Bit Digital to raise $67.3 million to buy more Ethereum

Nasdaq-listed company Bit Digital has announced a private offering of 22 million ordinary shares at $3.06 per share, expected to raise approximately $67.3 million. The entire proceeds will be used to purchase additional Ethereum (ETH).

The offering is expected to close around July 15, with B. Riley Securities acting as the placement agent. This move comes just a week after Bit Digital revealed it had converted its entire Bitcoin treasury into Ethereum. As of July 7, the company held approximately 100,603 ETH, valued at around $301 million.

Bit Digital is a crypto infrastructure company providing staking, custody, and yield optimization services for institutions. The company began accumulating and staking ETH in 2022.

In a filing with the SEC on July 15, Bit Digital estimated its Q2 revenue to be between $24.3 million and $26.9 million.

Its stock closed at $3.29 on Monday (down 1.2%) but has risen 32.1% over the past month.