In a bold pivot, Bit Digital (BTBT) $ETH has announced its complete exit from Bitcoin mining as it transitions into a dedicated Ethereum staking and treasury-focused operation. $SOL
💡 The New York-based firm began building its ETH strategy in 2022. As of March 31, Bit Digital held:
- 24,434.2 ETH valued at $44.6 million
- 417.6 BTC worth $34.5 million
Over time, the company plans to fully convert its BTC holdings into $ETH
, doubling down on Ethereum’s staking economy.
💸 To fund this strategic shift, Bit Digital is:
- Selling or winding down its BTC mining operations
- Reinvesting proceeds into ETH accumulation
- Issuing shares to fund additional ETH purchases
🔧 Additionally, its high-performance computing (HPC) subsidiary WhiteFiber has filed a draft registration letter with the SEC, signaling a potential IPO in the works.
📉 While BTC has outperformed ETH significantly (the ETH/BTC ratio is down 75% since Dec 2021), this move comes amid rising pressure on miners after the most recent Bitcoin halving, which slashed mining rewards and margins.
🔍 TL;DR: Bit Digital is making a major bet on Ethereum, stepping away from BTC mining to focus entirely on ETH staking and Web3 infrastructure. A bold and calculated transition in a changing crypto landscape.
#Ethereum #ETHStaking #BitDigital #BTCMining #CryptoNews #BinanceSquare #Web3