Bit Digital Bets Big on Ethereum With $21.4M Public Offering

Bit Digital, a company listed on the Nasdaq, recently announced it has raised an extra $21.4 million to support its new focus on Ethereum (ETH). This money came from underwriters who decided to purchase additional shares following a public offering last week.

With this additional funding, Bit Digital plans to expand its Ethereum treasury and shift its focus away from Bitcoin mining. This move positions the firm at the center of a growing trend among public companies that are choosing crypto assets as part of their treasury strategies.

Public Offering Brings Total Proceeds to $162.9M

Bit Digital’s public offering has now reached a total of 86.25 million shares. This has generated approximately $162.9 million in total proceeds for the company. The new funds will be used to purchase Ethereum and to support Bit Digital’s long-term plan to transition away from Bitcoin mining.

In June 2025, Bit Digital officially announced it would stop all Bitcoin mining operations. Instead, it will focus on holding and staking Ethereum. 

Bit Digital to Sell Bitcoin Holdings and Buy More Ethereum

Unlike most public crypto firms, such as MARA, which mainly hold Bitcoin in their treasuries, Bit Digital is taking a different path. As part of this transition, the firm plans to convert its Bitcoin (BTC) holdings into Ethereum over time. 

Currently, the company holds approximately 417.6 BTC, valued at around $44.9 million. These funds will eventually be used to grow its Ethereum treasury. Meanwhile, Bit Digital already owns a large amount of Ethereum. 

At the end of the first quarter of 2025, the company held 24,434.2 ETH. At that time, one ETH was worth $2,444, meaning the firm’s ETH holdings were valued at approximately $59.8 million. The company began buying and staking crypto in 2022, indicating that this change has been underway for some time.

A Trend Among Crypto Miners

Bit Digital is not alone. Other Bitcoin mining firms are starting to follow a similar path. BitMine Immersion Technologies, another mining company, recently shared plans to raise $250 million to build its own Ethereum treasury. 

Earlier, it raised $18 million from share sales to buy Bitcoin, but it is now shifting its focus toward Ethereum. This move reflects a broader trend among companies to diversify their crypto holdings beyond Bitcoin. 

Under the current U.S. administration, which supports crypto innovation, this strategy is becoming more popular. Many firms now view cryptocurrencies like ETH, SOL, and XRP as viable long-term assets. 

Following the news of the extra funding, Bit Digital’s shares jumped nearly 4% in after-hours trading. The company’s market capitalization also increased to $594 million, up from $488 million the week before. 

This strong market response shows growing investor confidence in the firm’s Ethereum-focused strategy.