TLDR
Bit Digital now holds 100,603 ETH after selling 280 BTC and raising $172M via equity.
Bit Digital becomes one of the largest public ETH holders globally by treasury size.
The firm fully exited Bitcoin holdings to pivot to an Ethereum-centered treasury strategy.
CEO Sam Tabar plans to aggressively grow ETH reserves, citing staking yield and DeFi potential.
Bit Digital (Nasdaq: BTBT) has completed a full pivot to Ethereum following a $172 million public equity raise and the sale of its remaining Bitcoin holdings. The Nasdaq-listed digital asset company confirmed it now holds more than 100,000 ETH, becoming one of the largest Ethereum treasury holders among publicly traded firms.
According to the announcement made on July 7, 2025, the company sold 280 BTC to purchase additional ETH. This move, combined with the deployment of capital from its recent offering, boosted its Ethereum holdings from 24,434 ETH in March to 100,603 ETH today.
Ethereum Treasury Strategy Replaces Bitcoin Holdings
Bit Digital raised approximately $172 million in gross proceeds from its latest underwritten public offering. The firm disclosed that it used the majority of the capital to acquire ETH, marking a decisive shift in its corporate strategy.
As part of this transition, Bit Digital also sold around 280 BTC and converted the proceeds into Ethereum. The company stated that this action aligns with its new focus on Ethereum as the core of its treasury management approach.
Company Becomes One of the Largest Public ETH Holders
Prior to this transition, Bit Digital held just over 24,000 ETH as of March 31, 2025. With the latest purchases, the company’s Ethereum reserves now exceed 100,000 ETH. This places Bit Digital among the top Ethereum-holding public companies globally.
Sam Tabar, Chief Executive Officer of Bit Digital, said in a statement, “We believe Ethereum has the ability to rewrite the entire financial system. Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets.”
He added that Bit Digital plans to “aggressively add more” to its Ethereum treasury. The company aims to establish itself as “the preeminent ETH holding company in the world.”
Ethereum’s Staking and Smart Contract Capabilities
Bit Digital’s shift to Ethereum is largely based on its expanding role in decentralized finance. Ethereum supports smart contracts, which power most of today’s on-chain applications. Moreover, the blockchain now offers staking yield since its transition to proof-of-stake in 2022.
The company did not specify whether its current ETH holdings are staked or custodied for other purposes. However, it referred to Ethereum’s staking model as part of the reason behind its long-term commitment to the asset.
Bit Digital’s leadership has previous experience with Ethereum and decentralized technologies. CEO Sam Tabar is known for his involvement in early blockchain investment platforms and said this move aligns with the company’s long-term view on programmable assets.
Bit Digital’s Position in the Public Market
With this transition, Bit Digital has positioned itself distinctly among public companies in the crypto sector. Most firms holding digital assets in treasury typically maintain Bitcoin as the primary asset.
This move may draw attention to Ethereum’s role in corporate treasuries and offer a different model from the Bitcoin-focused strategies seen in firms like MicroStrategy. While Bit Digital’s market capitalization remains much smaller, its ETH holdings rank among the top globally in corporate treasuries.
The company is expected to continue expanding its ETH reserves as market conditions permit. Bit Digital did not provide details on the average purchase price of its ETH but emphasized its intent to remain Ethereum-centered.
According to the filing, Bit Digital operates digital asset infrastructure and staking services and is listed on the Nasdaq exchange under the ticker “BTBT.”
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