Bit Digital sold all of its BTC and bought ETH worth almost $200 million.
The company had recently shut down all its BTC mining operations and gone all ETH.
Presently, Big Digital holds a total of $254.8 million worth of ETH.
Since BTC has already pumped by a lot and ETH has yet to pump a long way just to reclaim its previous ATH price, many are shifting strategy and accumulating ETH instead. Most recently, Bit Digital sold all of its BTC and bought ETH worth almost $200 million. The entity now holds over $254 million in ETH. The company had just recently gone full ETH, having stopped its BTC mining as well.
Bit Digital Sold All of Its BTC and Bought ETH
The price of BTC went up from $70,000 to $111,000 so far in the ongoing bull cycle, bringing promises profits for BTC holders holding since before the Bitcoin Halving event and for those holding since the Bitcoin correction phase earlier this year. This has led many to believe that for the coming months ahead, perhaps ETH would make a better asset to hold to yield a greater profit.
In detail, the price of ETH has yet to pull off an impressive pump this bull cycle. The pioneer altcoin asset set an ATH of $4,800 in the last bull cycle over 3 years ago. This bull cycle, the price of ETH pumped from a bottomed price of $1,700 to a price as high as $2,700, meaning that it still has a long way to go to reclaim its previous ATH price. Furthermore, if the asset pumps like BTC did this cycle, then its next ATH could very well go as far as $12,000.
This expectation has led many entities to shift their crypto accumulation strategies from stockpiling BTC to stockpiling ETH. Presently, many reputed financial institutions like BlackRock have been heavily accumulating ETH alongside ETH whales. The most recent firm to follow their lead is Bit Digital, a firm that recently went from holding BTC to swapping it for an all ETH strategy. They also shut down all bitcoin mining activity.
The Entity Now Holds Over $245 Million in ETH
https://twitter.com/arkham/status/1942288711900610742
As we can see front he post above, Big Digital sold all of their BTC and bought over $200 million worth of ETH. In detail, Bit Digital acquired $192,900,000 worth of ETH after raising $172,000,000 from a public offering and selling their entire holdings of BTC, worth $28,000,000. This leaves Bit Digital holding a total of $254,800,000 worth of ETH. Responses to the post show excitement for ETH price to pump soon.
