Bit Digital falls 15% after Bitcoin departure, raises $150m to buy more Ethereum
The crypto mining firm Bit Digital officially marks its departure from Bitcoin mining and towards Ethereum staking by issuing $150m shares in a public offering to buy more ETH.
In a recent press release , Bit Digital announced that it will be issuing 75 million shares at $2 each, with an additional 11.25 million shares available to underwriters via a 30-day option. In total, the public offering will be enough to raise $150 million in capital.
The offering is set to close on June 27 and will be subjected to “satisfaction of customary closing conditions.”
According to the company’s statement, the funds generated from the public offering will be used to buy Ethereum ( ETH ) in order to accelerate building an ETH treasury. The company describes itself as a “digital asset platform focused on Ethereum-native treasury and staking strategies.”
This marks one of the largest public ETH treasury commitments to date. Not only that, it also marks the company’s first major pivot from Bitcoin ( BTC ) mining as it attempts to fully transition towards Ethereum staking and building a dedicated ETH treasury.
Bit Digital’s stock saw a 15% drop after it effectively quit Bitcoin by accelerating ETH accumulation efforts, June 27, 2025 | Source: Yahoo Finance
After the news broke, indicating that it would be formally ditching Bitcoin in favor of Ethereum, the Bit Digital stock BTBT plummeted by 15.32% upon the latest closing price. The BTBT stock is currently valued at $1.99 in the market, according to Yahoo Finance .
Despite this fact, the firm has started accumulating ETH alongside its Bitcoin holdings since 2022. As of June 14, Bit Digital held approximately 24,434 ETH (nearly $59.6 million) and 417.6 BTC ($44.85 million). With the recent public offering, the company will be able to increase its Ethereum holdings to $209.6 million based on the current value of ETH, which sits at $2,441.
The company declared that it plans to convert all its Bitcoin holdings into Ethereum in the future.
Earlier this month, amidst the rapidly growing trend of institutions vying for BTC reserves, companies focused on building corporate Ethereum reserves are also catching up. As previously reported by crypto.news, on June 19 strategic reserves among institutions amounted to 1.190 million ETH.
The 1.190 million ETH now held by corporations amount to more than 1% of the total supply of ETH or worth nearly $3 billion at current market prices.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Micron plunges 22% in a week, is it a buying opportunity for memory chips? Bank of America bets on supercycle extending to 2028
The bullish forecasts by top Wall Street investment institutions such as Bank of America are underpinned by an AI training paradigm dominated by RSI, the expansion of AI agent applications focused on efficient AI inference processes, and the rising demand for HBM, server memory, and enterprise SSDs. Meanwhile, advanced manufacturing processes, capacity conversion, and yield ramp-up are restricting supply release, and long-term supply agreements are further improving sales visibility.
Australian Dollar breaks 0.69 as hot US CPI raises 50-bp Fed hike risk
Philadelphia Fed President Paulson supports gradual rate hikes but warns inflation is still “stuck” above target
Core inflation is "stuck" in the 2.5%-3% range, with triple pressures from tariffs, energy, and AI data center demand. Paulson insists on gradual rate hikes while setting clear trigger conditions—if inflation expectations shift upwards or wage pressures build, he will move more quickly. Meanwhile, Governor Waller stated that if October's core CPI rises 0.3% month-on-month, a 50 basis point rate hike in December should be considered. Dallas Fed's Logan said at least two more rate hikes are needed.
During Anthropic IPO roadshow, OpenAI also discloses financial data: Q3 revenue falls short, losses far exceed expectations
OpenAI's revenue in Q3 reached $10 billion, marking a nearly 50% quarter-on-quarter increase. Its annualized run rate is approximately $50 billion, but operating losses have expanded from $10.1 billion to $10.9 billion. Competitor Anthropic has begun its IPO roadshow, with Q3 revenue of $17 billion and losses of only $567 million, leading in both scale and profitability.
Crypto prices
More
