Bit Digital | Crypto

Bit Digital purchased 31,057 ETH worth $140 million, bringing its total holdings to over 150,000 ETH and making it the sixth-largest Ethereum treasury. Bit Digital expanded its Ether holdings to more than 150,000 ETH after purchasing 31,057 ETH valued at about $140 million using proceeds from a $150 million convertible notes sale. The deal, which included full exercise of underwriters’ options, positions the firm as the sixth-largest Ether (ETH) treasury among public companies, according to data from StrategicETHReserve.xyz. “This purchase demonstrates our commitment to building shareholder value by financing ETH accumulation on terms that are accretive to NAV per share,” said Sam Tabar, CEO of Bit Digital. “We view ETH as foundational to digital financial infrastructure and believe current levels provide a compelling long-term entry point,” Tabar added. Read more

Bit Digital sold 280 Bitcoin (BTC) from its treasury and used the proceeds to purchase Ethereum (ETH), marking the completion of a three-month transition to an Ethereum-only treasury strategy. According to a July 7 announcement, the New York-based miner also closed an underwritten share sale that raised approximately $172 million in gross proceeds, as stated […] The post Bit Digital converts entire 280 BTC reserve to $172M worth of Ethereum appeared first on CryptoSlate.

Bit Digital is now the second-largest publicly traded ETH holder, behind Coinbase. Digital asset company Bit Digital has pivoted its corporate treasury strategy from Bitcoin to Ether, saying the shift reflects its conviction that Ethereum will “rewrite the entire financial system.” Bit Digital used $172 million in proceeds from a recent public offering, along with funds from the sale of 280 Bitcoin (BTC), to acquire Ether (ETH), the company disclosed on Monday. As of the end of the first quarter, Bit Digital held 24,434 ETH — a position that has since grown to 100,603 ETH. The company's stock, which trades under the symbol BTBT, surged more than 29% on the news, bringing its market capitalization back above $1 billion. Read more

Bit Digital’s stock plummeted after announcing a $150 million share sale and a transition from Bitcoin mining to Ethereum staking. Former Bitcoin mining firm Bit Digital fell sharply this week, with its share price tumbling almost 19% over the five-day period to close at $1.99 on Friday, with a 15% drop in just 24 hours.  The plunge follows major company announcements, including a $150 million public offering and a strategic pivot to Ether staking. On Thursday, the company announced a public offering of 75 million ordinary shares that is intended to raise $150 million.  Bit Digital plans to issue the 75 million ordinary shares at $2 each. The proceeds will be used to purchase Ether (ETH), doubling down on its previous decision to shift to an Ethereum-focused company.  Read more