Bitcoin mining agency Bit Digital has introduced that it’s exiting its mining operations to focus solely on Ethereum staking. The corporate has initiated the transition to change into a “pure play” ETH staking and treasury firm.
The corporate mentioned Wednesday that it plans to promote its Bitcoin mining property and to redeploy internet proceeds into ETH.
In Might, the corporate reported a 17% lower in income for the primary quarter, 2025, in comparison with the earlier 12 months. “The lower was pushed by a decline in Digital asset mining income following the April 2024 halving,” Bit Digital mentioned on the time.
Particularly, the agency noticed a 64% lower in income from Bitcoin mining and mentioned it had earned solely 83.3 Bitcoin throughout Q1, an 80% lower from the prior 12 months.
$BTBT Market Enlargement:
On June 25, 2025, Bit Digital, Inc. introduced its subsidiary WhiteFiber, Inc.'s proposed IPO and its shift to focus solely on Ethereum staking, holding 24,434 ETH valued at roughly $44.6 million. The corporate plans to wind down its bitcoin…— SEC Filings Digest (@USCorpFilings) June 25, 2025
Bit Digital Ether Place, ETH Staking Infrastructure
The Nasdaq-listed Bit Digital started accumulating ETH and working staking infrastructure in 2022. The corporate has steadily elevated its holdings since then.
Per the official announcement, the corporate held 24,434.2 ETH and 417.6 BTC as of March 2025. “Bit Digital intends to transform its BTC holdings into ETH over time,” it mentioned.
The strategic pivot comes at a time when Ethereum, after it transitioned to a proof-of-stake consensus mechanism, has gained traction within the crypto ecosystem.
The world’s second-largest crypto began a recent upward transfer above the $2,320 stage on Thursday, per CoinMarketCap information. ETH is now displaying bullish indicators and would possibly purpose for a transfer above the $2,550 zone.
In a separate announcement, Bit Digital famous that will probably be promoting shares to make use of the web proceeds for Ethereum buy. It introduced an underwritten public providing of its peculiar shares with B. Riley Securities appearing because the book-running supervisor.
Shares Expertise 8% Plunge
The corporate’s inventory initially fell 3.7% at shut on Wednesday, and was additional down one other 4.3% in after-hours buying and selling, per Yahoo Finance information.
The pivot to ETH staking information stirred investor considerations, suggesting uncertainty regardless of strategic developments in its ETH operations. The New York-based agency’s inventory has a $488 million market cap.
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