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Bit Digital Ditches Bitcoin Mining for a $163M All-In on Ethereum - Crypto Economy
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9 Articles
Bit Digital Raises $162.9 Million for Ethereum Treasury, Plans Bitcoin Swap – #CryptoUpdatesGNIT
TLDR: Bit Digital raised $162.9M through a stock offering to purchase more Ethereum. The firm plans to gradually swap 417.6 BTC for ETH to grow staking income. Ethereum staking already offsets operational costs, boosting long-term appeal. Analysts warn of short-term risk from holding Bitcoin and Ethereum simultaneously. Bit Digital has secured $162.9 million from a share sale to bulk up its Ethereum treasury. The Nasdaq-listed crypto miner will…
Bit Digital recorded a total of USD 162.9 million for the purchase of Ethereum. Source: BTC-ECHO BTC-ECHO
Bit Digital Secures $163 Million from Share Offering to Fund Ethereum Treasury Strategy
Quick take: The additional funds came from underwriters who chose to exercise their options to buy 11,250,000 shares. In total, Bit Digital issued and sold 86,250,000 ordinary shares in the underwritten public offering. B. Riley Securities was the sole bookrunning manager in the offering, while Clear Street, Craig-Hallum and Northland Capital Markets were co-managers. Bit Digital, Inc. (NASDAQ: BTBT) has raised an additional $21.4 million befor…
The collection takes place less than a month after Bit Digital reported its decision to abandon Bitcoin mining to redirect all its resources to Ethereum. *** Bit Digital sells additional ordinary shares to purchase Ethereum. The former Bitcoin mining company abandoned Bitcoin to bet everything on Ethereum. Other public companies also build ETH treasury. Bit Digital already has just over US$60 million ETH in its corporate balance sheet. The New Y…
'MicroStrategy Of Ethereum' Approach Gains Popularity As BitDigital Raises $163 Million
Bit Digital Inc. BTBT has successfully raised approximately $163 million through an underwritten share offering, with the full exercise of underwriters’ option enabling the company to launch an Ethereum ETH/USD treasury initiative. What Happened: The Nasdaq-listed firm issued 86.25 million ordinary shares, securing net proceeds of $162.9 million to acquire and stake ETH as part of its corporate treasury strategy. This move reflects a growing tre…
Bit Digital Ditches Bitcoin Mining for a $163M All-In on Ethereum - Crypto Economy
TL;DR Bit Digital fully shuttered its Bitcoin mining ops after Q1 revenue plunged 64%, and will convert its remaining 417.6 BTC ($35M) into Ethereum. The company tapped its greenshoe option to lift its equity raise to $162.9M, issuing 86.25M shares and pushing its market cap toward $600M. With 24,434 ETH on its books and Q1 staking rewards up 72%, Bit Digital is doubling down on PoS yields, expanding validator infrastructure, and riding the ins…
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