Bit Digital Increases Ether Holdings by 26% After Transition from Bitcoin

What You Need to Know

Bit Digital has transferred its entire treasury to Ethereum following a public equity raise of $172 million and the sale of 280 Bitcoin.
The company’s ether holdings increased from 24,434 ETH at the end of March to approximately 100,603 ETH (valued at $189.2 million).
This strategic focus on ETH staking by Bit Digital comes amidst a challenging environment for Bitcoin miners since the last halving.

Main Content

Bit Digital (BTBT) now owns over 100,000 ether (ETH) after exchanging its Bitcoin holdings and raising capital to bolster its investment in Ethereum, positioning itself among the largest corporate ETH stakeholders. The shift from 24,434 ETH at the end of March to around 100,603 ETH signifies this monumental change, as confirmed by the company.

This recent transformation wasn’t unexpected, given the tough conditions Bitcoin miners have faced post-halving as they grappled with diminishing returns.

What is Ether Staking?
Ether staking involves locking up ETH to help secure the Ethereum network in exchange for rewards. Participants validate transactions and generate new blocks, providing a passive income stream.

Following the late June announcement regarding its shift to Ethereum staking, BTBT shares rose by 26% to $3.71, up from approximately $2 shortly after the revelation.

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