Bit Digital has wrapped up a sizable funding round, raising nearly $163 million through a public share offering to accelerate its Ethereum-focused strategy.
The Nasdaq-listed firm announced Tuesday that underwriters fully exercised their option to purchase an additional 11.25 million shares, topping off an earlier offering and securing a total issuance of 86.25 million shares.
With the additional $21.4 million from this exercise, the company has now secured roughly $162.9 million in net proceeds after expenses.
This latest move marks a continued pivot from Bitcoin mining to building a sizable Ethereum treasury.
The shift is also part of a broader trend among crypto-native public companies looking to hold crypto assets on their balance sheets.
While most treasury plays have leaned toward Bitcoin, Bit Digital is among a growing number of firms betting on Ethereum instead.
Ethereum strategy takes center stage
Bit Digital had previously announced plans to wind down its Bitcoin mining operations in favor of staking and treasury accumulation strategies centered around Ethereum.
This transition appears to align with changing market dynamics, including increased institutional interest in ETH and the emerging staking economy following Ethereum’s move to proof-of-stake.
According to the company’s press release, the funds from this offering will go directly toward purchasing Ethereum.
B. Riley Securities served as the sole bookrunning manager for the offering, with Clear Street, Craig-Hallum, and Northland Capital Markets acting as co-managers.
