Bit Digital, a Nasdaq-listed company, plans to raise $67.3 million through a private placement of 22 million common shares to institutional investors. The funds will be used to purchase Ethereum, aligning with the company's strategy of converting its Bitcoin reserves into Ethereum. As of July 7, Bit Digital holds approximately 100,603 ETH, valued at around $301 million.
The company also disclosed its preliminary revenue for the second quarter, which is expected to range between $24.3 million and $26.9 million. This move underscores Bit Digital's commitment to expanding its Ethereum holdings amid evolving market dynamics.
Bit Digital to Raise $67.3 Million for Ethereum Purchases
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