Bit Digital Shifts Strategy: Dumps Bitcoin, Goes All-In with 100K Ethereum Purchase
Nasdaq-listed crypto miner Bit Digital just made a seismic shift—dumping Bitcoin to snap up 100,000 Ethereum. Here’s why the move screams ‘bet on smart contracts’ over ‘digital gold.’
The Pivot: From BTC Maximalism to ETH Accumulation
No more hodling. Bit Digital liquidated its Bitcoin stash, redirecting capital into Ethereum—100,000 ETH, to be exact. Traders are calling it a hedge against Bitcoin’s slowing institutional adoption (and maybe a nod to ETH’s deflationary supply post-Merge).
Wall Street Meets Crypto’s Liquid Markets
Publicly traded firms playing hot potato with crypto assets? Just another day in the speculative casino—sorry, ‘regulated’ financial ecosystem. At least this time, the gamble’s backed by a Nasdaq ticker.
One thing’s clear: When institutions flip-flop between assets, retail gets whiplash. Buckle up.
In a surprising move that goes against the current Bitcoin buying trend, Nasdaq-listed company Bit Digital has dumped Bitcoin for Ethereum. After raising $172 million from investors, the company now wants to become the world’s biggest corporate holder of ETH.
With over 100,000 ETH already in its hands, Bit Digital wants to go big & wants to accumulate more ETH.
From Bitcoin to Ethereum Treasury
Bit Digital recently announced that it had sold off all 280 BTC from its balance sheet, using the funds to buy Ethereum. But that was just the beginning. The company also raised $172 million through a public offering, and every penny of that is being used to buy more ETH.
Before this major shift, Bit Digital had about 24,000 ETH. Now, it owns over 100,603 ETH, making it one of the biggest corporate holders.
Ethereum can rewrite the entire financial system.
We are aligning ourselves with Ethereum’s long-term potential. Bit Digital accumulated 100,603 ETH — and we intend to aggressively add more to become the preeminent ETH holding company in the world.
We have converted BTC… pic.twitter.com/o8la1Jur0w
Leading this ambitious pivot is CEO Sam Tabar says this is not just for quick profit. He believes Ethereum’s smart contracts, growing use, and staking rewards make it a better bet for the future than Bitcoin.
Following this announcement, Bit Digital’s stock jumped nearly 18%, trading at $3.48 and gaining more than 73% in just one week.
Others Are Joining the Ethereum Treasury Club
Meanwhile, Bit Digital isn’t alone in this shift. BitMine Immersion Technologies recently raised $250 million privately to build its own ethereum treasury, stepping away from its previous Bitcoin-first plan.
Meanwhile, SharpLink Gaming made an even bigger splash by buying over 176,000 ETH for $463 million, becoming the biggest public company holder of Ether so far.
Where’s ETH Price Heading?
While Bit Digital doubles down on its Ethereum vision, the ETH price has been moving higher too. Meanwhile, recently it climbed above $2,550 and may aim for $2,650 or even $2,800 if momentum holds.
However, if it struggles to clear $2,580 cleanly, a pullback could follow.
