Bit Digital Plans $67.3M Share Offering to Boost Ethereum Holdings
Bit Digital, a publicly traded cryptocurrency company listed on Nasdaq, has revealed plans to expand its Ethereum treasury through a direct offering of shares. The firm intends to raise about $67.3 million by selling 22 million ordinary shares to institutional investors at $3.06 per share. B. Riley Securities is acting as the sole placement agent, with the transaction expected to finalize around July 15.
According to the company’s press release, the net proceeds will be used to acquire additional Ethereum (ETH). Last week, Bit Digital announced it had converted all its Bitcoin (BTC) holdings into ETH, holding approximately 100,603 ETH as of July 7, valued at roughly $300 million at current market rates.
This follows a recent move where Bit Digital raised $150 million by issuing 75 million shares at $2 each last month, signaling a strategic pivot from Bitcoin to Ethereum. Originally a crypto infrastructure provider, the company has been focusing on validator services, institutional custody, and yield optimization, with Ethereum accumulation and staking part of its strategy since 2022.
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In a recent SEC filing, Bit Digital reported preliminary Q2 revenue estimates between $24.3 million and $26.9 million. On July 15, Bit Digital’s stock (BTBT) closed at $3.185, down 3.19% for the day, with an after-hours price of $3.20, reflecting a further 2.73% decline. The stock’s 52-week range is $1.69 to $5.74, with a market cap of approximately $986.69 million.
Ethereum is currently priced at around $2,978, with a market cap of $359 billion. Notably, a crypto whale recently purchased $111 million in ETH over three days, already gaining nearly $10 million in unrealized profits.
