Bit Digital Plans $100 Million Convertible Notes Offering to Buy Ethereum

CN
4 months ago

Bit Digital, Inc. (Nasdaq: BTBT) has unveiled plans to raise $100 million through a registered public offering of convertible senior notes due 2030.

According to the announcement, the company is also granting underwriters a 30-day option to purchase up to an additional $15 million in notes to cover over-allotments. Investors may convert their holdings into cash, Bit Digital’s ordinary shares, or a combination of both.

Proceeds from the sale are expected to be used primarily to acquire ethereum, marking a notable strategic pivot into direct digital asset holdings. Additional funds may go toward acquisitions, investments, or other corporate purposes tied to the company’s blockchain and digital asset strategy.

By turning to convertible debt, Bit Digital is following a financing path seen in other crypto-linked companies looking to expand exposure to digital assets while offering investors potential upside through equity conversion.

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