Bit Digital shifts treasury strategy with 100K ETH buy; stock surges 29%
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Bit Digital is now the second-largest publicly traded ETH holder, behind Coinbase.
Digital asset company Bit Digital has pivoted its corporate treasury strategy from Bitcoin to Ether, saying the shift reflects its conviction that Ethereum will “rewrite the entire financial system.”
Bit Digital used $172 million in proceeds from a recent public offering, along with funds from the sale of 280 Bitcoin (BTC), to acquire Ether (ETH), the company disclosed on Monday.
As of the end of the first quarter, Bit Digital held 24,434 ETH — a position that has since grown to 100,603 ETH. The company's stock, which trades under the symbol BTBT, surged more than 29% on the news, bringing its market capitalization back above $1 billion.
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