Nasdaq-Listed Company Completely Abandons Bitcoin – Will Sell All BTC and Purchase This Altcoin

Cryptocurrency mining and staking company Bit Digital has announced that it will make a strategic transformation decision and switch to a structure focused solely on Ethereum staking and treasury management.

The company will phase out its Bitcoin mining operations and direct the proceeds into Ethereum (ETH) investments.

Bit Digital, which began accumulating and staking ETH in 2022, says it currently operates one of the world’s largest enterprise-scale Ethereum staking infrastructures. The company also offers validator infrastructure services, institutional-grade custody and yield solutions, and protocol governance consulting.

As of the end of March, Bit Digital held 24,434.2 ETH (about $44.6 million) and 417.6 BTC (about $34.5 million). The company plans to convert all of its BTC holdings to ETH over time.

This transformation is particularly notable at a time when Ethereum-focused treasury strategies are few in number. The SharpLink initiative, previously announced by Consensys founder Joe Lubin, took a similar approach.

Bit Digital also announced that it has launched a new IPO to increase its Ethereum uptake and plans to spin off its high-performance computing (HPC) subsidiary WhiteFiber Inc. in a separate IPO.

*This is not investment advice.