Bit Digital Dumps BTC and Reinforce its Ethereum Treasury After Raising $172M

Bit Digital, a publicly traded digital asset platform, today announced the completion of its strategic transition to an Ethereum (ETH) treasury strategy.

The announcement follows the successful close of Bit Digital’s recent underwritten public offering, which generated approximately $172 million in gross proceeds.

The company has strategically deployed the net capital from this offering to acquire significant quantities of ETH. Furthermore, it strategically divested approximately 280 BTC, reinvesting the proceeds in additional ETH, which further accelerated its accumulation of the cryptocurrency.

Bit Digital Moves to Bolster Ether Treasury.

Before this strategic pivot, Bit Digital held 24,434 ETH as of March 31, 2025. Following the post-offering and subsequent ETH acquisitions, funded by both the proceeds from the public offering and the sale of Bitcoin holdings, the company now holds a substantial treasury of approximately 100,603 ETH.

“We firmly believe that Ethereum possesses the potential to revolutionize the entire financial system,” stated Sam Tabar, Chief Executive Officer of Bit Digital.

“Bit Digital is strategically aligning itself with Ethereum’s long-term potential, aiming to become the preeminent ETH holding company in the public markets. We intend to aggressively expand our holdings to solidify our position as the leading ETH holding company worldwide,” Sam Tabar, Chief Executive Officer of Bit Digital states.

Bit Digital’s shift toward an Ethereum-focused strategy began in earnest in 2022, with the initial accumulation and staking of ETH. 

Strategic Shift to Ethereum Treasury

This transition was further solidified with the announcement on June 26 that Bit Digital would discontinue its Bitcoin mining operations.

Bit Digital’s stated objective is to evolve into a “pure play Ethereum staking and treasury company.” The company has been progressively increasing its ETH holdings since 2022, concurrently developing and operating robust staking infrastructure.

Their service offerings encompass validator infrastructure services, institutional-grade custody and yield solutions, and protocol governance guidance, further demonstrating their commitment to the Ethereum ecosystem.

As of March 31, 2025, the firm held approximately 24,434 ETH, valued at $44.6 million, and 417.6 BTC, worth $34.5 million. According to the company’s announcement, the intention is to convert its entire BTC holdings into ETH over time.

This strategic conversion is projected to increase the company’s ETH reserve to over 42,000 ETH, further solidifying its position among the leading public entities with a dedicated Ethereum treasury strategy.