Bit Digital, a Nasdaq-listed firm with a market cap of $488 million, is transitioning to focus exclusively on Ethereum staking and treasury operations, moving away from Bitcoin mining.
The company has also initiated a strategic alternatives process for its Bitcoin mining operations, likely leading to a sale or wind-down, it said. The proceeds from Bitcoin sales are set to be redirected to ETH-related activities.
The company said it began accumulating ETH and building staking infrastructure in 2022 and has been steadily increasing its ETH holdings since.
Its holdings as of March 31 included 24,434 ETH ($44.6 million) and 417.6 BTC ($34.5 million). The firm plans to convert its remaining BTC holdings into ETH over time.
ETH is the second-largest cryptocurrency behind Bitcoin, based on its market capitalization of $299 billion. It has become an increasingly important focus for some publicly listed firms, though it is not as widely adopted as a primary focus compared to Bitcoin.
Ethereum’s transition to proof-of-stake with the Merge in September 2022 introduced staking, allowing firms to earn yields (typically 4–6.5% annually) by locking up ETH to secure the network. This has become attractive for companies seeking passive income from crypto assets.
SharpLink Gaming is a notable example of a publicly listed firm that has made Ethereum a major focus, particularly through its treasury strategy.
Earlier this month, SharpLink closed a $425 million private placement led by Consensys Software Inc. to fund its Ethereum treasury strategy. The firm has allocated about $490 million to grow its crypto treasury to 188,478 ETH.
© 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.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
