Bit Digital Converts Entire Bitcoin Reserve to Ethereum Boosting Holdings by 311%

Bit Digital, a publicly traded digital asset platform, has made a significant strategic shift by converting its entire Bitcoin (BTC) reserve into Ethereum (ETH). The company sold approximately $28 million worth of BTC and used the proceeds, along with an additional $172 million raised from a public equity offering, to acquire Ethereum. This move has bolstered Bit Digital’s ETH holdings to approximately 100,603 ETH, worth around $254 million at current market prices, making it one of the largest Ethereum portfolios among publicly traded companies.

The company’s decision to pivot to Ethereum is driven by a belief in the platform's potential to revolutionize the financial system. Ethereum’s programmable nature, growing adoption, and staking yield model are seen as key factors in its long-term potential. Bit Digital’s CEO, Sam Tabar, emphasized the company’s alignment with Ethereum’s future, stating, “We believe in the potential of Ethereum to rewrite the entire financial system. Ethereum’s programmable nature, growing adoption, and staking yield model represent the future of digital assets. At Bit Digital, we align ourselves with Ethereum’s long-term potential and aim to be a focused Ethereum treasury platform in the public market.”

Bit Digital’s aggressive strategy involves not only the conversion of its existing BTC holdings but also the acquisition of additional ETH. The company has already increased its ETH holdings to 100,603 ETH, up from 24,434 ETH as of March 31, 2025. This substantial increase in ETH holdings positions Bit Digital as a major player in the Ethereum ecosystem. The company plans to continue this strategy, aiming to become the largest ETH asset company in the world.

The shift to Ethereum is part of a broader trend among public companies to diversify their treasury holdings into digital assets. Bit Digital’s move is particularly noteworthy given the scale of its investment and its commitment to becoming a focused Ethereum treasury platform. The company’s decision to sell additional shares to raise an extra $162.9 million further underscores its dedication to building a robust ETH reserve.

Bit Digital’s pivot to Ethereum is a strategic move that reflects the company’s confidence in the future of the Ethereum platform. By aligning its treasury strategy with Ethereum’s long-term potential, Bit Digital aims to position itself as a leader in the digital asset space. The company’s aggressive acquisition of ETH and its commitment to becoming the largest ETH asset company in the world demonstrate its ambition and vision for the future of digital assets.

Bit Digital has joined the ranks of other companies that have made significant investments in Ethereum, including Joe Lubin’s gaming firm SharpLink and Tom Lee’s Bitmine, which launched a $250 million Ethereum treasury. This trend indicates a growing recognition of Ethereum’s potential among corporate treasuries, with more companies likely to follow suit in the coming months.