Bit Digital Plans to Raise $67.3 Million to Increase Ethereum Holdings

Bit Digital, listed on NASDAQ, announced a private placement of 22 million shares of common stock at a price of $3.06 per share, expecting to raise approximately $67.3 million, all to be used for purchasing more Ethereum (ETH).

The fundraising is expected to be completed around July 15, with B. Riley Securities acting as the placement agent. Just a week ago, Bit Digital announced that it had converted all of its Bitcoin assets into Ethereum. As of July 7, the company held approximately 100,603 ETH, valued at about $301 million at current market prices.

Bit Digital is a cryptocurrency infrastructure company providing staking, custody, and yield optimization services to institutional clients. The company began accumulating and staking Ethereum in 2022.

According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on July 15, the company expects second-quarter revenue to be between $24.3 million and $26.9 million.

Bit Digital's stock closed at $3.29 on Monday, down 1.2%, but has risen 32.1% over the past month.

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