Bit Digital has kicked off a full strategic pivot away from bitcoin, announcing plans to convert its entire 417.6 BTC treasury ($44.8 million) into ETH to expand its staking business.
Beginning with its limited ETH mining operation, Bit Digital first began building its ETH position and operating staking infrastructure in 2022 and has steadily increased its holdings since then. As of March 31, 2025, Bit Digital held 24,434.2 ETH, worth about $44.6 million at the time and $60.5 million currently. To fund additional ETH purchases, the company has commenced an underwritten public offering of ordinary shares, with proceeds earmarked exclusively for padding its ETH treasury.
Bit Digital’s active bitcoin mining hashrate at the end of Q1 2025 was approximately 1.5 EH/s. The company’s mining business accounted for just 31% of its Q1 2025 revenue, down 72% year-over-year.
Over the past year, Bit Digital has ramped up its HPC arm, securing multi-year GPU cloud and colocation agreements, including a five-year, 5 MW deal with Cerebras Systems and new deployments of NVIDIA B200 and H200 GPUs. This week, Bit Digital announced that it has filed a prospectus to take its HPC subsidiary WhiteFiber public.
Meanwhile, Bit Digital’s ETH staking business has been steadily scaling: the company earned 211 ETH in native staking rewards in Q1 2025 and had over 21,568 ETH actively staked as of March 31.
With this strategic shift, Bit Digital will seek “strategic alternatives” for its bitcoin mining operations, including a potential sale or wind-down, while positioning itself as a pure-play ETH staking and treasury company.
This pivot comes weeks after ETH treasury company SharpLink Gaming (NASDAQ: SBET) plunged over 88%.
