Mentioned:
BTBT -11.62% SBET -9.44%
A publicly listed Bitcoin mining company is now going all in on Ethereum. But, why?
What’s happening:
- Bit Digital (NASDAQ: BTBT) has announced they are shifting their focus to accumulating Ethereum to hold directly as an asset and will begin looking to exit all of their existing Bitcoin mining operations
Why it matters:
- Bit Digital is already one of the largest holders of Ethereum in the traditional public markets, with roughly $44M USD of Ethereum
Going deeper:
- Publicly traded companies accumulating Ethereum has begun to make waves on Wall Street lately, which has been largely fuelled by Sharplink Gaming (NASDAQ: SBET) raising $425M USD in an equity financing round for the sole purpose of buying Ethereum
- Bit Digital will not look to exit their high performance computing business and will continue to provide access to GPUs to artificial intelligence companies through their division known as WhiteFiber
The intrigue:
- Bit Digital has also publicly stated they plan to sell their Bitcoin holdings and use the fresh capital to purchase more Ethereum
