Nasdaq-listed crypto infrastructure firm Bit Digital announced plans to raise $67.3 million through a direct offering of 22 million ordinary shares aimed at institutional investors to expand Ethereum Treasury.
The proceeds will be used exclusively to purchase Ethereum, further expanding the company’s growing ETH treasury, the firm said in a Monday announcement.
In a recent filing with the Securities and Exchange Commission, Bit Digital disclosed its preliminary estimated revenue for the second quarter to be between $24.3 million and $26.9 million.
The move follows Bit Digital’s recent decision to convert its entire Bitcoin holdings into Ether, reflecting a strategic pivot toward Ethereum. As of early July, the firm held roughly 100,603 ETH, valued at approximately $301 million.
Meanwhile, Bitcoin remained relatively flat, dipping slightly to $118,852. Bit Digital’s latest capital raise and strategic shift toward Ethereum comes amid growing institutional interest in the world’s second-largest cryptocurrency.
Ethereum’s price has also gained momentum, rising 0.6% to $2,991 and climbing over 18% in the past week amid a broad crypto market rally.
Despite a slight dip in its stock price by 1.2% to close at $3.29 on Monday, shares have risen more than 32% over the last month.
“We are accumulating more and more consistently — we’re able to acquire tens of millions of dollars in Ether a day,” Lubin told CNBC.
Last week, Ethereum co-founder Joe Lubin said the company has been purchasing tens of millions of dollars worth of ETH every day.
Just recently, BIT Mining announced plans to raise between $200 million and $300 million to build a Solana (SOL) treasury as part of a broader expansion into the fast-growing blockchain ecosystem.
Following the model pioneered by Michael Saylor’s Strategy, more public companies are diversifying into crypto holdings that include BTC, ETH, SOL, and XRP.
