Bit Digital Raises $162.9 Million in Public Offering for Ethereum Investment

Bit Digital, Inc. has successfully completed a public offering, raising $162.9 million in net proceeds. This capital was generated through the issuance of 86.25 million ordinary shares, with underwriters fully exercising their option to purchase an additional 11.25 million shares. The underwriters' option exercise, which closed on July 1, 2025, brought in an extra $21.4 million in proceeds. The offering was conducted under a shelf registration statement on Form S-3, which was declared effective on June 20, 2025.

The company's strategic decision to allocate these funds towards the purchase of Ethereum underscores its confidence in the cryptocurrency's potential. Ethereum, the second-largest cryptocurrency by market capitalization, has been undergoing significant developments, particularly with its transition to a proof-of-stake model. This shift is expected to enhance the network's scalability, security, and sustainability, positioning Ethereum for further growth and adoption.

The full exercise of the underwriters' option indicates strong institutional support and confidence in Bit Digital's strategic direction. The company's management, along with financial partners, demonstrated efficient execution in completing the offering within a short timeframe. B. Riley Securities served as the sole bookrunning manager, while Clear Street, Craig-Hallum, and Northland Capital Markets acted as co-managers, reflecting broad institutional backing for the placement.

By investing in Ethereum, Bit Digital aims to capitalize on the cryptocurrency's ecosystem growth. This strategic move allows the company to potentially benefit from Ethereum's increasing utility and value within the digital asset landscape. The decision to focus on Ethereum, rather than Bitcoin or mining equipment, highlights Bit Digital's belief in Ethereum's long-term potential and its role in the evolving digital economy.