Bit Digital, a Nasdaq-listed digital asset treasury company, has acquired 31,057 Ethereum (ETH) using proceeds from a $150 million convertible note offering. This purchase increases the company's total ETH holdings to 150,244, underscoring its strategic shift towards Ethereum. The offering, which was sold at a premium, attracted institutional investors such as Kraken Financial, Jane Street Capital, and Jump Trading Credit, indicating strong market confidence.
In a strategic pivot, Bit Digital plans to transition from Bitcoin (BTC) mining to Ethereum, with intentions to gradually convert its BTC holdings into ETH. This move is part of a broader trend among crypto miners, including BitMine Immersion Technologies, who are expanding their Ethereum treasuries.
Bit Digital Acquires 31,057 ETH with $150M Convertible Note Proceeds
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