Bit Digital transforms into a pure Ethereum staking company and adopts an Ethereum reserve strategy, closing its Bitcoin mining business

According to The Block, listed company Bit Digital (stock code BTBT) announced its strategic transformation into a pure Ethereum staking and financial asset management company. The company will gradually shut down its Bitcoin mining business and plans to "gradually" convert its 417.6 BTC (approximately $34.5 million) holdings into ETH, while raising funds to increase its ETH holdings through a public offering of stocks. Bit Digital currently holds 24434.2 ETH (approximately $44.6 million) and operates one of the world's largest institutional level Ethereum staking infrastructures. The company will also spin off its high-performance computing subsidiary WhiteFiber. This transformation continues the trend of listed companies allocating encrypted assets as fiscal reserves, but a strategy focused on Ethereum is relatively rare in the industry. Previously, Joe Lubin, the founder of Consensys, also launched a similar Ethereum financial management project called SharpLink.