Bit Digital Raises $162.9M for Ethereum Treasury Initiative
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Highlights:
- Bit Digital secured about $163M for its Ethereum treasury through a share offering.
- The company will slowly shift 417.6 Bitcoin holdings into Ethereum for staking.
- Public firms are adding crypto to treasuries, with Ethereum gaining more attention recently.
Bit Digital (BTBT), listed on Nasdaq, raised an extra $21.4 million for its Ethereum (ETH) treasury. This happened after underwriters bought 11.25 million additional shares from last week’s public offering, the company said Tuesday. This added amount brings the total raised from the offering to about $162.9 million.
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Bit Digital started collecting Ethereum and setting up its staking systems in 2022. By March 2025, the company owned around 24,434 ETH, worth nearly $44.6 million, and 417 Bitcoin, valued at about $34.5 million. The company plans to gradually swap its Bitcoin for Ethereum as part of its future goals.
WOW!! THIS IS MASSIVE FOR $ETH 🤯
🇺🇸 NASDAQ-LISTED BIT DIGITAL HAS
RAISED $163 MILLION TO BUY ETHEREUM FOR ITS TREASURY. pic.twitter.com/3qMp5RKEqt— Ash Crypto (@Ashcryptoreal) July 2, 2025
Bit Digital Shifts Strategy as Bitcoin Mining Revenue Falls
The New York company said that last year, the April Bitcoin halving and higher mining difficulty made mining less profitable. In Q1 2025, Bit Digital’s Bitcoin mining revenue dropped 64% compared to the same period last year. The company produced just 83.3 BTC in the quarter, reflecting an 80% drop from last year. Bitcoin mining now makes up just 31% of the company’s total revenue, a sharp fall from 72% in the same quarter a year ago, as per their financial reports.
Bit Digital is now staking approximately 21,568 Ether. In Q1 2025, it earned 211 ETH in rewards, a 72% increase from the same period last year. Their cloud services income also grew 84% to $14.8 million, showing they are expanding beyond just mining. Company leaders announced they have started exploring strategic options for their Bitcoin mining assets, planning to use all sale proceeds to buy more Ethereum.
$BTBT Market Expansion:
On June 25, 2025, Bit Digital, Inc. announced its subsidiary WhiteFiber, Inc.'s proposed IPO and its shift to focus solely on Ethereum staking, holding 24,434 ETH valued at approximately $44.6 million. The company plans to wind down its bitcoin…
— SEC Filings Digest (@USCorpFilings) June 25, 2025
Bit Digital Stock Rises
The news helped push Bit Digital’s stock higher after a weak initial response. At first, the transition and offering caused the price to drop, but the successful fundraising changed the trend. Google Finance showed BTBT closed at $2.30, up 5.48%. The stock rose another 2.6% in pre-market trading.
The recent price increase likely comes from growing confidence in Ethereum’s future gains. The growing demand for stablecoins and planned validator upgrades is driving increased optimism in the market. Still, overall market conditions have slightly slowed ETH’s upward momentum. According to CoinMarketCap, Ethereum’s price jumped by 2.2% in the past 24 hours. At the time of writing, it was trading at $2,474.
Ethereum Treasury Trend Grows Among Public Firms
During the pro-crypto Trump administration, more public companies are turning to crypto treasuries. Their investments include assets such as Ethereum, Solana, XRP, and Bitcoin. Most companies choose Bitcoin, but two Bitcoin mining firms are focusing more on Ethereum.
BitMine Immersion Technologies aims to raise $250 million to build an Ethereum treasury. Previously, it raised $18 million by selling shares to buy Bitcoin, but is now shifting focus to Ethereum. In June, SharpLink Gaming made headlines by becoming the top publicly traded holder of Ethereum. The company acquired 176,271 ETH, with the total value estimated at approximately $463 million. Healthcare tech company BioNexus Gene Lab also chose Ethereum as its main treasury asset, becoming the first Nasdaq-listed healthcare firm to do so.
#sharplinkgaming is pleased to announce that we have acquired 176,271 ETH for $463 Million,officially becoming largest publicly-traded ETH holder (Nasdaq: SBET). https://t.co/rS1ORyv6KT pic.twitter.com/ET1Jd1txSp
— SharpLink Gaming (@SharpLinkGaming) June 13, 2025
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