8-7-2025 – Nasdaq-listed Bit Digital has fully transitioned its treasury from Bitcoin to Ethereum, selling 280 BTC to acquire over 100,000 ETH. The company raised $172 million through a public offering to fund the shift, positioning itself as one of the largest Ethereum-holding public firms.
The move reflects Bit Digital’s strategic pivot away from Bitcoin mining, which faced declining profitability after the April 2024 Bitcoin halving reduced mining rewards. By selling its remaining Bitcoin and redirecting funds to Ethereum, the company aims to capitalize on Ethereum’s staking yields, estimated at 4–6.5% annually, and its role in decentralized finance. CEO Sam Tabar emphasized Ethereum’s “programmable nature” and potential to reshape financial systems, signaling a long-term bet on the asset’s growth.
Bit Digital’s stock surged nearly 20% following the announcement, boosting its market cap above $1 billion. The firm’s Ethereum holdings, now valued at approximately $254 million, place it second only to Coinbase among public companies, according to CoinGecko. This shift aligns with a broader trend of institutional interest in Ethereum’s staking and DeFi capabilities, though some analysts caution that Ethereum’s price volatility could pose risks to the strategy.