Bit Digital Inc. (Nasdaq: BTBT), a former Bitcoin mining company, has completed a strategic transformation to become a pure-play Ethereum staking and treasury company. The firm has fully exited Bitcoin mining operations and sold its entire Bitcoin holdings, approximately 417.6 BTC valued around $28 million, converting them into Ethereum. Following a $172 million public offering, Bit Digital significantly expanded its Ethereum treasury to approximately 100,603 ETH, valued at about $255 million, and continues to increase its holdings, recently acquiring an additional 19,683 ETH to bring its total to around 120,000 ETH. The company plans to raise up to $1 billion in share capital to further fund Ethereum purchases, underscoring growing institutional interest in ETH-based treasury strategies. Separately, BitMine Immersion Technologies, another publicly traded Bitcoin miner, has raised $250 million through a private placement to establish an Ethereum-focused corporate treasury. The firm appointed Tom Lee, a prominent Wall Street strategist, as chairman to lead its efforts to become a leading public Ethereum holder. BitMine now holds approximately 560,000 ETH, valued over $2 billion, and plans to raise an additional $2.5 billion to expand its Ethereum holdings further. These developments highlight a broader institutional shift toward Ethereum as a foundational asset for decentralized finance, staking yields, and stablecoin infrastructure. Additionally, the ETH Strategy protocol has raised $46.5 million in prelaunch funding, securing 12,342 ETH, to build an Ethereum-leveraged treasury protocol, with its $STRAT token expected to launch soon.