Bit Digital Abandons Bitcoin Mining—Goes All-In on Ethereum Staking with $163M Mega-Bet

Bit Digital just flipped the script—hard. The former Bitcoin miner cashed in its mining rigs to double down on Ethereum staking, securing a jaw-dropping $163 million war chest. Talk about a high-stakes pivot.

Why the switch? The Proof-of-Stake revolution isn’t waiting, and neither is Bit Digital. Ethereum’s merge locked in energy efficiency and yield potential—while Bitcoin mining faces regulatory headwinds and razor-thin margins. Smart move or desperate gamble? Wall Street’s already placing bets (and probably taking a cut).

One thing’s clear: The crypto game is evolving faster than a DeFi exploit. Miners become stakers, narratives shift overnight—and the only constant? The finance guys still take their vig.

Strategic Shift from Mining to Staking Infrastructure

Bit Digital began accumulating ETH and building staking infrastructure in 2022, positioning itself ahead of what would become a broader institutional trend toward ethereum treasury strategies.

As of March 2025, the company held 24,434.2 ETH, valued at approximately $44.6 million, alongside 417.6 BTC, worth $34.5 million, with plans to convert its Bitcoin holdings into Ethereum over time.

$BTBT Market Expansion:

On June 25, 2025, Bit Digital, Inc. announced its subsidiary WhiteFiber, Inc.'s proposed IPO and its shift to focus solely on Ethereum staking, holding 24,434 ETH valued at approximately $44.6 million. The company plans to wind down its bitcoin…

According to the New York-based firm, the April 2024 bitcoin halving event, combined with increased network difficulty, created the perfect storm that made mining operations increasingly unprofitable.

Bit Digital now operates approximately 21,568 ETH in native staking protocols, earning 211 ETH in staking rewards during Q1 2025 alone, a 72% increase from the previous year.

Their cloud services revenue also surged 84% year-over-year to $14.8 million, demonstrating the company’s successful diversification beyond traditional crypto mining operations.

Company executives announced they have initiated a strategic alternatives process for their Bitcoin mining assets, with proceeds from all sales to be redeployed into additional ETH purchases.

Growing Institutional Momentum Behind Ethereum Treasury Strategies

Bit Digital’s MOVE is part of a broader accelerating institutional adoption of Ethereum as a corporate treasury asset, following similar strategies deployed by other public companies throughout 2025.

SharpLink Gaming became the world’s largest publicly traded Ethereum holder in June, accumulating 188,478 ETH worth approximately $457 million through aggressive buying campaigns.

SharpLink Gaming has emerged as the world’s largest publicly traded holder of Ethereum (ETH), after acquiring 176,271 ETH for $463 million. #ETH #Sharplinkhttps://t.co/ynahjYt7Hd

BitMine Immersion Technologies recently raised $250 million in a private placement specifically for Ethereum purchases, sending its stock price up 511% in a single trading session.

Healthcare technology firm BioNexus Gene Lab also adopted Ethereum as its primary treasury asset, becoming the first Nasdaq-listed healthcare company to implement such a strategy.

Institutional investors appear to be gravitating toward Ethereum’s staking capabilities due to its promising yield on treasury holdings.

Thomas Lee of Fundstrat Global Advisors, who recently joined BitMine’s board, described Ethereum as a “” asset than Bitcoin due to its foundational role in stablecoin transactions and decentralized finance applications.

BitMine announces $250M private placement in bid to become largest corporate ETH holder.#Ethereum #BitMinehttps://t.co/p1Io4UVP6T

Stablecoin transaction volume, which primarily occurs on Ethereum’s network, could drive significant demand for ETH as the market grows from its current value of $250 billion to $2 trillion by 2028, according to projections from the U.S. Treasury.

Bit Digital’s $163 million commitment comes as Ethereum consolidates betweenand, following an 80% surge from April lows that attracted institutional attention and validated corporate treasury strategies focused on the world’s second-largest cryptocurrency.