Bit Digital Shifts to Ethereum, Ditches Bitcoin
Bit Digital has made a bold move by switching its treasury strategy to Ethereum. The company sold its remaining Bitcoin and now holds over 100,000 Ethereum tokens. This decision follows a $172 million public offering in June, with all proceeds used to buy ethereum.
CEO Sam Tabar sees Ethereum as the future of digital assets. He believes in its programmable nature, growing adoption, and staking yield model.
Bit Digital’s strategic shift comes after a $172 million public offering in June. The funds were used to buy ethereum,quadrupling its ETH reserves. The company now holds about 100,603 ETH, making it one of the largest institutional holders of the cryptocurrency.
Tabar, the CEO, views this as a long-term investment in Ethereum’s potential to revolutionize finance. “Ethereum’s unique features make it a promising asset for the future,” he saeid. “We plan to increase our ETH holdings further and become a leading ETH holding company.”
This move marks Bit Digital’s exit from Bitcoin mining. Ethereum’s proof-of-stake model allows businesses to earn by staking tokens, unlike the costly and energy-intensive Bitcoin mining. Bit Digital began building its Ethereum staking infrastructure in 2022 and runs one of the biggest validator networks, with plans to scale up its ETH holdings.
Bit Digital’s shift reflects a broader trend among institutions moving towards Ethereum. companies like BioNexus Gene Lab and SharpLink have also adopted Ethereum-centric strategies. Together, they form the Strategic ETH Reserve, which tracks over 1.2 million ETH in corporate treasuries.
While Bitcoin remains popular, Ethereum is gaining traction due to its use in decentralized finance, deflationary design, and staking rewards.
