Bit Digital Inc. will convene a special meeting of shareholders to vote on a significant increase to its authorized capital.
The meeting, accessible both physically in New York City and online, will seek approval to raise the company’s authorized capital from $3.5 million to $10.1 million.
Central to the proposal is an expansion in the number of common shares, set to increase from 340 million to 1 billion. The structure of preferred shares will remain unchanged under the plan.
Company representatives stated this capital increase is strategically aimed at accelerating key growth initiatives. Specifically, the newly authorized capital is intended to fund an expansion of Bit Digital’s Ethereum holdings, a core strategic priority for the firm.
The proposed authorization enhancement underscores Bit Digital’s commitment to strengthening its position within the cryptocurrency market, particularly focusing on scaling its Ethereum portfolio.