Bit Digital Completes Conversion to Cryptocurrency
Bit Digital, a cryptocurrency mining company, has raised 150 million USD through a public offering to accelerate the transition from Bitcoin mining to Ethereum financing and staking. The company issued 75 million shares at $2 per share, along with an additional 11.25 million shares for underwriters through options within 30 days.
The proceeds from the offering will be used to purchase Ethereum, marking one of the largest public financial commitments to ETH to date. This capital raising also confirmed the company's strategy to withdraw from the Bitcoin mining industry, with plans to sell or close this operation.
Bit Digital's Asset Situation
As of March 31, Bit Digital holds approximately 24,434 ETH and 418 BTC, with plans to fully convert these Bitcoins to Ethereum over time. This demonstrates the company's firm determination to adjust its investment strategy in line with current cryptocurrency market trends.
Conversion to Ethereum Staking
Recently, Bit Digital has transformed into a pure Ethereum staking company and adopted an ETH reserve strategy. The company decided to close its Bitcoin mining operations, focusing entirely on optimizing profits from this growing cryptocurrency. This shift occurs in a context of notable changes in the cryptocurrency market, requiring investors and companies to be flexible and adaptable.
