So, Bit Digital (BTBT) decided to ditch their Bitcoin (BTC) like an ex who won’t stop calling and, plot twist, they did it for Ethereum (ETH). And just like that, they also splurged some cash raised from a public offering to add more Ethereum to their collection. Because who needs stability when you can play with crypto? 🎉
Now, these folks are strutting around as one of the biggest publicly listed ETH holders, waving around 100,603 ETH, which is like having a treasure chest worth a staggering $254.8 million. Ching-ching! 💰
Bit Digital Plays Musical Chairs with Bitcoin and Ethereum
According to their press release (because how else would we know?), the company sold off 280 BTC, which is like finding $28 million in your couch cushions. They then decided to throw a massive Ethereum party, combining those proceeds with $172 million from their public offering to snag a whopping $192.9 million in ETH.
THIS COMPANY SOLD ALL OF THEIR BTC AND BOUGHT $200M OF ETH!
Bit Digital just acquired $192.9M ETH after raising ~$172M from a public offering and selling their entire holdings of BTC worth ~$28M.
And now they’re the proud owners of a total of $254.8 Million worth of ETH. Just casual. 🤷♀️
— Arkham (@arkham) July 7, 2025
This shiny new acquisition wraps up Bit Digital’s identity crisis, transitioning from a Bitcoin mining company to a fully-fledged Ethereum treasury strategy. Picture it: as of March 31, 2025, they held a humble 24,434 ETH. Now? They’ve gone and more than quadrupled that! 🦸♂️ Plans for future purchases? Oh, they’re just getting started.
“We’re going back to our roots, folks: a cryptocurrency company that’s basically an Ethereum treasury platform focusing on one of the most impactful assets of our generation: ETH. Like, there’s literally no competition. Sorry, Bitcoin!” Bit Digital proudly claimed. 😏
In a delightful chat with CNBC, CEO Sam Tabar sang Ethereum’s praises, claiming investors felt like they missed the Bitcoin boat, and Ethereum is now the ticket to the next wave. Surf’s up! 🌊
“We’re not just buying some cryptocurrency; we’re diving into this protocol that’s like a bustling street market where trillions of dollars are exchanging hands—all in on-chain transactions. It’s about time Ethereum got its throne!” he proclaimed, possibly while sitting on a throne made of ETH. 😂
He pointed out that Ethereum has way more developers than Bitcoin or Solana (SOL). It’s like the cool new club that everyone’s rushing to join. Apparently, real economic activity is happening, and Ethereum is the trendy host reaping the benefits.
“Ethereum captures real activity. As the stablecoin scene takes off and tokenization becomes the new black, the fees generated will flow right back to ETH holders! Meanwhile, good ol’ Bitcoin is just watching from the sidelines. Talk about missing out!” Tabar noted, probably while shaking his head. 😬
And guess what? The market reacted faster than your ex’s texts after a breakup. Bit Digital’s shares jumped 18.37% at the close of trading on July 7, followed by an additional 10.3% gain after hours. Investors are feeling great about the whole Ethereum switch-up! 🙌
This buzz isn’t just a fluke! Companies are hopping on the Ethereum train left and right. For example, BitMine saw a jaw-dropping 684.8% surge after announcing their own Ethereum treasury. Seriously, can I get a ticket to that train?
Besides Bit Digital and BitMine, there’s Sharplink swooping in with a whopping $462.9 million in ETH, snatching the crown for the largest ETH holder among public firms. It’s like a treasure hunt for ETH that no one wants to end. Did I win the jackpot? 🎰
Analyst Eric Conner took to X to spill the tea that these companies have snagged a total of 388,000 ETH while only 70,000 have been minted. Um, demand anyone? This screams ‘time to pay attention!’ 📈
“The wave of public-company demand for ETH is not just strong; it’s like Hulk strong! Now fed by miners pivoting from Proof-of-Work to Proof-of-Stake yield. Keep an eye on those 10-Q filings, because ETH on corporate balance sheets might just be the stealth metric that steals the show. It’s like waiting for the last piece of pizza—so worth it!” he posted.
So, keep your eyes peeled on this growing trend of firms hoarding ETH like it’s going out of style. While corporate Bitcoin stockpiling might have set a nice precedent, whether ETH will have the same luck in the long run remains to be seen. Stay tuned, folks! 📺
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2025-07-08 08:07