Abandon BTC, heavily invest in ETH? 🤷🤷🤷 Cryptocurrency investment firm Bit Digital has transformed 280 bitcoins into a whopping 100,603 ETH whale position!

According to Mlion.ai, Bit Digital announced the completion of a financial strategy transformation centered around Ethereum. After completing an approximately $172 million public offering, the company used all the proceeds to purchase ETH and sold about 280 bitcoins to acquire ETH. Following this transformation, its ETH holdings increased to approximately 100,603.

Bit Digital poured $172 million into public fundraising, going all in on Ethereum, transforming 280 bitcoins into a massive 100,603 ETH whale position! ETH faith is off the charts, but the concentrated institutional holdings may become a double-edged sword; after clearing the BTC selling pressure, a retaliatory rebound may be on the horizon.