Bitcoin mining firm Bit Digital has announced that it is exiting its mining operations to focus solely on Ethereum staking. The company has initiated the transition to become a “pure play” ETH staking and treasury company.
The company said Wednesday that it plans to sell its Bitcoin mining assets and to redeploy net proceeds into ETH.
In May, the company reported a 17% decrease in revenue for the first quarter, 2025, compared to the previous year. “The decrease was driven by a decline in Digital asset mining revenue following the April 2024 halving,” Bit Digital said at the time.
In particular, the firm saw a 64% decrease in revenue from Bitcoin mining and said it had earned only 83.3 Bitcoin during Q1, an 80% decrease from the prior year.
Bit Digital Ether Position, ETH Staking Infrastructure
The Nasdaq-listed Bit Digital began accumulating ETH and operating staking infrastructure in 2022. The company has steadily increased its holdings since then.
Per the official announcement, the company held 24,434.2 ETH and 417.6 BTC as of March 2025. “Bit Digital intends to convert its BTC holdings into ETH over time,” it said.
The strategic pivot comes at a time when Ethereum, after it transitioned to a proof-of-stake consensus mechanism, has gained traction in the crypto ecosystem.
The world’s second-largest crypto started a fresh upward move above the $2,320 level on Thursday, per CoinMarketCap data. ETH is now showing bullish signs and might aim for a move above the $2,550 zone.
In a separate announcement, Bit Digital noted that it will be selling shares to use the net proceeds for Ethereum purchase. It announced an underwritten public offering of its ordinary shares with B. Riley Securities acting as the book-running manager.
Stocks Experience 8% Plunge
The company’s stock initially fell 3.7% at close on Wednesday, and was further down another 4.3% in after-hours trading, per Yahoo Finance data.
The pivot to ETH staking news stirred investor concerns, suggesting uncertainty despite strategic developments in its ETH operations. The New York-based firm’s stock has a $488 million market cap.
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