🚨 Bitcoin Miner Ditches $BTC for Ethereum — New Treasury Strategy Sparks Market Buzz!
In a bold pivot shaking the crypto landscape, Nasdaq-listed Bitcoin mining firm Bit Digital (BTBT) has officially announced a strategic shift toward Ethereum, embracing $ETH staking and treasury management to fuel long-term growth.
📉 Market Reaction: Ethereum Slides Despite Strategic Adoption
Despite the major news, Ethereum (ETH) slipped 1% in the last 24 hours, reflecting a dip in bullish momentum following two days of gains spurred by easing Middle East tensions. Analysts point to a rise in ETH exchange reserves, suggesting soft demand and mild sell-side pressure.
🧠 Inside Bit Digital’s Strategy Shift
In a Wednesday press release, Bit Digital revealed it will exit Bitcoin mining operations and redirect its capital into Ethereum staking. This isn’t a sudden shift — the company began building its ETH position and infrastructure in early 2022, gradually accumulating a substantial treasury.
The move also includes a public stock offering, with proceeds allocated toward expanding ETH holdings and staking operations. While exact details of the offering (amount and date) are undisclosed, the company’s clear goal is to evolve into a full-scale Ethereum treasury and staking powerhouse.
💼 Why It Matters
Bit Digital’s strategy mirrors a growing trend of crypto-native firms leveraging Ethereum’s staking model as a yield-generating treasury solution. Notably, SharpLink Gaming (SBET) currently holds the largest public Ethereum treasury with 188,478 ETH — valued at over $457 million.
📊 Ethereum Price Outlook: Bearish Threat Looms
Technically, ETH showed signs of strength by briefly breaking above a descending channel and the 50-day EMA, but has since fallen back below the critical $2,500 mark.
If Ethereum fails to reclaim $2,500, it risks confirming a bearish flag pattern — a setup that could accelerate losses.
A drop below the symmetrical triangle’s lower boundary could push ETH toward the $2,100 zone, signaling deeper downside risk.
