Bit Digital Ditches Bitcoin Mining for $150M Ethereum Staking Push

In a bold strategic pivot, Bitcoin mining firm Bit Digital has raised $150 million through a public offering to shift its focus from Bitcoin mining to Ethereum staking and treasury asset management, as announced by Wu Blockchain on X.

The funds will be deployed to acquire Ethereum, marking one of the largest public commitments to ETH by a Nasdaq-listed company. This move, formalized on June 26, 2025, signals a growing trend among crypto firms betting on Ethereum’s proof-of-stake ecosystem.

Bit Digital, which already holds approximately 24,434 ETH and 418 BTC as of March 31, plans to phase out its Bitcoin mining operations entirely, converting its BTC holdings into ETH over time. The decision comes amid tightening mining economics, exacerbated by rising energy costs and a recent U.S. ban on new crypto mining data centers in energy-stressed regions. Ethereum staking, offering a 4-6% annual yield (ConsenSys 2024), presents a more predictable revenue stream compared to the volatile mining landscape.

This pivot underscores Ethereum’s rising institutional appeal, with on-chain total value locked (TVL) reaching $50 billion by mid-2025 (DefiLlama), driven by scalability upgrades like sharding and $10 billion in tokenized real-world assets (Chainalysis 2025). Despite a 50% drop in the ETH/BTC price ratio since 2024, Bit Digital is doubling down, positioning itself as a key player in Ethereum’s staking ecosystem. The move also aligns with its confidential IPO filing for its high-performance computing subsidiary, WhiteFiber Inc., hinting at broader ambitions in AI and blockchain infrastructure.

While some X users, like @realevalenoir, criticize the shift as a departure from Bitcoin’s decentralized roots, others see it as a smart adaptation to market dynamics. As Ethereum’s ecosystem continues to evolve, Bit Digital’s bold bet could redefine its role in the crypto industry.

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