Bit Digital winds down Bitcoin mining operations, doubles down on Ethereum as latest ETH treasury play

Bit Digital, the publicly traded mining and staking company founded in 2015, has announced a strategic shift to become "a pure-play" Ethereum staking and treasury company. As part of this transition, Bit Digital (ticker BTBT) said it will wind down its Bitcoin mining operations and redeploy the net proceeds into ETH.

The move is part of a trend of firms launching crypto treasury strategies , which offer investors leveraged exposure to assets like BTC, ETH, and SOL. While many firms have historically held ETH on their balance sheets, there have been comparatively fewer Ethereum treasury plays — outside of Consensys founder Joe Lubin's recently announced SharpLink startup.

As of the end of March, Bit Digital held 24,434.2 ETH and 417.6 BTC, valued at approximately $44.6 million and $34.5 million, respectively. It plans to convert its BTC holdings into ETH "over time." Bit Digital began accumulating and staking ETH in 2022 and "now operates one of the largest institutional Ethereum staking infrastructures globally," according to a statement.

The company also offers validator infrastructure services, institutional-grade custody and yield solutions, and protocol governance guidance.

Additionally, Bit Digital has announced a public offering of its ordinary shares to fund additional ETH purchases as well as a plan to spin out its wholly-owned HPC subsidiary, WhiteFiber Inc., via a public offering.

BTBT closed down 3.7%, according to The Block’s data , and was down another 6% in after-hours trading. The Nasdaq-listed stock has a $488 million market cap.