tl;dr
Bit Digital has completed its transition from Bitcoin to Ethereum in its treasury, selling 280 BTC to purchase Ethereum and adopting an Ethereum-only strategy. The company raised about $172 million from a share sale to increase its Ethereum holdings from 24,434 ETH to approximately 100,603 ETH, valu...
Bit Digital has completed a strategic transition from Bitcoin to Ethereum in its treasury, selling 280 Bitcoin and using the proceeds to purchase Ethereum. This move culminates a three-month shift toward an Ethereum-only treasury strategy. The New York-based miner also successfully raised about $172 million in gross proceeds from an underwritten share sale, which were deployed to further bolster its Ethereum holdings.
As a result, Bit Digital's Ethereum balance soared from 24,434 ETH at the end of March to roughly 100,603 ETH. CEO Sam Tabar highlighted Ethereum’s programmable design, expanding adoption, and native staking yield as factors that “rewrite the entire financial system,” arguing that Ethereum offers a superior store-of-value thesis compared to idle Bitcoin. The company plans to continue aggressively increasing its ETH position and position itself as a focused Ethereum treasury vehicle in public markets.
Previously, Bit Digital operated a hybrid treasury holding both Bitcoin and Ethereum while managing hash-rate leases and validator nodes. The recent ETH purchases fully eliminated Bitcoin exposure, leaving the company with an Ethereum holding valued at approximately $261 million, based on a spot price of $2,600. Management intends to stake the majority of this inventory through its validator infrastructure, converting holdings into an on-chain yield stream to support operating expenses and future acquisitions.
The shift reflects a broader trend in corporate demand for Ethereum, with developer Eric Conner highlighting a fourfold increase in Bit Digital’s ETH stack within a quarter. He noted that staking yield transforms corporate treasuries into self-funding engines, contrasting Bit Digital’s pivot with Strategy’s decision to remain fully invested in Bitcoin. Conner also pointed out that public company demand for Ether currently appears to exceed the network’s monthly issuance of about 112,000 ETH, referencing recent treasury moves by other notable industry players.
Bit Digital's transition aligns with a wider movement among former proof-of-work miners adapting to margin pressures after Bitcoin’s recent block reward halving. By shifting to proof-of-stake economics, Bit Digital can achieve a predictable staking reward rate near 4%, while avoiding the significant energy costs tied to maintaining hash rate — marking a notable change in corporate cryptocurrency treasury management.