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- Bit Digital raised $150 million to shift focus from Bitcoin mining to Ethereum staking.
- The firm plans to convert all its Bitcoin into Ethereum.
- It has also filed for an IPO of its AI-focused HPC subsidiary, WhiteFiber Inc.
Bit Digital has raised $150 million in a public offering. The move comes as the firm pushes forward with its pivot from Bitcoin mining to Ethereum staking and treasury management. The offering involved 75 million shares priced at $2 each. Underwriters also received a 30-day option to buy 11.25 million more shares.
The corporation will use the funds to buy Ethereum. This suggests one of the biggest public Ethereum treasury movements so far. Bit Digital has started changing its Bitcoin holdings to Ethereum. It ambitions to do away with the Bitcoin mining enterprise completely soon.
Hosting Woes Lead Bit Digital to Quit Mining
Text: Bit-Bit has been dependent for a long time to operate its mining equipment on third-party hosts. One of the key partners was CoinMint. After the partnership ended, the company’s mining attempt struggled. Instead of reconstructing, the company decided to leave the business.
As of March 2025, Bit Digital held more than 24,000 ETH and approximately 400 BTC. Earlier indications of changes came in mid-2024, when the company sold hundreds of bitcoins to purchase ETH. Although the ratio of ETH/BTC collapsed later, the company remained with its Ethereum strategy. The option reflected Bit Digital’s increasing faith in Ethereum’s permanent value.
The wider industry for cryptocurrency mining has been under pressure, as profits have decreased and it has become more expensive to crypto miner host companies. Bit digital emphasizes the departure change with small football teams that cannot be controlled by their own infrastructure.
New Focus on Ethereum and HPC Expansion
Once Bitcoin mining is finished, Bit Digital focuses on Ethereum-based stake and asset growth. It plans to keep ETH as the main treasury asset and earn income by staking and decentralized financial protocol. This model provides a less hardware-intensive approach to growing digital assets.
At the same time, Bit Digital has applied for an IPO privately for White Fiber Inc. The subsidiary focuses on services with high-performance data and AI. The company has not yet announced the timeline or conditions for the IPO. However, this move indicates that Bit Digital is banking on the fusion of blockchain and artificial intelligence.
Focus on Ethereum and Bitcoin is reketting to refine its business model by infrastructure. Where crypto operations are affected by energy costs, regulations, and hosting providers, the goal is to be more agile in the market. This new approach can give a more stable and flexible way out for companies in the field of changing digital assets.
Related Reading: Bitcoin Bullish Trend: 75% Data Supports Holding Long Positions for Now
