Bit Digital Inc (NASDAQ:BTBT) said on Wednesday it will transition into a pure-play Ethereum staking and treasury company, marking a significant shift from its previous focus on bitcoin mining.
The New York-based company, which began accumulating Ethereum and building staking infrastructure in 2022, reported holdings of 24,434.2 ETH and 417.6 BTC at the end of March 2025. At that time, the assets were valued at approximately $44.6 million and $34.5 million, respectively.
Bit Digital said it plans to gradually convert its bitcoin holdings into Ethereum.
As part of the transition, the company has initiated a strategic alternatives process for its bitcoin mining operations, which it expects to either sell or wind down. Proceeds from any such transactions will be reinvested into Ethereum.
The company also announced that its high-performance computing subsidiary, WhiteFiber Inc., has confidentially submitted a draft registration statement with the US Securities and Exchange Commission for a potential initial public offering. The timing, share count, and pricing for the IPO have not yet been disclosed.
Separately, Bit Digital has launched an underwritten public offering of its ordinary shares. All shares in the offering will be sold by the company, with proceeds earmarked for additional Ethereum purchases. The size and terms of the offering are yet to be determined.