Bit Digital to become a pure-play Ethereum staking and treasury company.
The firm will convert its BTC holdings to ETH and stop Bitcoin mining operations.
This acts as a bullish sign for a big ETH price pump and for altseason to begin.
Bit Digital to become a pure-play Ethereum staking and treasury company in a strategic transition. Presently, the firm holds 24,434 ETH and 417 BTC. In line with its new strategic transition, the firm will convert its Bitcoin holdings to Ethereum while shutting down all its BTC mining operations. The crypto community shares mixed responses, while the most positive call this a bullish sign for the arrival of altseason.
Bit Digital to Become a Pure-Play Ethereum Staking and Treasury Company
Since the last bull cycle, nations and institutions have been steadily accumulating more and more crypto assets. The majority of these firms and entities have mostly been accumulating Bitcoin as the asset is being recognized as digital gold. In fact, many are hoping to secure a significant amount of the total Bitcoin supply to ensure their leverage like El Salvador, Strategy, and BlackRock.
While Bitcoin accumulation is quite popular, a few figures have begun accumulating ETH with just as much fervor in this bull cycle. However, the ratio of those holding ETH is a lot less than those holding BTC. This is because BTC is a limited resource making BTC accumulation a far more promising option to many. Despite this fact, institutions like BlackRock are heavily accumulating the pioneer altcoin asset as well.
Joining this new trend of accumulating Ethereum’s native asset Ether (ETH) is Bit Digital, a firm that is working to accelerate innovation with high performance computing solutions. In detail, Bit Digital harnesses powerful synergies that exist between high performance computing (HPS), Ethereum Staking, and Bitcoin mining, and optimise computational resources for maximising efficiency.
https://twitter.com/Cointelegraph/status/1938047101138530625
As we can see from the post above, Bit Digital just announces a strategic transition in its operations. The entity is now pivoting to become a pure-play Ethereum staking and treasury company. To specify, the firm is already holding 24,434 ETH worth around $60 million and 417 BTC worth around $45 million. In line with their new strategic shift, the firm will convert its BTC holdings into Ethereum while shutting down all BTC mining operations.
This shift has resulted in mixed responses from the crypto community. While some seem baffled that the company is shifting to ETH over BTC, others see ETH staking as the future of crypto investing and commend the firm. Others call this a bold shift in strategy and see this as a bullish sign for the price of ETH to pump parabolically to set much higher new ATHs and perhaps even trigger the ongoing bull cycle’s long-awaited altseason peak phase.
