Bit Digital Goes All-In on ETH: The Company Becomes Top ETH Holder After Bitcoin Selloff
After selling all of its Bitcoin to purchase Ethereum, Bit Digital has made a full commitment to the cryptocurrency. The Nasdaq-listed business became the newest corporate Ethereum treasury firm after raising $172 million from its Bitcoin sales and purchasing over 100,000 ETH.
Following a $172 million public equity raise and conversion of its balance sheet from Bitcoin to Ethereum, Bit Digital has accumulated over 100K ETH to become one of the largest corporate treasury companies in the world,
the firm
Bit Digital Positions Itself as a Public Ethereum Treasury Powerhouse
As of March 31, the publicly traded digital asset platform had 24,434 ETH before the offering. The company now holds about 100,603 ETH, valued at about $254 million at current market values, after making additional ETH buys with money from the net proceeds of its BTC sale and public offers.
We believe Ethereum has the ability to rewrite the entire financial system. Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets.
Bit Digital CEO Sam Tabar
He stated that the company was establishing itself as a targeted Ethereum treasury platform in the public markets while aligning itself with Ethereum‘s long-term potential.
We are starting with exposure to over 100K ETH for now, but we intend to aggressively add more so we become the preeminent ETH holding company in the world.
Tabar
Ethereum Stuck in a Rut: Price Struggles Below $2,600 Despite Market Moves
Ethereum prices have not responded to developments as is customary. Moreover, for the past two months, it has been trapped in a sideways channel, being firmly range-bound.
As of this writing, ETH is up $2,577 after a tiny 0.6% daily increase. As US President Donald Trump began distributing his trade tariff letters this week, the asset followed the rest of the market into the red after failing to breach resistance at $2,600 late last week.
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