Bit Digital, Inc. (Nasdaq: BTBT) has secured $162.9 million in net proceeds through a recently completed public offering to support the expansion of its Ethereum staking activities.
The digital assets company announced that underwriters associated with the offering fully exercised the over-allotment option. This resulted in the acquisition of an additional 8.625 million shares of Bit Digital common stock.
Exercising the over-allotment option generated approximately $21.4 million in incremental net proceeds for the company.
The total public offering comprised 86.25 million common shares of Bit Digital stock.
Bit Digital confirmed the primary allocation for the substantial funds raised: bolstering Ethereum treasury management operations and investing in Ethereum staking protocols.