Nasdaq Leaves Bitcoin: Focus on Accumulating Ethereum and Making Money!

The crypto company Bit Digital, listed on Nasdaq, announced that it will completely exit Bitcoin (BTC) mining and focus on Ethereum (ETH) staking activities and growing its ETH reserves.

Recently, the rising popularity of Ethereum and staking activities has led companies to start preferring ETH over BTC. Bit Digital, with a market value of $488 million, has become the latest major name to join this trend. The company announced that it has initiated a process to evaluate strategic alternatives for Bitcoin mining activities, bringing up potential options for sales or ceasing operations.

According to Bit Digital's statement, the funds obtained from the sale of Bitcoin assets will be transferred to ETH-related activities. The company stated that it began growing its Ethereum reserves in 2022 and has been continuously increasing its ETH accumulation since then.

As of March 31, 2025, Bit Digital held approximately $44.6 million worth of 24,434 ETH and approximately $34.5 million worth of 417.6 BTC. Among the company's plans is to convert remaining BTC assets into ETH over time.

Recent Increasing Interest of Companies in Ethereum

Ethereum transitioned to a locking method called Proof-of-Stake (PoS) with the merger that took place in September 2022. This change allowed companies to earn an average passive income of 4% to 6.5% annually by locking their ETH assets. This development made Ethereum attractive for companies' treasuries.

As the momentum for institutional adoption of Ethereum increases, Bit Digital's move is seen as an indication that other companies may also undertake similar transformations.