Bit Digital Inc (NASDAQ:BTBT) announced it has entered into a placement agency agreement with B Riley Securities for a registered direct offering of 22 million shares, expected to raise approximately $67.3 million in gross proceeds.
The offering, priced at $3.06 per share, is being made to certain institutional investors and is expected to close around July 15, subject to customary closing conditions.
Bit Digital, a digital asset mining company, said it plans to use the net proceeds to purchase Ethereum (ETH), the second-largest cryptocurrency by market capitalization.
The deal comes amid renewed interest in digital assets and blockchain infrastructure investments, as companies in the sector look to expand their crypto exposure.