Bit Digital drops Bitcoin to join the Ethereum treasury bandwagon
2025-07-09 06:34:52
Main Idea
Bit Digital has sold all its Bitcoin reserves to invest heavily in Ethereum, joining other firms in building ETH treasuries, which has positively impacted its stock price and Ethereum's market performance.
Key Points
1. Bit Digital sold its entire 280 BTC reserve and raised $172 million to increase its ETH treasury to 100,603 ETH.
2. The firm's CEO stated that Ethereum offers the potential to 'rewrite the entire financial system' and called it the 'only blue-chip institutional blockchain second best.'
3. Bit Digital is now the second Bitcoin mining-focused firm to shift to ETH treasuries, following BitMine Immersion Technologies' $250M raise for a similar plan.
4. Public companies and Web3 entities now hold $3.3 billion in ETH, with Bit Digital ranking among the top 10 ETH holders (137.3k ETH).
5. Following the announcement, Bit Digital's stock (BTBT) surged 19%, while ETH's price rose by over 22%, outperforming Bitcoin by 10% in the last two weeks.
Description
Will exodus from BTC miners to ETH treasury fuel the altcoin's price?
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