Bit Digital Inc (NASDAQ:BTBT) announced that it has completed the transition of its corporate treasury strategy to Ethereum (ETH), positioning the company among the largest public holders of ETH globally.
Shares of Bit Digital were up over 24% on Monday morning in New York at US$3.69.
Bit Digital raised approximately $172 million in gross proceeds from a recent public offering and used the net capital to acquire Ethereum. It also sold about 280 Bitcoin to further boost its ETH holdings.
"We believe Ethereum has the ability to rewrite the entire financial system. Ethereum's programmable nature, growing adoption, and staking yield model represent the future of digital assets," Bit Digital CEO Sam Tabar said.
"Bit Digital is aligning itself with Ethereum's long-term potential and positioning itself as a focused Ethereum treasury platform in the public markets.”
As of March 2025, the company held 24,434 ETH. With the capital from the public offering and the liquidation of its Bitcoin holdings, Bit Digital has now accumulated approximately 100,603 ETH.
“We are starting with exposure to over 100,000 ETH for now but we intend to aggressively add more so we become the preeminent ETH holding company in the world,” Tabar said.