Bit Digital gives up on Bitcoin mining for Ethereum treasury play

Bit Digital is winding down its Bitcoin mining operations and high-performance computing subsidiary to become a pure-play Ethereum staking and treasury company.

The firm will convert its 417.6 BTC ($44.7 million) into ETH and use proceeds from a stock sale and HPC spinout to fund additional ETH purchases.

Bit Digital held 24,434 ETH as of the end of Q1 and claims to operate one of the largest institutional Ethereum staking infrastructures.

Despite the surge in corporate bitcoin treasury initiatives in recent months, Bit Digital's move marks a rare pivot toward ETH as a core treasury asset, following similar firms like Joe Lubin's SharpLink.