The digital asset company Bit Digital changed its treasury strategy, moving from Bitcoin to #Ethereum . They claim that this change reflects their belief that Ethereum can "rewrite the entire financial system".
To make this acquisition, Bit Digital used 172 million dollars obtained from a recent public offering and funds generated from the sale of 280 Bitcoin.
Currently, Bit Digital is the second largest holder of ETH on the exchange, behind Coinbase. With over 100,603 ETH, the company's stock rose 29% after the news, surpassing one billion dollars in market capitalization.
The CEO of Bit Digital, Sam Tabar, stated that the company is aligning with Ethereum's long-term potential to become "the world's most prominent ETH holding company" as a treasury-focused platform for public markets.