#BitDigital转型

Bit Digital Transformation Process and Background

1. From P2P Explosion to Mining Survival (Historical Background)

• The company was formerly known as China’s Dianniu Finance, which primarily operated in the auto loan business. After being impacted by the P2P explosion, it transformed into the Bitcoin mining sector and relocated its headquarters to the United States, gradually expanding to North American mining operations.  

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2. Challenges in the Mining Business

• After the Bitcoin halving in 2024, mining revenue significantly decreased, with Q1 2025 mining revenue and output clearly shrinking, and the cost/income ratio also rapidly rising (reaching 78%). 

• Facing high energy and equipment costs, as well as increasing global mining difficulty, Bit Digital assesses this model as unsustainable.  

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3. Strategic Shift: All-in on Ethereum (ETH)

• In June 2025, the company conducted a public offering of $150 million to fully exit Bitcoin mining and shift to Ethereum staking and treasury management, gradually liquidating Bitcoin mining assets.  

• All raised funds were used to purchase Ethereum; as of the end of March 2025, approximately 24,434 ETH were held, with a cumulative ETH holding exceeding 100,600 after the transformation.  

• Bit Digital is positioning itself as a native asset management and staking platform for Ethereum, and its official description has been updated to focus on ETH treasury strategy.  

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4. Diversification and Expansion: Cloud Services and High-Performance Computing

• Since 2022, Bit Digital has entered the Ethereum staking business and gradually engaged in cloud services (WhiteFiber AI) and high-performance computing (HPC) from 2023 to 2024, acquiring the Canadian Enovum data center to strengthen its HPC and cloud capabilities.