Bit Digital has announced its complete withdrawal from Bitcoin mining, focusing instead on building Ethereum staking infrastructure and implementing a new treasury strategy.
This is reported by Business • Media
Strategic Shift and Bitcoin Sale
Bit Digital has decided to fully cease its Bitcoin mining operations and concentrate on Ethereum staking. As part of this transformation, the company plans to sell all of its Bitcoin assets — 417.6 BTC — and invest the proceeds in purchasing ETH. Currently, Bit Digital already owns over 24,400 ETH, valued at approximately $61 million. According to the company, it manages one of the largest institutional staking infrastructures in the Ethereum ecosystem.
Bit Digital stated that it will “over time” convert its entire Bitcoin balance — 417.6 BTC — into Ethereum.
Funding the Transition and New Business Directions
To fund the transition, Bit Digital plans to conduct a public stock offering and spin off its subsidiary, WhiteFiber Inc., which specializes in high-performance computing. The company’s new business will encompass not only staking but also providing validator hosting services, institutional cryptocurrency custody, as well as consulting on risk management and enhancing protocol profitability.
Analysts indicate that an increasing number of companies are opting for treasury strategies utilizing cryptocurrencies, particularly Ethereum, as this asset allows for income generation through staking. This makes ETH an attractive option for long-term storage.
Following the announcement of the strategic shift, Bit Digital’s stock (BTBT) fell by 8.7% within a day. The company’s market capitalization stands at $490.5 million, and in pre-market trading, the securities are priced at $2.3 per share.
Since the beginning of June 2025, market participants have staked over 500,000 ETH, resulting in a total of more than 35 million Ethereum coins being locked, setting a new historical high. This indicates growing investor engagement and a gradual decrease in the liquid supply of ETH in the market.
It is also worth noting that REX Shares and Osprey Funds have filed applications to launch ETFs based on Ethereum and Solana staking.