Bit Digital Shifts to Ethereum, Ditches Bitcoin
Bit Digital has made a bold move. The company has switched its focus from Bitcoin to Ethereum.
On July 7, Bit Digital announced it had sold its last 280 Bitcoin. Now, it holds around 100,603 Ethereum. This makes it one of the largest institutional holders of Ethereum globally. The shift follows a $172 million public offering in June, where all funds went to buying Ethereum. CEO Sam Tabar sees this as a long-term investment in Ethereum’s future. he believes Ethereum’s programmable nature and staking yield model are key to digital assets. The company plans to buy even more Ethereum, aiming to become the top ETH holder.
Bit digital is exiting its Bitcoin mining business. Ethereum’s proof-of-stake system allows businesses to earn by staking tokens, unlike the costly mining process.This change aligns with Bit Digital’s vision of Ethereum reshaping finance.
Bit Digital started building its Ethereum staking infrastructure in 2022. Today, it operates one of the largest validator networks. With over $300 million in ETH and plans to grow, the company is betting big on ethereum. This move is part of a broader trend among institutions favoring Ethereum as a treasury asset. Other companies like BioNexus Gene Lab and SharpLink are also part of this shift. Together, they form the Strategic ETH Reserve, holding over 1.2 million ETH.
While Bitcoin remains popular, Ethereum is gaining traction. Its use in decentralized finance,deflationary design,and staking rewards make it attractive.Ethereum’s staking rewards typically range from 3 to 5% annually. This strategic pivot shows Bit Digital’s confidence in Ethereum’s potential to lead the crypto space.
