Bit Digital Raises $150M, Exits Bitcoin Mining for Ethereum Staking

Bit Digital is stepping away from Bitcoin mining and making a strategic move into Ethereum staking and digital asset treasury operations. The company has secured $150 million through a public offering to support this transition, marking one of the largest ETH-focused treasury shifts by a publicly listed company.

According to the announcement, Bit Digital sold 75 million shares at $2 each, with underwriters receiving a 30-day option to purchase an additional 11.25 million shares. The majority of the capital raised will be used to accumulate Ethereum, representing a significant departure from the company’s previous reliance on Bitcoin mining.

Rising operational costs and intensifying competition in the mining sector have made Bitcoin mining increasingly difficult to sustain, particularly for firms like Bit Digital that rely heavily on third-party infrastructure.

Rather than continuing to operate under these constraints, the company has focused entirely on Ethereum staking and treasury management moving forward.

In parallel with its crypto transition, Bit Digital is also deepening its involvement in AI-related computing. Its subsidiary, WhiteFiber Inc.—which specialises in Ethereum-compatible infrastructure and AI services—has confidentially filed for an initial public offering (IPO).

While details about the IPO’s timeline remain undisclosed, the move aligns with Bit Digital’s broader strategy to tap into emerging tech markets.

With this funding and strategic redirection, Bit Digital aims to strengthen its position within the evolving digital finance and blockchain ecosystem.