gold.”

InVastor Crypto News will continue tracking this bold pivot — and what it means for the next phase of institutional crypto adoption.