This article is from Theminermag, a trade publication for the cryptocurrency mining industry, focusing on the latest news and research on institutional bitcoin mining companies.
Bit Digital said Monday it raised approximately $172 million in gross proceeds through a public equity offering and used the funds, along with the sale of 280 BTC, to amass a total of 100,603 ETH on its balance sheet.
“We believe Ethereum has the ability to rewrite the entire financial system,” said CEO Sam Tabar in a statement, citing Ethereum’s programmability, staking yield, and broader adoption as the foundation for Bit Digital’s long-term strategy. “We are starting with exposure to over 100K ETH for now but we intend to aggressively add more so we become the preeminent ETH holding company in the world.”
In the first quarter of 2025, the company reported $560,641 in staking revenue from its ETH holdings, which stood at 24,434 ETH at the end of March.
Bit Digital shares (Nasdaq: BTBT) jumped 18.4% on Monday, making it the top performer among its crypto mining peers, many of whom traded sharply lower. Most major mining stocks, including Cleanspark, Marathon, Riot, and Core Scientific, saw declines ranging from 5% to 17% on the day, underscoring a sharp divergence in sentiment.
The latest acquisition reflects a continuation of a strategy first tested in June 2024, when Bit Digital exchanged BTC for ETH at a rate of 0.048 BTC per ETH. Since then, the exchange rate has deteriorated to around 0.023 BTC per ETH—less than half—highlighting that ETH has significantly underperformed BTC over the past year.
Despite that underperformance, Bit Digital has doubled down on its belief in Ethereum. The shift also comes as Bit Digital moves away from its legacy business in Bitcoin mining. The company previously disclosed that it planned to wind down its mining segment, aligning with a broader reorientation toward Ethereum-focused infrastructure and capital deployment.
Bit Digital is not alone in reevaluating treasury strategy around Ethereum. Last month, Sharplink Gaming became one of the first U.S.-listed non-crypto firms to announce a formal ETH treasury allocation, guided by Consensys, the Ethereum software firm behind Metamask. Sharplink cited Ethereum’s growth as a financial infrastructure platform and its potential to offer a yield-generating asset class as reasons for the move.
The original article can be viewed here.
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