Bit Digital drops Bitcoin to join the Ethereum treasury bandwagon

Key Takeaways

• Bit Digital swapped 280 BTC alongside $172M ETH to increase its treasury reserves to over 100K ETH. This, after the firm’s CEO claimed that Ethereum would rewrite the financial system.

Bit Digital has dumped its entire 280 Bitcoin [BTC] reserve and gone all in on Ethereum [ETH]. 

In a statement on 7 July, the firm said it raised $172 million and bumped up its ETH treasury to 100,603 ETH. During a recent CNBC interview, the firm’s CEO Samir Tabar said, 

“We exited a profitable BTC mining business and sold all the BTC and poured it all into Ethereum. We’re just getting started.”

When asked about the motivation behind the swap, Tabar added that Ethereum has “the ability to rewrite the entire financial system.” He went on to say, 

“Ethereum is the only blue-chip institutional blockchain that can tokenize the world’s traditional real-world assets. There is no second best.”

ETH treasury heats up

Before dumping its BTC and the capital raise, Bit Digital had only 24,434 ETH as of Q1 2025. Simply put, they have acquired nearly 80k of the crypto over the past three months. 

The firm is now the second Bitcoin mining-focused firm to jump onto the ETH treasury bandwagon.

On 30 June, BitMine Immersion Technologies announced a $250M raise for its ETH treasury plan, spearheaded by Fundstrat’s CIO Tom Lee. 

Now, the total ETH stacked by public companies and Web3 entities has hit $3.3 billion. In particular, public firms control 313.8k ETH or 24% of the total strategic ETH reserves. 

In fact, Bit Digital has climbed into the top 10 ETH treasury firms list after its latest purchase and it could soon rival Coinbase (137.3k ETH) for the fourth position. 

Source: SER

Following the update, Bit Digital’s stock, BTBT, pumped by 19% from $3.25 to $3.86. In fact, the stock has risen by over 80% on the recovery charts since June’s lows. 

Interestingly, over the same period, ETH climbed by over 22% – A sign that BTBT investors had nearly four times more returns than ETH holders. 

Source: BTBT price performance (TradingView) 

At the time of writing, ETH was valued at $2.57k. However, compared to Bitcoin, the altcoin has outperformed the world’s largest cryptocurrency by 10% in the last two weeks alone.

If the ETH/BTC ratio defends the range-lows and advances to 0.025, ETH could extend its outperformance in the short term. 

Source: ETH/BTC ratio, TradingView