Bit Digital Goes All-In on Ethereum, Now Among Largest Public Holders as Stock Price Jumps 60%

Bit Digital, Inc. (NASDAQ: BTBT), a publicly traded crypto mining and staking firm, has made headlines by shifting its entire corporate treasury from Bitcoin to Ethereum. The move—announced on July 2, 2025—sparked a sharp market reaction, sending the company’s stock up over 60% to $3.48 by July 7, from just $2 following the announcement.

The company revealed that it had liquidated approximately 280 BTC, valued at over $30 million, and raised $162.9 million through a public equity offering. These funds were deployed to amass approximately 100,603 ETH, valued at $189.2 million, making Bit Digital one of the largest public holders of Ethereum. This marks a significant increase from its previous holdings of 24,434 ETH at the end of Q1 2025.

Historical Context: Ethereum Strategy Announcement and Fundraising Details

Bit Digital first revealed its shift away from Bitcoin on June 25, 2025, announcing a full exit from BTC mining to focus exclusively on Ethereum. The unexpected move triggered market concerns, causing the stock to drop nearly 19% and close at $1.99.

However, investor sentiment quickly shifted after Bit Digital raised $162.9 million in net proceeds through a public offering of 86.25 million ordinary shares at $2.00 per share, announced on July 2, 2025. The offering included $21.4 million from the full exercise of underwriters’ options to purchase an additional 11.25 million shares.

The raised capital was earmarked for strengthening its Ethereum treasury and expanding staking operations. The company plans to gradually convert its 417.6 BTC holdings, valued at approximately $44.9 million, into ETH. This move aligns with its broader transformation into a pure-play Ethereum staking and treasury firm.

Strategic Focus on Ethereum Staking and Tokenization

Bit Digital’s pivot to Ethereum is driven by its belief in Ethereum’s long-term potential, particularly its staking model and programmable blockchain design. Ethereum staking allows participants to lock up ETH to help secure the network and earn passive rewards — an attractive yield mechanism for long-term holders.

Sam Tabar, CEO of Bit Digital, commented, “We believe Ethereum has the ability to rewrite the entire financial system. We are starting with exposure to over 100K ETH for now, but we intend to aggressively add more so we become the preeminent ETH holding company in the world.”

The company has been accumulating Ethereum since 2022 but accelerated its efforts recently. According to industry insights, Ethereum leads the blockchain-powered real-world asset ecosystem, managing over $4.6 billion in tokenized assets, which accounts for 90% of the market. This growing adoption and tokenization boom further validate Bit Digital’s strategic decision.