#BitDigital转型 Bit Digital's Comprehensive Transformation to Ethereum Staking, Complete Closure of Bitcoin Mining Business

In June 2025, Nasdaq-listed mining company Bit Digital (BTBT) announced a strategic transformation to become a pure Ethereum staking company, completely shutting down its Bitcoin mining operations and converting its holdings of 417.6 BTC (approximately $34.5 million) into ETH. As of July, its ETH holdings had reached 100,000 coins (valued at approximately $301 million), and it operates one of the largest institutional-level Ethereum staking infrastructures globally.

Reasons for Transformation:

1. Decline in Bitcoin Mining: Mining revenue fell 64% year-on-year in Q1 2025, affected by halving, rising electricity prices, and depreciation of mining machines;

2. Advantages of Ethereum Earnings: During the same period, staking income grew by 72%, with stable annualized returns that align with ESG trends;

3. Favorable Policies: The U.S. SEC clarified the non-securities nature of staking in 2024, leading to increased expectations for Ethereum ETFs.

Future Plans: In July, it raised $67.3 million through a directed share issue to increase its ETH holdings and spun off its HPC subsidiary WhiteFiber to focus on financial operations. The market reacted positively to its transformation, with the stock price rising 32% within the month.