Bit Digital Ditches Bitcoin for Ethereum in $150M Public Offering!

From Mining to Staking: A Bold New Direction

Hold onto your hats, crypto fans! Bit Digital, a once die-hard Bitcoin mining firm, is making headlines with a massive $150 million pivot towards Ethereum staking. They're not just dipping their toes in—they're diving headfirst into the ETH pool with a public offering to buy more of the digital gold!

In a jaw-dropping move, Bit Digital is set to unleash 75 million shares at a cool $2 each. And wait for it—there's an extra 11.25 million shares up for grabs by underwriters within a 30-day window. This isn't just a shift; it's a full-blown revolution, aiming to rake in a whopping $150 million!

Mark your calendars, folks—the deal is slated to seal on June 27, but only if all the usual red tape gets cut. No surprises there, right?

So, what's the plan with all this cash? Bit Digital is all in on building a monstrous ETH treasury. They're calling themselves a "digital asset platform focused on Ethereum-native treasury and staking strategies." Talk about a glow-up from their Bitcoin mining days!

This move isn't just big—it's colossal. We're talking one of the heftiest public ETH treasury commitments ever seen. And for Bit Digital, it's the first major leap away from Bitcoin as they set their sights squarely on Ethereum staking.

But hold up—the market had a different take. When news hit that Bit Digital was ditching Bitcoin for Ethereum, their stock, BTBT, took a nosedive, crashing 15.32% to close at $1.99. Ouch!

Despite the dip, Bit Digital hasn't been sitting idle. Since 2022, they've been quietly stacking both ETH and BTC. As of June 14, they were sitting pretty with around 24,434 ETH (about $59.6 million) and 417.6 BTC ($44.85 million). With this fresh cash infusion, they're gearing up to boost their Ethereum stash to a staggering $209.6 million, based on ETH's current price of $2,441.

And get this—they're not stopping there. Bit Digital has thrown down the gauntlet, declaring they'll convert all their Bitcoin into Ethereum down the road. That's a bold strategy, folks!

It's not just Bit Digital making waves. The race for corporate Ethereum reserves is heating up. Just this month, institutions have been scrambling for ETH, with strategic reserves hitting 1.190 million ETH. That's over 1% of the total ETH supply, clocking in at nearly $3 billion at today's prices. The crypto world is on fire, and Ethereum is at the heart of the blaze!