A Company Listed on Nasdaq Completely Abandoned Bitcoin! It Will Sell All Its BTC and Buy This Altcoin!

robot
Abstract generation in progress

Crypto mining and staking company Bit Digital announced a strategic transformation decision to transition to a structure focused solely on Ethereum staking and treasury management.

The company will gradually terminate its Bitcoin mining activities and redirect the revenue generated to Ethereum (ETH) investments.

In 2022, Bit Digital, which started accumulating and staking ETH, states that it currently operates one of the world's largest Ethereum staking infrastructures on an institutional scale. The company also offers validator infrastructure services, institutional-grade custody, yield solutions, and protocol governance consulting.

As of the end of March, Bit Digital held approximately 24,434.2 ETH ( worth about 44.6 million dollars ) and 417.6 BTC ( worth about 34.5 million dollars ). The company plans to convert all BTC assets to ETH over time.

This transformation stands out, especially at a time when there are few treasury strategies focused on Ethereum. Previously, the SharpLink initiative announced by Consensys founder Joe Lubin had exhibited a similar approach.

Bit Digital also announced that it has initiated a new public offering process to increase Ethereum purchases and that it plans to separate its high-performance computing (HPC) subsidiary WhiteFiber Inc. through a separate public offering.

*This is not investment advice.

Follow our Telegram group, Twitter account, and Youtube channel for exclusive news, analyses, and on-chain data! Also, start live price tracking by downloading our Android and IOS applications immediately!

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)