Bit Digital Inc (NASDAQ:BTBT) said on Thursday it has priced an underwritten public offering of 75 million ordinary shares at $2 each, aiming to raise $150 million in gross proceeds before expenses.
The New York-based digital assets firm said it plans to use the net proceeds from the offering to purchase Ethereum, aligning with its newly announced transition to a pure-play Ethereum staking and treasury company.
The company began accumulating Ethereum and building staking infrastructure in 2022 and reported holdings of 24,434.2 ETH and 417.6 BTC as of March 31, valued at approximately $44.6 million and $34.5 million, respectively.
Bit Digital said it intends to gradually convert its bitcoin holdings into Ethereum and has launched a strategic alternatives process for its bitcoin mining operations, which it expects to either sell or wind down. Proceeds from any divestitures will also be reinvested into Ethereum.
The company has also granted underwriters a 30-day option to purchase up to an additional 11.25 million shares. The offering is expected to close on or about June 27, subject to customary closing conditions.
Separately, Bit Digital 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. Details on timing, pricing, and share count have not been disclosed.