Bit Digital, a crypto infrastructure company listed on the Nasdaq, has announced its intention to raise $67.3 million through a direct offering of 22 million ordinary shares. This move is primarily targeted at institutional investors with the objective of expanding its Ethereum Treasury.
Key Takeaways:
Bit Digital is seeking to secure $67.3 million through a direct share offering aimed at purchasing additional Ethereum assets.
The firm has recently executed a strategic conversion of its entire Bitcoin holdings into Ether, marking a significant shift in its investment strategy.
This decision is in line with a growing institutional trend favoring Ethereum as the cryptocurrency market gains traction.
The funds raised from this offering will be exclusively allocated towards the acquisition of Ethereum, further bolstering the company’s ETH treasury, according to a press release issued on Monday.
Shares will be priced at $3.06 each, with B. Riley Securities managing the offering, expected to conclude around July 15.
Bit Digital Shifts Focus to Ethereum
This strategic pivot follows Bit Digital’s recent choice to convert all of its Bitcoin assets to Ether, showcasing a determined focus on Ethereum’s potential.
As of early July, the company’s holdings included approximately 100,603 ETH, valued at an estimated $301 million.
Bit Digital provides a comprehensive array of services, including validator operations, enterprise custody, and yield optimization.
Initiating its Ethereum stake and staking activities in 2022, the firm has demonstrated a committed long-term outlook towards the Ethereum ecosystem.
In a recent filing with the Securities and Exchange Commission, Bit Digital projected its preliminary revenue for the second quarter to range between $24.3 million and $26.9 million.
Although the company’s stock price experienced a minor decline of 1.2% to close at $3.29 on Monday, the shares have appreciated more than 32% over the past month.
Ethereum’s price has also shown positive momentum, increasing by 0.6% to reach $2,991, and rising over 18% in the past week amidst a broader crypto market rally.
In contrast, Bitcoin’s value saw minimal movement, dipping slightly to $118,852.
The latest fundraising effort by Bit Digital and its strategic shift towards Ethereum occurs within a landscape of escalating institutional interest in the second-largest cryptocurrency.
Bit Digital CEO: “This is why we switched from Bitcoin mining to a 100% Ethereum treasury strategy…” pic.twitter.com/dz7HB6Ldf6
— Traders Paradise (@theparadiselive) July 15, 2025
On the same day, SharpLink Gaming announced a significant increase to its Ethereum holdings, making a new acquisition worth nearly $49 million.
The company acquired 16,374 ETH on Sunday, sourced from a wallet that had recently procured the tokens from Galaxy Digital’s over-the-counter market.
Last week, Ethereum co-founder Joe Lubin disclosed that the firm has been purchasing tens of millions of dollars worth of ETH daily.
“We are accumulating more and more consistently—we’re able to acquire tens of millions of dollars in Ether a day,” Lubin stated during an interview with Finance Newso.
Increasing Crypto Diversification Among Public Companies
Following the model set by Michael Saylor, numerous public companies are diversifying their holdings to include various cryptocurrencies such as BTC, ETH, SOL, and XRP.
Recently, BIT Mining announced plans to raise between $200 million and $300 million to build a treasury of Solana (SOL) as part of a broader strategy to enter the rapidly growing blockchain ecosystem.
Additionally, DeFi Development Corp. revealed a $2.7 million acquisition of Solana as part of its aggressive crypto treasury strategy.
Likewise, Canadian digital asset firm Sol Strategies, currently trading on the Canadian Securities Exchange, possesses over 420,000 SOL tokens, establishing itself as a key institutional player in Solana’s ecosystem.
Last month, the firm also filed to list its common shares on the Nasdaq Capital Market under the ticker “STKE” to facilitate its U.S. expansion.
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