Yeliz Akmaca 
Crypto mining company Bit Digital has announced that it has sold all its Bitcoin holdings and transitioned to Ethereum. Listed on Nasdaq, the company now ranks among the top publicly traded firms investing in Ethereum.
Bit Digital liquidated 280 BTC to buy ETH. It also allocated $172 million raised from a recent public offering toward Ethereum investment. As a result, the company’s ETH holdings rose from 24,434 in Q1 2024 to 100,603. This bold move positively impacted the company’s stock price.
The stock surged 20%, reaching $3.52, while the weekly increase hit 60%. This spike reflects investor confidence in the Ethereum strategy.
Ethereum Strategy Based on Three Key Reasons
Bit Digital CEO Sam Tabar cited three main reasons for the transition. First, Ethereum’s programmable structure. Second, its growing global adoption. Third—and most crucial—is the yield generated through staking.
Tabar stated, “We believe Ethereum will reshape the entire financial system. We currently hold over 100,000 ETH, but we aim to significantly grow this number,” summarizing the company’s vision.
Bit Digital began accumulating ETH back in 2022 with steady purchases. With this latest move, the company’s focus on Ethereum has intensified. Moreover, other publicly traded firms are also increasing their ETH holdings.
Ethereum Treasuries Growing—Is Bitcoin Losing Its Throne?
The number of companies shifting to Ethereum is rapidly increasing. Firms like SharpLink Gaming and BitMine have also started accumulating ETH. Notably, BitMine raised $250 million in funding. Additionally, crypto researcher Tom Lee has joined BitMine’s board of directors.
Ethereum co-founder Joseph Lubin argues that this trend will accelerate DeFi adoption on Wall Street. Meanwhile, ETH price has fallen 2% in the last 24 hours, reportedly due to a transfer of ETH to Coinbase by the U.S. government.
On the other hand, Bitcoin investment remains high. Institutions purchased a total of 8,400 BTC last week. However, Michael Saylor’s company has paused its 12-week buying streak. It seems some major investors are choosing to pivot to Ethereum.
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