Bit Digital, a Nasdaq-listed company previously engaged in Bitcoin mining, has completed a strategic transition to become a pure-play Ethereum staking and treasury company. The firm announced it would wind down its Bitcoin mining operations and convert its Bitcoin holdings into Ethereum. As of March 2025, Bit Digital held approximately 417.6 Bitcoin and 24,434 ETH, valued at about $34.5 million and $44.6 million respectively. To accelerate this shift, Bit Digital raised $172 million through public offerings, using the proceeds to purchase additional Ethereum and sell its entire Bitcoin holdings, including approximately 280 BTC, increasing its Ethereum treasury to over 100,600 ETH, valued at around $255 million. This move positions Bit Digital as one of the largest publicly traded companies holding Ethereum. Following this, the company announced plans to raise an additional $67.3 million through a direct share offering to further expand its Ethereum holdings. The CEO stated the firm aims to establish itself as an Ethereum-focused entity, emphasizing staking yields and tokenization. Bit Digital's stock price rose by more than 20% following these developments.