Crypto-mining and staking firm Bit Digital said Monday it has completed the conversion of its entire corporate treasury from bitcoin to ether in a move to become one of the largest ETH holders among publicly traded companies.
The Nasdaq-listed outfit (ticker BTBT) said it liquidated roughly 280 BTC — currently worth over $30 million — and used the proceeds, along with $173 million in gross proceeds from its share offering, to purchase more ETH. Bit Digital says it now holds approximately 100,603 ETH following its crypto treasury shift, up from 24,434 ETH held at the end of the first quarter of 2025.
The pivot is incentivized by Ethereum’s programmable blockchain design, growing adoption, and staking model, Bit Digital CEO Sam Tabar remarked on Monday. “We believe Ethereum has the ability to rewrite the entire financial system,” he said, adding that the firm intends to leverage Ethereum’s long-term potential. “We are starting with exposure to over 100K ETH for now, but we intend to aggressively add more so we become the preeminent ETH holding company in the world.”
BTBT surged over 21% to reach $3.5 per share after the news. Its market capitalization has jumped from $594 million on July 2 to over $833 million as of writing, The Block’s data dashboard shows.
Bit Digital began accumulating ether in 2022 and last week raised $162.9 million in a share sale to fund additional purchases. The company joins Minnesota-based SharpLink and Texas-based BitMine Immersion in adopting an ether-centric treasury strategy, diverging from the bitcoin-heavy approach popularized by BTC-maxi Michael Saylor’s Strategy.
The trend reflects a growing institutional interest in Ethereum’s role as a settlement layer for tokenized securities and stablecoins. Bernstein analysts anticipate a wave of tokenization on the horizon, particularly for equities, despite the recent debacle involving Robinhood and OpenAI. According to The Block’s data dashboard, Ethereum leads the blockchain-powered real-world asset ecosystem with over $4.6 billion in assets, or 90% of the market, which may boost ETH’s allure to crypto treasury adopters.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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