Bit Digital, a Nasdaq-listed company, has successfully transitioned into a significant player in Ethereum holdings, having sold 280 BTC and invested $172 million in new capital to secure over 100,000 ETH.
Following the completion of its underwritten public offering, Bit Digital now possesses approximately 100,603 ETH, which places it among the top public Ethereum holders worldwide, alongside established institutional participants like SharpLink Gaming.
Currently, Bit Digital has amassed more than 100,000 ETH. The company has deep roots in the Ethereum ecosystem, emphasizing its ongoing commitment to the platform since 2022. Bit Digital has been consistently holding, building, and staking ETH, driven by a foundational belief that Ethereum can emerge as the dominant infrastructure of digital assets…
— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) July 7, 2025
This strategic pivot is spearheaded by CEO Sam Tabar, who remains optimistic about Ethereum’s long-term prospects. He highlights the network’s programmable features and staking yield model as crucial elements for the future of digital finance.
In a bold move, the company has converted its entire Bitcoin holdings into Ethereum, opting for a concentrated treasury approach rather than maintaining a diversified cryptocurrency portfolio.
From Mining Struggles to ETH Accumulation Strategy
The company’s evolution into an Ethereum treasury powerhouse stems from the difficulties it faced in its Bitcoin mining operations throughout 2024 and early 2025.
Before the recent offering, Bit Digital had already committed to Ethereum with a holding of 24,434 ETH as of March 31, 2025, reflecting an early investment strategy that has since escalated.
As part of its strategic overhaul, Bit Digital intends to sell its Bitcoin mining assets and reinvest the proceeds into Ethereum, advancing its transition to a “pure play” ETH staking firm. #EthereumStaking #BitcoinMining #BitDigital https://t.co/PEbFYrdKDp
— Finance Newso.com (@Finance Newso) June 26, 2025
B. Riley Securities managed the underwritten public offering, which raised approximately $172 million in gross proceeds intended solely for Ethereum acquisitions rather than conventional business development.
Tabar stated, “We believe Ethereum has the ability to rewrite the entire financial system,” underscoring the company’s dedication to this transformative technology.
Bit Digital’s approach transcends mere price speculation; it emphasizes Ethereum’s staking potential, which allows the company to yield returns on its treasury while bolstering network security.
According to company data, Bit Digital currently operates around 21,568 ETH in native staking protocols, having earned 211 ETH in staking rewards during the first quarter of 2025.
Amid these developments, Bitcoin mining revenue saw a substantial decline of 64% year-over-year in Q1 2025, with the company’s output dropping to just 83.3 Bitcoin during the quarter, prompting management’s strategic shift away from proof-of-work activities.
Tabar has ambitions to “aggressively add more” ETH, with the aim to establish Bit Digital as “the preeminent ETH holding company in the world.”
Corporate Ethereum Adoption Gains Institutional Momentum
Bit Digital’s shift in treasury strategy reflects a broader trend of institutional interest in Ethereum, as companies increasingly recognize its advanced programmability and staking benefits compared to Bitcoin’s traditional store-of-value focus.
SharpLink Gaming stands as the current leader in Ethereum holdings among publicly traded companies, boasting 188,478 ETH valued at roughly $457 million, acquired through a comparable equity-to-crypto conversion strategy.
SharpLink Gaming has emerged as the world’s largest publicly traded holder of Ethereum (ETH), after acquiring 176,271 ETH for $463 million. #ETH #Sharplink https://t.co/ynahjYt7Hd
— Finance Newso.com (@Finance Newso) June 13, 2025
BlackRock’s iShares Ethereum Trust has reported 23 consecutive days of inflows, while Fidelity and other institutional investors have contributed over $21 million into Ethereum ETFs recently.
Ethereum staking offers a more attractive yield compared to Bitcoin’s predominant store-of-value narrative, with over 35 million ETH currently staked, making up more than 28% of the total supply secured in smart contracts.
Companies are increasingly gravitating towards corporate adoption of Ethereum as an alternative to traditional cash management solutions, while anticipated SEC guidance on staking within ETF products could further catalyze institutional investment.
Thomas Lee of Fundstrat Global Advisors characterizes Ethereum as a “higher beta” asset compared to Bitcoin, owing to its critical role in stablecoin transactions and applications in decentralized finance.
As stablecoin transaction volumes, predominantly occurring on Ethereum, continue to rise, the demand for ETH is projected to increase significantly, with market estimates expecting growth from $250 billion to $2 trillion by 2028.
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