Attention all crypto enthusiasts and miners! Bit Digital (Nasdaq: BTBT) is making waves in the world of cryptocurrency, announcing a whopping $67.3 million direct share offering with proceeds designated for additional Ethereum purchases. That’s right, folks – they’re going all in on ETH!
This juicy news comes from Theminermag, a trade publication for the cryptocurrency mining industry that keeps you up-to-date on the latest news and research on institutional bitcoin mining companies. You know, the ones who make all the big moves and shake up the market.
So, what’s the scoop? Bit Digital entered into a placement agency agreement with B. Riley Securities to sell 22 million ordinary shares at $3.06 each to select institutional investors. The transaction is expected to close on or around July 15, pending customary closing conditions. Sounds like a lot of money, huh?
But wait, there’s more! This isn’t the first time Bit Digital has shown its love for Ethereum. In late June, the firm secured $172 million through a public offering of 75 million shares at $2.00 per share, with proceeds similarly allocated to Ethereum acquisitions. Talk about commitment!
Earlier this month, Bit Digital announced a full transition to an Ethereum-based treasury strategy, converting 280 BTC from its balance sheet into ETH and using funds from its previous offering to grow its holdings. As a result, their ETH reserves have since increased to 100,603 ETH. Now that’s what we call a smart investment!
Bit Digital previously disclosed plans to wind down its Bitcoin mining operations, repositioning itself around Ethereum staking and treasury management. Shares of Bit Digital surged 25% following the initial announcement of its full treasury pivot last week, and dipped modestly by 1.2% on Monday after the latest capital raise was announced. But hey, who’s counting?
Want to learn more about this exciting development? Check out the original article here.
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2025-07-15 14:02