Bit Digital Transitions from BTC Mining to ETH Staking Operations
Bit Digital (BTBT) is shifting to focus on ether (ETH) staking and treasury operations, exiting the bitcoin (BTC) mining business. Key points include:
- The company will repurpose assets and capital into its ETH strategy.
- As of March 31, Bit Digital held 24,434.2 ETH worth $44.6 million and 417.6 BTC valued at $34.5 million.
- Plans are in place to convert remaining BTC to ETH over time.
- Bit Digital is selling or winding down its bitcoin mining operations to fund the transition, but no timeline is specified.
- The move comes amid declining profitability in the mining sector post-BTC halving.
- Bit Digital also plans to sell shares to acquire more ETH, while its subsidiary WhiteFiber aims for a public offering.
BTBT shares fell 3.41% in after-hours trading.