Key Takeaways:
- Bit Digital is shifting away from Bitcoin mining to focus solely on Ethereum staking and treasury operations.
- The company plans to convert all its BTC holdings into ETH and use new stock issuance proceeds to buy more ETH.
- Investor concerns over the strategy led to a 3.83% drop in BTBT stock, which is now down nearly 25% year-to-date.
Bit Digital’s stock dropped nearly 4% after the company announced it would phase out or sell its Bitcoin mining operations and shift fully toward Ethereum.
The firm plans to convert all its Bitcoin (417.6 BTC) into Ether (ETH), aiming to become a “pure play Ethereum staking and treasury company.”
JUST IN: Bit Digital is transitioning into a “pure play Ethereum staking and treasury company.”
— Bitcoin News (@BitcoinNewsCom) June 25, 2025
It will sell its 417 Bitcoin, shut down its Bitcoin mining operations, and redeploy the proceeds into ETH 🤔 pic.twitter.com/WQDK2Ma8lq
This transition builds on efforts started in 2022, and would boost its ETH holdings to over 42,000 tokens.
To support this shift, Bit Digital will issue new stock and use the proceeds to purchase more ETH.
Investor response was negative, with shares falling to $2.26 in after-hours trading, marking a 3.83% drop for the day and nearly 25% decline year-to-date.
The company also reported an 18% year-over-year revenue decline and a 240% drop in net profit margin for the March quarter.
In April, it purchased a $53 million facility in North Carolina to support AI and computing ventures.
Bit Digital is now the third-largest public ETH holder, behind SharpLink Gaming and Coinbase, as institutional interest in Ethereum continues to rise.
SharpLink recently acquired over $493 million in ETH, making it the top holder.
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