Nasdaq-Listed Company Completely Abandons Bitcoin – Will Sell All BTC and Purchase This Altcoin

Cryptocurrency mining and staking company Bit Digital has announced that it will make a strategic transformation decision and switch to a structure focused solely on Ethereum staking and treasury management.

The company will phase out its Bitcoin mining operations and direct the proceeds into Ethereum ($ETH) investments.

Bit Digital, which began accumulating and staking $ETH in 2022, says it currently operates one of the world’s largest enterprise-scale Ethereum staking infrastructures. The company also offers validator infrastructure services, institutional-grade custody and yield solutions, and protocol governance consulting.

As of the end of March, Bit Digital held 24,434.2 $ETH (about $44.6 million) and 417.6 $BTC (about $34.5 million). The company plans to convert all of its $BTC holdings to $ETH over time.

This transformation is particularly notable at a time when Ethereum-focused treasury strategies are few in number. The SharpLink initiative, previously announced by Consensys founder Joe Lubin, took a similar approach.

Bit Digital also announced that it has launched a new IPO to increase its Ethereum uptake and plans to spin off its high-performance computing (HPC) subsidiary WhiteFiber Inc. in a separate IPO.

*This is not investment advice.