BitDigital announced in a statement on the 25th that it will gradually sell or dispose of its bitcoin mining infrastructure and use the proceeds to purchase Ethereum.
The company also plans to convert all of its Bitcoin holdings into Ethereum, but did not reveal a specific date.
The company also revealed plans to purchase additional Ethereum tokens. The company explained that it plans to "transform into a pure Ethereum staking and treasury company in the long term." BitDigital is scheduled to launch in 2022.
In 2013, BitDigital began securing Ethereum Treasure assets and began building its staking infrastructure in the same year. As of March 31, BitDigital has 24,434.2
ETH and 417.6 BTC. If he were to convert all of his Bitcoin to Ethereum at the current rate, he would have an additional 18,000 ETH, bringing his total holdings to 1.
The amount is estimated to exceed 42,000 ETH. Meanwhile, the company announced that it would sell its common stock on the market and use the net proceeds to purchase additional Ethereum.
The strategy has drawn a negative response from investors. Bit Digital shares (BTBT) fell 3.69% to $2.35 in regular trading on the 25th, then fell to $1.28 in after-hours trading.
The stock fell another 3.83% to close at $2.26. The stock has fallen nearly 25% so far this year and is down 39% from its yearly high of $3.88 hit on Jan. 6.
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2025/06/26 16:50 KST
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