Bit Digital shares surge 19.93% after hours as company exits Bitcoin mining, focuses on AI and Ethereum staking with $380M ETH holdings.

Bit Digital (NASDAQ: BTBT) surged 19.93% in after-hours trading following its announcement to exit Bitcoin mining and pivot to artificial intelligence and Ethereum infrastructure. The company cited Bitcoin mining as a less efficient capital use compared to AI and Ethereum staking, which now dominates its strategy. Bit Digital disclosed holding 155,239.4 ETH (valued at $380.2 million) with 89% staked, generating a 2.9% annualized yield, and reaffirmed its commitment to its majority-owned AI firm WhiteFiber, retaining 27 million shares valued at $527.6 million. These moves highlight a strategic realignment toward high-growth crypto and AI sectors, signaling improved capital efficiency and long-term value creation, which likely drove the sharp post-market rally.